Frequently Asked Questions

Q. What’s a Bluecap™ FlexLoan™ and how does it work?

The Bluecap FlexLoan is a fast and convenient alternative to traditional business loans. You get the working capital you need when you need it. Your payback is NOT based on a set monthly payment, but on the credit (Visa/MasterCard/Amex) and debit (Interac) card sales, your business generates. If business is booming, you pay us back faster. If it’s slow, you pay us back slower with no fees or penalties. Bluecap isn’t paid unless you get paid.

Q. How is the Bluecap FlexLoan repaid?

With Bluecap, there are no set payments required. Instead, payments are based on a certain percentage of your daily Visa, MasterCard and Amex receivables and your debit card sales. Bluecap doesn’t get paid unless you get paid, which helps you manage your cash flow during slow periods.

Q. How does a Bluecap FlexLoan differ from traditional loans?

Let us count the ways. It’s a relatively quick process. It’s painless compared to applying for traditional loans where mountains of paperwork are often required. Approvals are significantly higher than traditional bank loans – in excess of 80%. Its flexible payback method helps you run your business because payback is based on sales. During slower periods, we know how much that can help.

Q. Why would I want a Bluecap FlexLoan?

There are many reasons why you might not want to go to the bank. Perhaps you’ve been declined in the past and still feel unsure about dealing with banks. Maybe you don’t like the hassles associated with providing financial statements and personal information. Or perhaps the idea of providing collateral leaves a bad taste in your mouth. Regardless, our funding is fast, painless and diverse. Look at the sectors we cover:

Restaurants Franchises Seasonal Businesses
Automotive Services Liquor Stores Self Storage
Beauty Salons Medical Practices Spas
Book Stores Nail Salons Veterinary Practices
Dental Practices Pet Stores Recreation
Florists Any retail operation Many, many more…

Q. What happens if my business slows down making repayment of the loan more difficult?

No sweat. Like we said, your repayment corresponds with the credit and debit card sales your business generates. If business is slow, your required payment drops.

Q. What happens if business really takes off and I pay back the loan quicker than anticipated?

This is where Bluecap really is different.  If you pay back your Bluecap FlexLoan faster than we expected you will be eligible for a rebate known as Bluecap FlexRewards™.

Q. How long do I have to wait to get approved?

We’re pretty quick. Once we have all the information we require, approval can happen in as little as 24 hours.

Q. How long will it take to get the funds once I’m approved?

We’re fast. Funds can be deposited into your bank account within 5 business days of finalizing the paperwork.

Q. What paperwork do you need?

To get an initial approval, you need to answer some questions and provide us with at least 4 months of recent credit card processing statements.

Q. How much can I borrow?

The amount you can borrow will depend on a number of factors such as your type of business, your monthly credit and debit card sales and how long your company has been in business. Typically, loans range from $5,000 to $250,000 per business location.
Call us to get your working capital working for you today.  Fill out our short contact form and we’ll give you a call to discuss.

Q. Are there restrictions on the uses of my Bluecap FlexLoan capital?

It’s pretty wide open. You can use the cash for any kind of business expenditure, including renovations and expansions, purchasing new inventory, business development, promotions, catching up on bills, getting through a slow period and anything else that benefits your business.

Q. Does it cost anything to apply for a Bluecap FlexLoan?

It’s completely free of charge.

Q. I have bad credit. Will that affect my application?

Poor credit ratings are not generally a barrier. While a personal credit check is part of the Bluecap FlexLoan approval process, it does not weigh heavily in the final determination. Unlike traditional business loans, Bluecap FlexLoans mainly base approval on your overall business health.

If, however, your rating proves to be high risk we have options. Bluecap also offers FlexAdvance, which operates much like the FlexLoan. The great thing about the FlexAdvance™ is that customers are eligible for a rebate known as a FlexRewards if they pay back their FlexAdvance earlier than anticipated. Also, given that scenario a customer, would likely go from bad risk to good and be eligible for a FlexLoan in the future.

Q. What if I have a loan with another finance company? Will that affect whether or not I’m approved by Bluecap? And will a FlexLoan appear on my credit report?

Absolutely not. Because we view lending differently, we can provide you the money you need provided you meet our requirements. That’s a big benefit to using Bluecap -- your FlexLoan won’t appear on your credit report so this funding has no impact on your debt-to-income ratio or your ability to apply for additional financing from other sources. Whether you have a secured business loan, bad credit business loans or unsecured small business loans, we can still work with you.

Q. Can I receive the Bluecap FlexLoan if I have an outstanding merchant cash advance from another company?

Yes, but we must pay off any outstanding balances on your current merchant cash advance. You receive all remaining proceeds.

Q. Does Bluecap require a personal guarantee?

Yes, however, we do not require net worth statements, personal tax records or notices of assessment.

Q. Can the percentage I pay daily be changed?

No. However, once 50% of the payback amount is paid, you may be able to increase your loan amount, which could include a new payback percentage.

Q. Do I have to switch merchant processors to obtain a Bluecap FlexLoan?

No.  You can remain with your current merchant processor and there is no need to change terminals or your current point-of-sale processes.

Q. What if I need more money?

That’s normal. Many businesses do. Once you have repaid 50% of the balance owing you become eligible for additional funds.  The owner of the business can request a renewal by phone, fax, or e-mail. Renewals are usually funded in less than 24 hours of being requested.

Q. Why do you check my credit?

Bluecap views lending differently and by that we mean we use a business-friendly scoring model to assess our risk. That includes consideration of your credit history, general economic data, and business information in combination with both the business information and the guarantor's information. Viewing your personal credit is a very small part of the approval process.

Q. I have more questions. Who should I talk to?

Call our toll free number at 1 866 962 9292, fill out our contact form or email us at info@bluecap.ca.

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