GetCapital Review for Potential Borrowers

This review of GetCapital will enable you to better understand the small business loans industry and comprehend who GetCapital are as a company – who founded and currently manages GetCapital, what they can offer you and how they rise above their competition. Read the following GetCapital review and learn what they look for in a borrower.

GetCapital Review in Numbers

Australian Business Number (ABN): 24 149 390 625
Australian Credit License: 149 390 625
Loan amount: from $5,000 – $300,000
Loan term: from 3 months – 12 months
Unsecured Loans Offered? Yes
Easy Online Application: Yes
Response Normally Within: 24 hours
Documents Required to Apply: Name, contact information, business name, requested loan amount, current monthly turnover – supporting documents are required (after the first form GetCapital has you fill out) including business financial information.
Requirements to Apply: $10,000 sales/month, 9 months of trading/operation, and you have to guarantee that your loan with GetCapital will be used for 100% business purposes.
Minimal Interest Rates: Monthly fixed rate of 0.75% (which may change based on your unique situation).
General Feedback from Clients Online: GetCapital has widely positive online ratings. However, their few negative ratings are specific enough and negative enough that borrowers should be cautious.
Awards and Recognition: 2nd Fastest Growing Company in Australia by SmartCompany, 2016.
Website Address: https://getcapital.com.au

Short Summary:

GetCapital is a rather recognizable name in the Australian small business lending industry as the firm has been operating since 2013. Get Capital have more than 50 reviews online in Australia which is quite high for this industry and most of the are positive (more than 90% to be precise). The minimum requirements are quite high and Get Capital is definitely not going to take any excessive risks with borrowers but it is good to try and apply. Their advertised minimum fixed rate of 0.75% is good for short term lending.

 

Company Story

GetCapital Logo
GetCapital is a lending company that provides business loans and products to small business in Australia. They offer a wide range of business loan products that tend to fall into these three categories: flexible business loans, trade finance line of credit, and equipment/vehicle financing. They also have a unique system of Qantas Points which is a reward program that incentivizes their loans.

GetCapital’s CEO, Jamie Osborn, has more than 20 years of experience in banking – both commercial and investment. Jamie Osborn founded the company back in 2013, and has grown it since then to be a large player in the Australian lending industry. Their options are all uniquely tailored to SMEs, and they have an unusual credit line and repayment plan that they offer to clients. This plan is billed weekly, but your credit line revolves and you can consistently take out more funds as you pay them back – an interesting prospect for a small business that needs ongoing funding.
GetCapital works in partnership with several other financial giants including Alibaba, OFX, Business Rewards, and Xero. These partnerships allow them to offer more comprehensive lending services as well as expand their capability to create new products for customers.

 

GetCapital Client Reviews

 

– TrustPilot Australia: 46 Reviews, 83% Excellent, 13% Great, 2% Average, 2% Bad 9.1 / 10 Total Score (Excellent)
– ProductReviews.com: 2 Reviews, 1 Positive, 1 Negative 3 / 5 Total Score

 

Analysis of Client Reviews:

 

GetCapital has many positive reviews available online for interested borrowers to research. In general, those who reviewed GetCapital positively or gave them a high score agreed that the product was unique, turnaround time was quick, and customer service was helpful. However, negative reviews show some potentially glaring problems. One negative reviewer called GetCapital a “loan shark” claiming they failed to record their payments. Another negative reviewer claimed that the interest GetCapital stated they were charging was lower than what they actually charged, and that payments were often removed without warning. Of course, all negative reviews of lending businesses need to be taken with a grain of salt. Finances tend to make people excessively negative and harsh in judgement. That being said, these reviews are specific enough that they should set off a few red flags and you may want to do some deeper digging before using this lender.

 

GetCapital Loan Compatibility

 

  • Startup: No, GetCapital requires that you’ve been operating for at least 9 months.
  • Bad credit: No, GetCapital doesn’t usually approve with bad credit.
  • Sole trader: Yes, GetCapital works with sole traders.
  • Established business: Yes, GetCapital works with established businesses.
  • Turnover: GetCapital requires $10,000 in sales/month.