Since launching in 2018, Bizcap has been committed to helping small businesses access finance when they need it most. The Melbourne-based lender is backed by a management team that has over 15 years of experience in underwriting.
Bizcap prides itself in being an “open-minded lender”, so one of their main points of difference is that they also welcome businesses with bad credit, defaults or judgements of hardships.
Bizcap offers business loans ranging from $5,000 up to $600,000 with repayment terms of 3-12 months. Read about all the key features and fees that come with Bizcap’s unsecured loan below.
3%, starting at $399
Principal & Interest
within 1 hour
from 3 hours
Daily repayments available.
Bizcap offers personalised interest rates based on their assessment of your application. The rates and fees of your loan will be determined by factors including your cashflow, payment history and general financial strength, as well as how many years you’ve been trading, your assets and your purpose of applying for finance.
With Bizcap’s business loan, you’ll need to budget for upfront fees starting from either 3% of the amount borrowed or $399 (depending on which is larger), plus a $299 exit fee. But the good news is there are no ongoing fees to worry about and if you finish repaying your loan early you’ll even receive an early payment discount.
Bizcap promises businesses a fast application process that takes about five minutes, and assuming that you’ve filled out all the details correctly, you could be approved in two hours and receive funds in your account in three business hours. Just bear in mind that you could experience delays in loan approval if you provide partial or inaccurate supporting documentation.
The age of your business as well as its revenue history, assets and credit history could all affect whether you get approved or not. To be eligible, you must be in business for at least six months, have a monthly turnover of more than $10,000 and have an active ABN.