SpotCap Small Business Loans Review

This review of SpotCap will help you to make the right decision and understand who SpotCap are – who controls SpotCap, what they suggest to you as a lender, how they are unique and differ themselves from their competition and what they look for in a prospective borrower. Read the following SpotCap review to find out more.

SpotCap Review in Numbers

Australian Business Number (ABN): 71 602 957 237
Australian Credit License: None listed on Website
Loan amount: from $10,000 – $200,000
Loan term: from 1 months – 12 months
Unsecured Loans Offered? Yes
Easy Online Application: Yes
Response Normally Within: 24 Hours
Documents Required to Apply: BAS for the last 4 quarters, financial statements for the last 2 years, tax returns for individuals for the last two years (if you are a sole trader/partnership), trust deed (only for trusts).
Requirements to Apply: Operating for at least 12 months, $200,000 turnover in the past 12 months, trading for at least 18 months.
Minimal Interest Rates: Fixed interest rates based on your financials.
General Feedback from Clients Online: SpotCap is still a fairly new company (only a few years old) and has limited online reviews. However, the reviews that do exist online are generally positive and state that SpotCap is a professional and fast-working company to borrow from.
Awards and Recognition: None listed.
Website Address: https://www.spotcap.com.au

Short Summary:

SpotCap is a strong lender with great reviews which is mostly aimed at established businesses with sales of more than 200,000 dollars a year. It requires more information than other lenders to provide a loan, but it’s speedy in making decisions and it’s worthwhile to try and apply to a loan there.

 

Company Story

SpotCap Logo
SpotCap is a lender that focuses on small business loans in Australia. Of course, they also service other countries, such as Spain, the UK, New Zealand, and the Netherlands. SpotCap has been in business since 2014, when founder Dr. Jens Woloszczak opened their headquarters in Berlin, Germany. SpotCap has been reviewed in publications such as The Australian, Financial Review, and The Herald Sun.

SpotCap has created a streamlined application process to simplify the lives of small business owners around the world – including in Australia. Their application only takes five minutes on average, and they’ve made it possible to pull all personal financial information directly from your business’s accounting software. Although they haven’t been in business for very long, they’re already making an impact in the fintech world.

SpotCap believes that there is a huge need for small business funding around the world, and they aim to make small business financing easier where possible. They understand the roadblocks that SMEs run into when trying to receive financing from traditional banks or financial institutions, and they’re working to pick up the slack and fill that need for business owners.

 

SpotCap Client Reviews

 

– TrustPilot Australia: : 49 Reviews, 82% Excellent, 14% Great, 4% Bad, 8.9 / 10 Total Score (Great)
– SpotCap Global’s Facebook: 11 Review, 11 Positive, 5 / 5 Total Score

 

Analysis of Client Reviews:

 

SpotCap is still fairly new on the lending market, but their reviews are generally positive. Negative reviews that exist online address their strict application requirements (and the fact that they take careful stock of your negative financials). Positive reviews state that the lending and application process are both easy, that customer service is excellent, and that they are a professional and efficient company to work with.

 

SpotCap Loan Compatibility

 

  • Startup: No, SpotCap requires that you’ve been trading for 18 months.
  • Bad credit: No, SpotCap requires financial records.
  • Sole trader: Yes, SpotCap works with sole traders.
  • Established business: Yes, SpotCap accepts established businesses.
  • Turnover: SpotCap does require at least $200,000/year turnover.