ThinCats Business Loan Review

In this review, we’ll be discussing Australian lending company, ThinCats. We’ll be going over the application process, the kind of loans ThinCats offers, and their customer reviews.

ThinCats Review in Numbers

Australian Business Number (ABN): 87169752747
Australian Credit License: 169752747
Loan amount: $100,000 to $2,000,000
Loan term: 6 months to 5 years
Unsecured Loans Offered? Primarily offer secured loans
Easy Online Application: Yes
Response Normally Within: 24 Hours
Documents Required to Apply: An ABN/ACN, identification, accounting information, business growth plan
Requirements to Apply: Good credit, experience in business, a plan for growth
Interest Rates: 15-18% based on last 10 loans (August 9, 2018)
General Feedback from Clients Online: No reviews for the Australian ThinCats company online, very few reviews for the UK company (50% negative).
Awards and Recognition: None that we could find.
Website Address: https://www.thincats.com.au/

Short Summary:

ThinCats are a P2P lender in Australia (one of few). Their platform connects between investors who want to tap into the alternative investment markets with businesses that require quick financing. The loans ThinCats offer are primarily secured loans and unlike lenders like GetCapital or Capify require preparing a business plan.

The company boasts a minimum interest rate of 4.5% which is comparable to a bank loan, but they also publish the last 10 loans on their platforms demonstrating high interest rates (similarly to other online lenders in Australia).

 

Last 10 loans on ThinCats.com.au for Aug 8, 2018. View current loans @https://www.thincats.com.au/statistics/

 

Company Story

 

ThinCats’s founder, Sunil Aranha, has over 25 years of experience in the tech and SME sector. ThinCats UK was founded in 2010, and have a unique set-up where they offer fixed-income-based repayment plans.

Sunil Aranha developed ThinCats in order to establish a company which was unique back in the day – a business-oriented P2P platform. It has faced very fierce competition from much bigger and more successful companies like Funding Circle, but it is still standing tall 8 years afterwards and that should be respected.

ThinCats moved to Australia circa 2016 (we weren’t able to find the exact date) and offer something very few other Australian lenders offer – connecting businesses with investors directly on a P2P platform.

Thus far, ThinCats has approved over $8 million in loans, and has an average of 22 lenders per loan. This system helps borrowers gain a lower interest rate, and lenders gain less risk as they’re spreading out the loan across multiple lending parties. Their average loan is approximately $5,400, although they offer loans up to $2,000,000.

ThinCats Client Reviews

ThinCats has very few reviews across the internet, signaling it’s a rather small company even in the UK and even though they have been operating since 2005. The only two reviews we were able to locate which weren’t editorial are TrustPilot’s, with two reviews in total – one highly positive and one calling the company “unethical”. We cannot make out any conclusions based on these sporadic customer reviews.

Capify Loan Compatibility

  • Startup: No. ThinCats prefers experienced business owners.
  • Bad credit: No.
  • Sole trader: Yes.
  • Established business: Yes.

Alternatives to ThinCats Australia?

View similar companies to ThinCats below. These companies are not P2P platforms but from the borrower’s perspective they serve the same purpose – quick financing. We only feature top-rated firms with great editorial rankings from SmallBusinessLoansAustralia.com:

Best Lender As Rated By Users ⭐⭐⭐⭐⭐

Est. 2011  

  • Funding: $5,000 to $250,000.
  • Innovation Awards.
  • 1-2 Days for Response to Application.
  • 9.5 / 10 on TrustPilot.
  • Offers Unsecured Business Loans
  • Suitable for Bad Credit Business Finance.

The Industry Veteran ⭐⭐⭐⭐⭐

Est. 2002

  • Funding: $5,000 to $400,000.
  • Fewest Documents Required
  • Industry veteran for 13 years.
  • 95% Positive Client Reviews.
  • Offers
  • Accepts New Business (6-month minimum time in operation)
  • Min. Monthly Turnover $10,000.

Coherent and Transparent Repayment Schedule ⭐⭐⭐⭐

Est. 2016

  • Funding: $5,000 to $100,000.
  • Accepts New Business (6-month minimum time in operation).
  • Clear repayment schedule.
  • Offers Unsecured Business Loans in Australia. 
  • Accepts Bad Credit Borrowers.

New and Exciting ⭐⭐⭐⭐

Est. 2015

  • Funding: $5,000 to $250,000.
  • Excellent Global Reputation.
  • Quote Estimator on Website.
  • Offers Unsecured Business Loans.
  • Min. Annual Turnover $200,000.