Spotcap Business Loan Review
According to Spotcap's website:
Spotcap is a financial organisation dedicated to ensuring that both small and medium-sized businesses are able to get access to much-needed funds. Having been launched in 2014, Spotcap has been able to secure fundings in excess of $180million and has made them easily accessible to the small and medium-sized businesses.
In furtherance to this, it has allowed thousands of businesses survive and keep growing.
How Does Applying For A Spotcap Business Loan Work?
Applying for a Spotcap business loan has been made simple and easy. The process is hassle free because within hours, you receive a response kinforming you whether your online application has been approved. Once approved, the funds are immediately made available to you.
The process of applying online for a loan is broken down into bits as follows:
- Sign up for an account with Spotcap. You will need to share some basic information about yourself and your business.
- Complete the application by filling in accurate details and information. This process takes just a few minutes and the information given will help decide on a loan that is best suitable for you and your business.
- Immediately your application is approved, funds (up to $250k) will be made available to you that you start using in growing your business.
Eligibility For a Spotcap Business Loan
Although Spotcap provides unsecured loan for both small and medium-sized businesses, there are requirements that need to be met to qualify for a Spotcap Business Loan. These requirements are that:
- The business organisation must be registered in Australia
- During the past 12 months, the business recorded a turnover of at least $200,000.
- The business must have been operational for at least 18 months
- The business must have an active online Australian bank account.
Having explained what Spotcap stands for and how you can benefit from applying and taking a business loan, there's an aspect to Spotcap that makes it standout from other financial lenders. This unique feature is also responsible for the greater flexibility that comes with taking a Spotcap business loan and that is allowing the loan applicant pay interest only on what was withdrawn.
What this means is that if, for instance, you're approved a loan of $150k and you end up withdrawing less than the approved $150k, the interest you're liable to pay is on the exact amount withdrawn and not the approved $150k.
We do not offer loans from SpotCap. However, you can apply for business loans with other lenders from our panel.
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Apply for business loans from our lender panel. We do not offer loans from SpotCap.