GetCapital Review for Potential Borrowers
This review of GetCapital will enable you to better understand the small business loans industry in Australia and comprehend who GetCapital are as an online business lender– we’ll look into who founded and currently manages GetCapital, the numerous financing solutions that GetCapital offers and what differentiates GetCapital from their competition. Read the following GetCapital review and learn what they look for in a borrower.
GetCapital Review in Numbers: 2020 Updated
|📝 ABN:||24 149 390 625|
|📝 Credit License:||149 390 625|
|💰 Loan Amount||$5,000 – $300,000|
|⏲️ Loan Term||3 months – 24 months|
|💸 Unsecured Loans?||Unsecured Loans are Available|
|⌚ Lender Requirements|
|📃 Required:||Complete the application form and provide 6 months of bank statements for loans under $150,000. For working capital loans of over $150,000 GetCapital requires previous financial statements and a snapshot of your ATO portal. .|
|⏱️ Response Time:||24h.|
|🌝 Easy to Apply:||Yes, fully online (expedited application here)|
|💌 Online Reviews:||GetCapital has widely positive online ratings. In fact, 98% of customers rate their experience as either excellent or great on Trustpilot. The excellent service and support offered is praised in virtually all GetCapital reviews.|
|🏆 Awards and Recognition:|
|💳 Minimal Interest Rates:||Rates will vary depending on individual circumstances and the type of funding solution.|
|⚖️ Comparison||Compare GetCapital with 20+ Australian Lenders on Lend.com|
GetCapital Reviews and Ratings
⭐⭐⭐⭐⭐ Client Reviews
⭐⭐⭐ Interest Rate
93.1% Editorial Rating
GetCapital is one of the most recognisable names in the Australian small business lending industry as the firm has been operating since 2013. GetCapital has more than 400 reviews online in Australia which is amongst the highest in the industry and virtually all of them are positive (99% to be precise). The terms of financing are clear, the application processing is quick, and the process is overall friendly and smooth.
- Most bespoke financing solution
- Cash Advance available
- Line of Credit available
- Business Overdraft available(with illion Data Solutions)
- Equipment Financing available
- Deloitte's 2018 Tech Award
- No early repayment fees
- No drawdown fees
- Low annual fee
- Min 9 months in business
- Min $100,000 annual turnover
Full Review: Table of Contents
|Table of Contents|
What Products do GetCapital Offer?
GetCapital offers by far the biggest variety of lending solutions amongst Australia’s most recognisable and best rated online lenders.
Firstly, as you would expect, GetCapital provides short term unsecured small business loans. Unsecured loans are maxed at $10,000 with GetCapital proud to be a participating lender in the Government’s SME Guarantee Scheme (Phase 2). There are weekly repayment terms and a loan can be taken for up to 2 years. The working capital loan is accessible for clients who have been in operation for 9 months. $10,000 may appear low for an unsecured business loan but GetCapital’s other products offer the largest loan sizes of any online business lender.
For example, in addition to unsecured business loans, GetCapital offers term loans up to the value of $750,000 which can be repaid for a period of up to 3 years with no annual or even establishment fees. Businesses must however be more mature and operating for at least 3 years. No property security or financials are required for term loans up to $250k.
In addition to term loans, firms can apply for a working capital facility that works in a similar vein to a line of credit. The total size of the facility can be up to $750,000 and firms can redraw on the working
In addition to small business loans GetCapital also offer:
Through a unique partnership with illion Data Solutions customers can link their transaction account with an overdraft provided by GetCapital for up to $500k. Leveraging on the open banking movement it means customers can have their transaction account with the favoured transactional bank of their choice but not be obliged to use that banks overdraft facilities. Customers can even move their transaction account between providers and retain their GetCapital overdraft just by updating their new account in the GetCapital platform. This facility is only available to businesses which have been established for at least 3 years and there is an annual $395 fee.
The GetCapital Import Line of Credit is a convenient way for businesses to finance supplier purchases from overseas. There’s no cost to set up the facility and once approved, businesses can easily transact within their approved credit limit. Like loans the facility ranges from $10,000 to $750,000 for the total size of the facility. There is then an individual supplier payment limit of $5,000. Businesses are required to have been in operation for at least 9 months.
In addition to its general equipment financing solution, GetCapital specifically offers ‘Vehicle Financing’ aimed at businesses looking to expand its company fleet and ‘Fitout financing’ perfect for retailers and warehouses.
|General Equipment Financing||$499 establishment fee||Up to $300,000||Up to 5 years|
|Fitout Financing||$499 establishment fee||Up to $300,000||Up to 3 years||2+ years in operation|
|Vehicle Financing||$499 establishment fee||Up to $300,000||Up to 4 years||2+ years in operation|
GetCapital is a lending company that provides business loans and lending solutions to small and medium sized businesses in Australia. As will be attested to in our product section, they offer a wide range of business loan products (more than any other online business lender we review) that tend to fall into these three categories: flexible business loans, trade finance, and equipment/vehicle finance. They also have a unique system of Qantas Points acting as 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 online lending industry. Their options are all tailored to SMEs, and their business overdraft and import line of credit are unique for an online lender.
With the depth of products GetCapital offers there is no doubt they’re looking to push the boundaries in which Australian Fintech’s compete with the banking industry. Ensuring that whilst small businesses can enjoy easier access to finance so too can midcap companies that can often get caught in no man’s land – in need of more complex financing solutions but not necessarily wanting to/able to get this from a bank.
It comes as no surprise then that a lot of GetCapital’s senior leadership arrived at GetCapital having held senior banking positions at Westpac, ANZ and Macquarie. Complemented by product and development teams with a Fintech background.
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.
Credibility Score: ⭐⭐⭐⭐⭐
GetCapital Client Reviews
– TrustPilot Australia: 406 Reviews, 92% Excellent, 7% Great, <1% Average, <1% Bad 4.9 / 5 Total TrustScore (Excellent)
Over 99% of GetCapital’s reviews are positive, withunder 1% rating their experience as ‘average’ or ‘bad’. We’ve taken just a couple of the positive GetCapital reviews on TrustPilot to best sum up the client experience.
“Very happy with the team and first service helped me save $700 a week very happy would highly recommend.”
“The staff at GetCapital were very helpful, particularly Amy. The process in obtaining funding was a breeze compared to the SLOW process a bank follows. The conditions that are offered are superior to those of their competitors – these following 3 factors made my decision to accept GetCapital’s funding offer;
- No drawdown fees
- No early repayment fees or penalties & no DD fees.
- A low annual fee to keep the L.O.C facility going.
Well done on offering a fair funding solution.”
There are just three reviews which mark the service as bad. The most recent bad review refers to GetCapital rejecting the client because of the loan purpose – quite rightly this should have been established earlier to save the borrower the time in applying. Another bad GetCapital review is from 2019 and is due to a customer being rejected for a loan, which is very common in the industry. The other bad review from 2016 relates to a customer who had one very good experience with GetCapital but then another bad experience as GetCapital deducted their first loan repayment on the day the loan actually went into their account. When the customer didn’t want to pay this there was then threatening communication from GetCapital explaining the customer was in arrears. There also appeared to be confusion over bank holidays and when charges should be deducted if a bank holiday conflicts with a loan repayment date. This review from 2016 sounds like a system issue and no other user has reported it since. All in all, to have only three bad reviews is outstanding and they seem like one-off events that may happen very rarely but certainly nothing to put us off.
Analysis of Client Reviews:
GetCapital has hundreds of 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 excellent. Moreover, there are a number of repeat clients which is the biggest testament to the service GetCapital provides.
Considering there are over 400 GetCapital reviews on TrustPilot and the fact only 3 of these are bad shows that customers love GetCapital. If we then consider one of these is from a customer who was rejected for a loan (and these types of complaints are incredibly common in this industry) then it leaves just 2 bad reviews. There appear to be some valid points in these reviews and it certainly looks as if GetCapital had a slip-up with its comms and systems. The system issue was back in 2016 and the fact there has been no further issues related to this subject is positive. Customers can verify their repayment plan with a member of the GetCapital team, checking when their first payment is due and GetCapital’s policy should avoid repayment dates conflicting with a bank holiday.
Client Reviews Score: ⭐⭐⭐⭐⭐
GetCapital.com.au has a highly professional look and feel that you would expect from an industry leader. Immediately you get a feel this is a solution aimed at both mid-sized businesses as well as newer startups.
Customers can easily access information on a wide range of solutions GetCapital provides. Each product then has an easy to read FAQ section clearly detailing the product capabilities and eligibility criteria.
Visitors are encouraged to call straight through to the GetCapital team or complete some high level information about their business that can be done in under 60 seconds and they’ll receive a call from GetCapital on the same day.
As a thought leader in the online lending and small business space, GetCapital also publishes various reports on both the lending and small business sectors in Australia. Including its latest report available now – the SME savings report.
Website Score: ⭐⭐⭐⭐⭐
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 $100,000 in annual turnover.
GetCapital has various solutions for companies of all different sizes. The most easily accessible product is a straightforward working capital loan – open to businesses who have been in operation for 9 months and turnover $100,000 annually. Some of their unique products however are clearly aimed for more established and larger businesses.
Flexibility Score: ⭐⭐⭐⭐
GetCapital Pricing & Rates
The fee structure you have with GetCapital will be dependent on the lending solution you choose. What we love most about GetCapital is that they are transparent with both establishment fees and interest rates.
More often than not, online lenders do not display their minimum and maximum interest rates that they will charge borrowers. The fact GetCapital is happy to display both a min and max interest rate range on some of its lending solutions shows us they are not looking to shark any prospective borrowers and charge unnecessarily high rates. By displaying their minimum fees it also tells us they know they can compete with the best and feel what they charge is fair for the service they provide.
Pricing for GetCapital’s products are as follows:
|Product||Establishment Fees||Interest Rate||Annual Renewal Fees|
|Unsecured Small Business Loans||None.||9.95%||N/A|
|Working Capital Facility||None.||Based on your business circumstances.||N/A|
|Term Loan||None.||9.95% – 19.95%||N/A|
Ongoing Business Facilities
|Product||Establishment Fees||Interest Rate||Annual Renewal Fees|
|Business Overdraft||$395||9.95% – 19.95%||$395|
|Import Line of Credit||$395||9.95% – 24.95%||$395|
|Product||Establishment Fees||Interest Rate||Annual Renewal Fees|
|General Equipment Finance||$499||Based on your business circumstances.||None.|
|Vehicle Finance||$499||Based on your business circumstances.||None.|
|Fitout Finance||$499||Based on your business circumstances.||None.|
The fact that there are no establishment fees for GetCapital’s most straightforward loans makes GetCapital a great option for basic unsecured and working capital loans. The ongoing facilities have an annual fee in place but this is very common and at $395 is not extortionate, providing you are getting good use out of the facility.
Pricing Score: ⭐⭐⭐⭐
GetCpital Review Summary
- Credibility - 100%100%
- Clients Review - 91%91%
- Website - 95%95%
- Compatibility - 86%86%
GetCapital is one of the most recognisable names in the Australian small business lending industry as the firm has been operating since 2013. Get Capital has more than 400 reviews online in Australia which is amongst the highest in the industry and virtually all of them are positive ( 99% to be precise).
GetCapital really comes into its own for businesses seeking an overdraft or exporters seeking a line of credit. The online application is very easy and the entire process is very straightforward. GetCapital’s strength is in its variety of lending solutions and its brand power. It is trusted by companies like the Chinese commerce giant Alibaba, and boasts very good GetCapital client reviews online. We have no doubt that GetCapital is one of the lenders you should be inquiring with, if you are seeking a quick business loan.
The minimum requirements are quite high and GetCapital is definitely not going to take any excessive risks but the variety of financing solutions offered attests to their lending capabilities. As a specialist business lender, GetCapital believes every business should have the opportunity to reach its full potential without being constrained by capital.
✓ Importers Fit Out Finance)
As always, we hope this GetCapital review has helped you to understand the benefits of GetCapital as a lending provider. For any inaccuracies or simply for more information that you’d like to know please contact us.