As a small business owner myself, I understand the importance of having cashflow and working capital. Small businesses will all come to a point where they need financing options, whether it’s for marketing campaigns, scaling operations, targeting new markets or even purchasing equipment, it’s important for each business owner to understand what financing options they have.

Traditional financial institutions like banks are one option, but they can be slow in loan processing and have extensive requirements. This is where alternative small business lenders like Journey Capital step in. They are located in BC, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, New Brunswick and every other province or territory. 

Journey Capital is one of the most popular alternative lenders for quick and flexible financing solutions. In this article, we will take an in-depth look into the services it offers, the application process, and reviews by customers.

Journey Capital

Journey Capital is a digital lender headquartered in Montreal, Quebec. The main focus of the company is to serve small businesses. Their easy online application process and quick approvals made the company quickly gain popularity amongst small businesses. 

• Official Name: Journey Capital
• Website: https://www.journeycapital.ca/
• Canada Headquarters: Montréal, Québec, Canada
• Phone Number: 1 877-781-0148
• Email: communications@journeycapital.ca.
• Trustpilot: 4.9/5 (90+ reviews)

Services Provided by Journey Capital

Journey Capital offers three main financing solutions for small businesses. Let’s get into what each solution offers: 

Business Term Loan

With Journey Capital’s fixed-term financing solutions, businesses can get funds from $5,000 up to $300,000. The funds are processed within 24 hours after approval. 

However, the loan term is shorter and the loan amount is less than what banks can offer. At Journey Capital, the term length can be anywhere from 4 to 24 months. Other alternative lenders like Merchant Growth can offer loans up to $800,000.

As far as the rates are concerned, they are competitive compared to other online lenders but more expensive than banks. However, their lending advisors can help businesses understand how their pricing works so they can make the best decision for their business. The rates also vary based on the business’s credit health. 

To qualify for a loan with Journey Capital, the business must be incorporated in Canada and have a business bank account with a Canadian financial institution. Additionally, the business must have an operating history of 6 months and make at least $100,000 in annual sales.

Business Line of Credit

With a business line of credit, businesses can get up to $300,000 in as little as 24 hours. This works like a pre-approved loan. Withdrawals as little as $500 and as much as the approved limit are allowed.

The criteria to qualify for the line of credit is the same as the business term loan. 

Flex Funds

Flex Funds is a service that gives you the full amount upfront with a fixed lending cost. Businesses can get between $5,000 and $300,000 through flex funds, depending on their needs and approval. The lending cost is fixed up front, no matter how long it takes to repay the advance.

Loan Process at Journey Capital

Getting the funds for a business through Journey Captial is quick and easy. Here are the steps to follow to apply through Journey Capital. 

Select the Service: The first step that the user must take is selecting the financing option that is best suited to their needs and their business. 

Submit the Pre-Qualification Application: The next step is filling out a pre-qualification application to make sure that the user is checking all the criteria mentioned on the website. 

Application: After a pre-qualification, the user needs to fill out a form regarding the business, the business owner, and the funds required.

Personalized Offers: The representative at Journey Capital reaches out to the user to get more details and request documentation to proceed with the application process. 

Get Funded: Businesses can get funded within 24 hours after approval. 

Customer Feedback and Reviews

To get a first-hand review of Journey Capital, let’s look at some reviews. 

Trustpilot: 4.9/5 Stars

Journey Capital has an excellent rating of 4.9 on Trustpilot from 95 reviews. There are no 3, 2, or 1-star ratings for the company. The users highlight the professionalism of the company’s representatives and the financial guidance and assistance they get from them. 

Since there are no bad reviews about the company on Trustpilot, we can safely say that it is a great company for small businesses. The staff is professional and guides everyone who qualifies to get access to funds.

Advantages of Choosing Journey Capital

Easy application process: The application process at Journey Capital is quite smooth. The pre-qualification form ensures that everyone who is submitting the form qualifies for the service. 

Quick funding: The approval process and funding process is quick, as highlighted by the dozens of 5-star reviewers on Trustpilot. Compared to this, banks can take several weeks to process loan applications and release funding. 

Multiple options: Journey Capital offers three main products. These options can be tailored to the business’s unique needs. 

Easy payments and balance inquiry: Payments are automated, which makes them hassle-free. Users can easily check the balance they owe by logging in to a portal. 

Disadvantages of Choosing Journey Capital

High interest rates: Because Journey Capital is an alternative lender, its rates are higher than those of conventional banks. 

Not for new businesses: To qualify for a loan, the business owner must have an operating history of at least 6 months, and annual sales must be at least $100,000. So, Journey Capital is not an ideal option for businesses just starting out.  

Final Thoughts: Should You Choose Journey Capital?

Journey Capital boasts a 4.9/5 rating on Trustpilot, which reflects the high satisfaction levels of the company’s customers.  Even though Journey Capital’s interest rates are higher compared to traditional banks, the detailed guidance by Journey Capital’s representatives and the quick funding process are what make it a great option for small businesses. 

However, it is important to be careful about the rates/terms and shop around with 2-3 additional lenders to make sure you are getting the best rate and repayment terms. We have compared Journey Capital with one other alternative lender, Merchant Growth. We encourage you to read the article and compare which platform provides the best financing terms for your business.

Mohammed Saqib

Saqib is a Canadian business writer that holds a Master’s degree from Wilfrid Laurier University in Ottawa. He brings a strong foundation in business, accounting and finance to his work. He began his career three years ago as an investment analyst at a well-known financial firm, focusing on analyzing publicly-listed companies. Saqib employs fundamental analysis as a core part of his approach and has been featured in publications like Seeking Alpha, InvestorPlace, and Yahoo! Finance.