SharpShooter Funding review

SharpShooter Funding at a glance

Fast approvals and funding

SharpShooter Funding

5.49% - 18.29%

APR

$1,000 - $300,000

Loan amount

12 - 60 months

Loan term

What is SharpShooter Funding?

SharpShooter Funding offers fast loans and high loan amounts to businesses that meet basic eligibility criteria. It serves all of Canada. You can borrow up to $300,000 with no need for collateral, and your loan decision will be based on your overall business health rather than your credit score. Most loans are approved in as little as 24 hours, with funding disbursed in 2 to 3 days.

Is SharpShooter legitimate?

It is. SharpShooter has been providing business loans in Canada since 2015 and has an office in Toronto, Ontario. It is a member of the Canadian Lenders Association and has been quoted in the news.

What we like about SharpShooter business loans

SharpShooter offers the following benefits:

• Quick approval and funding. You can get approved in less than 24 hours, with the money you borrow typically deposited into your account in less than 3 days.
• Easy application process. You can fill out a quick application, get pre-approved within minutes and provide less paperwork than what banks require.
• Decent interest rates. You may be able to qualify for rates as low as 5.49%, depending on factors such as your credit score and how much you borrow.
• No collateral required. You won’t need to secure your loan against an asset such as your home or vehicle.
• Different types of financing. SharpShooter offers various ways to finance your business, from term loans to lines of credit.
• Bad credit is accepted. Your credit score won’t factor in for most loans as long as your business is making enough revenue.
• Available across Canada. You can apply for SharpShooter funding no matter what province or territory you live in.

What to watch out for

Keep an eye out for the following drawbacks when considering a SharpShooter business loan:

• High rates for bad credit. You could pay more for a SharpShooter business loan if you have bad credit.
• Stricter criteria for some loans. You may need to meet more stringent eligibility criteria to apply for certain types of loans (such as long-term loans or business lines of credit).
• No in-person locations. You won’t be able to go into an office location to negotiate your contract or deal with your loan if you’re having issues.
• NSF fee. If you miss a payment, SharpShooter may charge you can NSF fee.

Summary of SharpShooter reviews

SharpShooter reviews have been mostly positive. Many people have commented on SharpShooter’s friendly, professional and supportive team. It received a couple of reviews about bad service in the last 12 months.

What types of loans does SharpShooter Funding provide?

SharpShooter Funding offers a number of different loans based on the needs of your business. They include the following:

Do I qualify for a SharpShooter business loan?

You may be able to qualify for SharpShooter business loans if you meet the following eligibility criteria:

• Personal age. Be at least 18 or 19 years of age in your province or territory of residence at the time of applying.
• Operational requirements. Show that your business has been generating revenue for at least 100 days or 12-24 months for larger loan amounts.
• Monthly revenue. Demonstrate that your business pulls in at least $4,166 /month.
• Credit score. Have at least a + credit score for some loans, depending on the health of your business and how much you want to borrow.

• Eligibility requirements based on loan type

  You’ll need to meet additional requirements outlined in the table below based on your loan type:

  Type of loan	Eligibility requirements
  Short term and working capital loans	Operational for 100+ days $10,000 or more in revenue per month
  Long term loans	Operational for 12+ months 620+ credit score $120,000+ in annual revenue
  Business expansion funding	Operational for 3+ years 620+ credit score $20,000+ average monthly bank deposits $3,600+ in average daily balances
  Business line of credit	Industry experience Personal investments in your company 12-24 month history of generating positive revenue Good credit score Detailed business plan

• Documents to provide

  Although SharpShooter may not asked for all these, be prepared to provide the following:

  • Government issued ID. Provide identity documents such as your driver’s licence or passport.
  • Business number and address. Show proof that you own a business in Canada.
  • Business bank statements. Submit statements of income or revenue to show that you meet eligibility requirements for the type of loan you want to take out.
  • Business plan (in some cases). Provide a detailed business plan where needed to demonstrate that you have thought through your decision to apply for financing.
  • Credit check. Agree to a credit check to validate your credit score, even if this information isn’t factored into your loan decision.

I got a SharpShooter business loan. Now what?

Once you get a SharpShooter business loan, you’ll need to start making repayments out of your business account based on the terms of your loan contract. For further information about your loan, you can contact SharpShooter Funding 7 days a week by sending an email to its business account or by calling its customer service line.

→ Didn’t get approved? Compare other business financing options with our guide to business loans

Bottom line

SharpShooter Funding lets you borrow reasonably large amounts for your business with fewer eligibility criteria. You can apply for funding and get approved in less than 24 hours, all from the comfort of your own home. You don’t need good credit to qualify for many types of business loans and you won’t need to put up collateral to secure the money you borrow.

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Finder Score for business loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 10+ business loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Frequently asked questions

• How much does a loan with SharpShooter Funding cost?

  Interest rates for SharpShooter business loans start at 5.49%. You may have to pay extra fees for some forms of financing (such as merchant cash advances and bank only EFT programs). Fees and interest rates will vary depending on the length of your term, the amount of revenue you make and your personal credit score, among other factors.

• What can I use my financing for?

  The funding you receive can be used to pay for any small business expenses you may have. This can include purchasing new inventory, hiring seasonal staff, buying equipment and funding day-to-day expenses. There may be restrictions on how you can spend money with some loan types so be sure to check with SharpShooter Funding about the best loan for your personal situation before you apply.

• How can I repay my loan from SharpShooter Funding?

  After you receive your funding, you'll repay your loan with a daily or monthly amount depending on the repayment option you choose. All of SharpShooter's loans will have different conditions, so make sure to check with its customer service department if you're unsure about the terms of your contract.

• Can I qualify for funding if I run a startup?

  If your startup is at least 100 days old and making $4,166 /month, you can apply for startup financing.

Written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 395 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards