Rating based on 661 reviews
Spotcap started operating in 2014 and have been growing at an astounding rate with so many small and medium-sized businesses lacking finance they need in Australia.
Spotcap around the world
Spotcap also operate in four other countries including the United Kingdom, New Zealand, Spain and the Netherlands – providing SME’s with finance online with no paperwork and ne face-to-face meetings.
Spotcap loan can be used for a variety of business endeavours including purchasing equipment, purchasing a new vehicle, to fund expansion, to fix or replace office equipment or evening as working capital.
What they’re offering
If you’re looking for an online business credit provider with a difference - Spotcap is definitely worth a try. They’re an alternative credit provider that offer unsecured business loans of up to $250,000.
Spotcap’s loans can be obtained entirely online – which means you can save both time and money by not having to travel to a branch or sit on the phone for hours.
Service with a difference
Unlike large banks who don’t have the time to add a personal touch to what they do – Spotcap’s team are focused on each individual customer and therefore have superior service.
What Spotcap can offer you
Spotcap is a business credit provider that offers between $10,000 and $250,000 in business credit to already existing businesses that have been operating for a period of 18 months or more.
The Spotcap difference
Spotcap’s success lies in the fact that their unsecured business loans can be obtained online very quickly thanks to their team of highly experienced underwrites and a “propriety algorithm” that is able to assess a business quickly and accurately.
With this lender you’re looking at a turnaround time of between 24 and 48 hours, however, they are able to inform you if you qualify and for how much, by pre-approving you, in just hours.
Better to deal with than a bank
Spotcap is certainly better to deal with than most banks since their quick loan application requirements are not as stringent, they offer a completely paperless application and you get excellent customer service.
How they charge for credit
They charge interest on a monthly basis and an origination fee of between 2% and 3% of the total value of the loan as a once-off payment. They do not charge any annual fees or ask you to pay early repayment penalties.
From 0 %
To 0 % Per annum
In a Nutshell
- Average processing time 24 hours
- Online application
- Unsecured loan option
Get a business loan online in just 24 hours!
Getting a business loan online in just 24 hours may be a promise you’ll often hear but, banks and most credit providers just cannot deliver.
With Spotcap’s technology and expert team you will receive a response in under 2 hours and will be approved and even have the money credited - in just 24 hours.
Some uses for a Spotcap business loan
- Fund the purchase of a motor vehicle
- Buy new equipment
- Buy stock
- Buy new furniture
- Expand your workforce
- Use it to manage cash flow
- Open a new branch
Can you apply for a SpotCap loan?
In order to qualify to apply for credit with SpotCap you must have an Australian registered business and bank account, turnover $100,000 or more, have been in operation for 18 months or more and can offer 2 years worth of financial reports.
Loan application process
Step 1 – register with them
Step 2 – complete an online loan application where you provide information on the owner/s of the business, the business and it’s finances
Step 3 – connect your accounting software to their system
Step 4 – receive approval online
Step 5 – Get your business loan credited within 24 hours
Always apply for the exact amount of money that you need
While you might qualify for a larger amount, always stick to the amount of money that you need when applying for a business loan. When you do this, it makes your loan a lot less expensive to pay.
Financial maturity is important and you will never know when you will need a credit plan in future. The best thing to do is always keep your credit profile in a good state because when it is dented, it may take years for it to be in good order again.
Always ask yourself if something is worthy of being bought and use your resources well. The only time you should apply for credit is when you have visited all your other options and have found that there is little to no choice left but to take a loan.
Should you find that there are other avenues that you can make use of, rather do so instead of applying for unnecessary credit. If you have an excess of money within your disposal and would like to pay for your business loan before the actual date, you are welcome to do so.
Eligibility & Requirements
Other Products & Services
- Business Loans
Customer Reviews & Testimonials
Spotcap gave me unbelievable interest rates charges on my business loan!
— Lismore —
The Spotcap business loan application is fast, easy and convenient.
— Canberra —
I am happy that Spotcap gave me a business loan I can actually afford to pay with no hassles.
— Geraldton —
- 1800 10 70 10