Spotcap Business Loans

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.

Spotcap business loans - what you need to know

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.

FAQs about Spotcap

How are interest rates determined?

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.

What fees are there? 

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.

How does the Spotcap approval process work?

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.

What do I need to be eligible?

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

Line of credit loan

When borrowing money for your business needs you might not have a fixed dollar amount in mind. Spotcap loans come in the form of a line of credit loan, allowing you to draw on the funds as you need them.

Drawdown what you need

For the first 3 months of your loan you’re able to drawdown as much or as little as you want. Each new drawdown is treated as a separate business loan, with the same interest rate. But don’t go overboard - each drawdown comes with a fee.

Pay for what you borrow

With a line of credit loan you have the option to access a set amount of money, and you can drawdown and use as much of it as you want. And you won’t be stuck paying interest on money you never even borrowed, you’ll only be charged on the amount you actually used.

Borrow between $10,000 - $400,000

Each business is different and your SME might be in need of a small leg up or some serious funds to reach its next evolution. In this case Spotcap has you covered with loans up to $400,000 on offer.

Flexible repayment terms

Spotcap offers loan terms between 3 and 24 months. This allows you to chose either a short or long period to make repayments, in order to suit your budget.

24 hour approval

When you apply for a business loan you want to get approved quickly, so you can get the funding you need ASAP. Spotcap analyses and decides the specific details of your loan in less than 24 hours, letting you get on the path to achieving your business goals as fast as possible.

Unsecured loan option

These days, not every business has the tangible assets, like a brick and mortar building to be eligible for a secure loan. Spotcap business loans allow you to access funding even if you don’t have a big asset to put up as security.

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