Spotcap is an online lender combining a tech savvy platform with a focus on helping Australian small businesses get the funding they need. Launched in Berlin in 2014, Spotcap has quickly expanded to Spain, the Netherlands, the UK, New Zealand and Australia.
If you need a line of credit loan for your business then Spotcap is a good place to start looking. Before you dive in though, you’ll need to know a bit about the features, fees, and eligibility criteria for the loan. We’ve pulled together some of the key information below so you can be in the know when apply for your company’s business loan.
2% to 3%
Line of Credit
Principal & Interest
Loan terms up to 12 months.
Every business needs unique financing, not a generic off the shelf business loan. Spotcap gets this, so they tailor your loan in accordance to your current cash flows, the performance of your business and your credit history. This lets you get the best rate possible for your business.
Spotcap doesn’t have any exit fees or ongoing fees, but there are a couple fees you should know about.
Firstly, there is an organisation fee, so when you first get your loan from Spotcap, you’ll have a pay a fee dependent of the total value of your drawdown. If you decide to access more of your line of credit loan, you will be have to pay a drawdown fee, relative to what you’re borrowing.
Also, there’s a direct dishonour fee, which changes on whether your repayment terms are weekly, fortnightly or monthly. If a default hasn’t been resolved in 3 days you’ll need to pay a fee relative to how much of the loan you still need to repay.
Spotcap has an easy, 5 minute online application process. You first need to answer some questions about who runs the business, how it operates and what you intend to do with the loan. If you’re inquiring about a loan over $50,000 you’ll also need to provide a profit and loss sheet for 2 years and the last 4 quarters business activity statement. After this you’ll need to connect your bank account and you should get a response in less than 24 hours.
Spotcap offers loans to businesses that are able to prove their status as an established company; meaning you’ll need to meet a number of requirements to be eligible.
- Your business will need to be registered in Australia
- You’ll need to have been operating for at least 18 months
- You’ll need at least $200,000 turnover in the last year
- You’ll need to be able to produce two years of financial reports
- You need to be connected to an Australian online bank
Key features of Spotcap business loans