Spotcap Business Loan Review

Information verified correct on October 25th, 2016

Get your business moving forward with a line of credit from Spotcap.

After revolutionising the business credit space in Spain, Benelux and the UK, Spotcap are bringing its lending services to assist Australian SMEs. Spotcap operates under the belief that "new businesses require new ways of financing", and so provide innovative loan solutions. These solutions are designed to help businesses access credit based on what they can afford to repay. If your business is in need of a revolving line of credit, all you have to do is provide your personal and business details and Spotcap may approve you for a loan up to two months' revenue. Find out more about the benefits of Spotcap.

Product NameSpotcap Loans
Min Loan Amount$5,000
Max. Loan Amount$250,000
Loan SecurityUnsecured
Application Fee2-3% of loan amount

How does a business loan from Spotcap work?

This business loan from Spotcap works like a revolving line of credit, giving you access to funds equal to roughly the amount of monthly revenue your business is making. When you apply, your financials and credit will be looked at and individually assessed, and you may be approved for a credit line. If you're approved, you'll have three months to decide how much you want to use and when you want to withdraw the funds, and if you decide not to use it you won't be charged anything. You are only charged for the amount of credit you use.

Five features that come with a Spotcap loan

  • Range of credit limits available. The credit limit you're given is based on your monthly revenue, but there is a wide range on offer, meaning businesses of all sizes can access the financing they need. The minimum is $5,000 and the maximum is $250,000.
  • Convenient repayments. In order for you to manage your business' cash flow effectively, Spotcap outlines the proposed repayment schedules in advance and repayments are made electronically via direct debit. Currently, electronic debits will occur monthly.
  • Interest. You'll pay a fixed rate of interest with your loan, so you'll know how much your business will have to pay each month depending on how much you spend. You'll be offered a rate based on the financials you provide and the actual credit of your business.
  • Businesses that can apply. As outlined above, businesses of all sizes can access credit with Spotcap. As long as your business earns a minimum of $8,300 revenue a month ($100,000 per year) and has been in operation for at least a year, you can apply.
  • Flexibility with your loan amount. You can draw on your funds once a day, and you can repay the loan early without penalty – you only pay for what you use. This can help you manage your credit line in accordance with your business' cash flow.

The costs you need to know about

What you won't pay

  • No upfront fees to apply for your credit line
  • No ongoing fees or account-keeping fees
  • No penalty fees if you repay your loan early

What you will pay

  • An origination fee of 2-3% of the face value of any money that is drawn against your credit line
  • Late payment fees if you miss a payment
  • Fixed rate of interest based on the financials you provide
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How to apply for a Spotcap loan

If you're ready to apply for a loan for your business, just click "Go to Site". Make sure you review the eligibility criteria and have the required documents handy before you start.

Eligibility criteria

Your eligibility depends on how long your business has been in operation and your business' financials. Here are a few points to keep in mind:

  • You'll need to provide 12 months of business operating history to apply, so you'll need to have been in business for at least a year
  • The financials you provide are used to score you, and this score will be used to determine your eligibility and also the interest rate you're offered
  • Your business needs at least $8,300 revenue a month ($100,000 per year)

You'll need to provide the following to complete your application:

  • 12 months of operating history
  • Online accounting software or digital copies of financial documents
  • Details of your business bank account

You won't be charged any money to access your credit line, and you'll have three months to decide how much you want to withdraw and when you want to withdraw your money. If you decide not to use your credit line, you won't be charged anything.

Spotcap loans are a convenient and flexible lending solution that you might want to consider for your business. As always, it's best to compare your options to ensure you're applying for the best finance to meet you and your business' needs.

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