iCapital review: Pros, cons & alternatives

Is iCapital legitimate?

Yes, iCapital is a legitimate lender in Canada that has been operating since 2009. It has a business registration under its official name “iCapital Financial Services.” Although iCapital is not BBB accredited, its BBB file has been open since 2011. It has verified Trustpilot and Google profiles with some positive customer reviews, and it displays its contact details on its website, including its Toronto address, email and phone number.

What we like about iCapital

• Fast process. Apply online in less than 5 minutes, get approval in 24 hours and receive your money in 48 hours.
• Various loan types. Depending on your needs, you can get a quarterly term loan, one-time term loan, secured business loan or business line of credit.
• High loan amounts. Apply for up to $250,000 (or more if you have collateral).
• High approval rate. iCapital says that 98% of applications get approved.
• Serves many industries. iCapital provides business financing to companies in various industries, such as hospitality, retail, fitness, medicine and automotive.
• Lenient eligibility requirements. As an alternative lender, iCapital places less importance on credit score than the big banks. Businesses that may not qualify for a bank loan can get an iCapital business loan. Learn more about bad credit business loans.
• Hassle-free repayments. iCapital has an automated payment system that allows for easy, secure loan repayments.

Drawbacks

• Startups can’t apply. Your business must be operating for at least 6 months.
• Higher rates than banks. iCapital’s rates for secured business loans start at 9.99%. You could get better rates from banks.

Alternatives to iCapital

Business loans like iCapital

iCapital is one of many lenders in Canada that serve businesses that may not qualify for bank loans. Here’s a closer look at some of them.

• Journey Capital. Like iCapital, Journey Capital offers quick term loans and lines of credit online. You can apply within minutes and get funded in as little as 24 hours.
• Advance Funds Network. Like iCapital, this lender offers an easy application process and flexible financing, even if you have not-so-great credit.
• Merchant Growth. This lender has eligibility criteria similar to iCapital. You can apply for a term loan or a merchant cash advance.
• Driven. Like iCapital, you can take up to 24 months to repay a Driven term loan. With this loan, you’re pre-approved to borrow up to a limit, and you can withdraw as needed.

Summary of iCapital reviews

iCapital has positive customer reviews. Satisfied iCapital customers tend to discuss fast loan approval and funding times. Customers are also very pleased with iCapital’s prompt and helpful customer service. The few negative iCapital reviews we found discuss high interest rates or a business’s ineligibility.

Google customer reviews	4.4 out of 5 based on 14 iCapital reviews
Trustpilot score	2.1 out of 5 stars based on 9 iCapital reviews
BBB accreditation	None
BBB rating	None
BBB reviews	None

As of April 17, 2025

What types of loans does iCapital provide?

iCapital offers the following business loans.

Type	How it works	Loan amount	Loan term	Interest rates
Recurring term loan	Receive a lump sum every quarter and make fixed weekly repayments	Up to $50,000	N/A	Varies
One-time term loan	Borrow a lump sum once	Up to $100,000	3 – 24 months	No traditional interest rate—instead, you pay a flat fee that’s based on your financial situation
Secured business loan	Borrow a lump sum with collateral (e.g., your house)	Varies, but you could borrow more than with a term loan	Up to 5 years	Starting at
Line of credit	Borrow up to a limit and make flexible repayments	Varies	N/A	Varies

Am I eligible for an iCapital business loan?

To apply for an iCapital business loan, you need to meet the following criteria:

• Own a business that has been operating in Canada for at least 6 months
• Have at least $100,000 in annual sales
• No open bankruptcies

Required documents and information

• Government-issued ID. You’ll need to submit a piece of ID like your licence or passport to prove your identity.
• Business bank statements. You’ll have to show that you meet the requirements for annual or monthly income.
• Other financial documents. Depending on how much you’re asking for, you may be asked to supply other official documents (like your company tax returns).
• Business plan. It might also help to develop a business plan to show how you plan to grow your business and your revenue, although this isn’t required.

How much does an iCapital business loan cost?

The cost of an iCapital business loan depends on how much you borrow, your interest rate and loan term. As an example, let’s say you borrow a $50,000 secured business loan from iCapital at 9.99% over 24 months. The monthly cost would be $2,307.02, with a total interest paid of $5,368.37.

What can I use an iCapital business loan for?

You can use iCapital business loans for many purposes. Here are some examples:

How to apply for an iCapital business loan

If you think that an iCapital business loan is the right fit for you and your business, you can apply for a loan quickly and easily.

1. Complete the online application, which includes providing your name, email address, personal details, proof of ID and relevant documents.
2. Review and submit your application.
3. Get an automatic estimate to show how much you would have to pay back each day.
4. Get verified and approved in 24 hours if you’re eligible for a loan.