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.
|📝 ABN:||24 149 390 625|
|📝 Credit License:||149 390 625|
|💰 Loan Amount||$25,000 – $1,000,000|
|⏲️ Loan Term||Term loans available up to 3 years (other solutions available for longer)|
|💸 Unsecured Loans?||Unsecured Loans are Available|
|⌚ Lender Requirements|
|📃 Required:||Complete the application form and provide 6 months of bank statements for loans under $250,000. For working capital loans of over $250,000 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.|
|⚖️ Compare GetCapital||Compare GetCapital with 20+ Australian Lenders on Lend.com|
|Review Table of Contents|
Overall Rating: ⭐⭐⭐⭐⭐
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 business loans. These appear to be split under two different products – term loans and GetCapital’s working capital facility.
Term Loans are available up to $1,000,000 for a period of up to 3 years. Repayments can be made either weekly or monthly and there are no early repayment fees. There’s also no annual fee or establishment fee with a GetCapital term loan.
Term loans with GetCapital have some of the highest qualifying criteria of any online lender – GetCapital asks that businesses have been running for at least 3 years and have a minimum of $250,000 in annual turnover. Though they will look at businesses who have been operating for at least 2 years if they are able to secure the loan with a property.
Unsecured business loans are available up to $25,000 and loans under $250,000 do not require the loan to be secured by property. For loans between $25,000 to $250,000 a directors guarantee is required. For loans over $250,000 property is required to secure the loan.
Businesses can also access loans up to $250,000 by simply providing account transaction data, loans over $250,000 will need the applicant to send supporting financial statements for their business as well as a copy of their ATO portal.
After 15 weeks, borrowers can benefit from a convenient re-draw option if required, though GetCapital will conduct another assessment of your business to ensure it is able to repay the loan.
GetCapital’s working capital facility appears to be almost identical to its term loan solution. Operationally, we can’t see how it works any differently. Businesses are still provided with a lump sum of cash and can choose to redraw on their working capital loan after 15 weeks. In this sense the working capital facility works very much as a loan as opposed to a line of credit, in which you would always have access to undrawn funds in your facility.
The major differences between the working capital facility and term loan facility appear to relate to the borrower criteria and some subtle differences in the repayment schedule and fees.
The working capital facility is available to younger businesses – rather than asking that borrowers have been trading for at least 3 years, borrowers who have been operating for at least 12 months are eligible for the GetCapital working capital facility.
Similar to the term loan, no property security or financials are required for working capital loans up to $250,000. Loans are possible up to $1,000,000 but property would be required to secure the loan.
There is no option for monthly repayments under the working capital facility and borrowers must opt for weekly repayments. There is no annual fee or early repayment fees but an establishment fee applies (unlike the term loan).
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 $1,000,000. 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 bank’s business 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,r the total size of the facility can be up to $1,000,000. There is then an individual supplier payment limit of $10,000. Businesses are required to have been in operation for at least 3 years (2 with property).
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 $750,000||Up to 5 years||2+ years in operation|
|Fitout Financing||$499 establishment fee||Up to $750,000||Up to 3 years||2+ years in operation|
|Vehicle Financing||$499 establishment fee||Up to $750,000||Up to 4 years||2+ years in operation|
New in 2021 – Shift Payments
As a payment platform, Shift Payments can be used to pay invoices on more flexible terms. Shift can be used to pay supplier invoices, ATO and utilities. Get 14 days free or choose up to 90 days with a transaction fee if you need longer to pay.
GetCapital is a lending company that provides business loans and lending solutions to small and medium sized businesses in Australia. As 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 (both paying suppliers and receiving payment from business customers), and equipment/vehicle finance.
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.
Its most integrated partnership is perhaps that with illion Data Solutions. Not only does illion help to provide GetCapital’s business overdraft facility, they also assist with illion’s frictionless BankStatements technology. 18 months ago, GetCapital reported about 65% of applications using digital bank statement technology. Since the pandemic, that adoption rate is in excess of 95% in 2021. Showing how easy business loans can be applied for online in the modern age.
Credibility Score: ⭐⭐⭐⭐⭐
GetCapital Client Reviews
– TrustPilot Australia: 427 Reviews, 92% Excellent, 6% Great, <1% Average, <1% Bad 4.8 / 5 Total TrustScore (Excellent)
Over 98% of GetCapital’s reviews are positive, with under 21% 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 five reviews which mark the service as bad. The most recent verified 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. The two bad reviews left in 2021 are vague in their description and do not point to a particular fault.
GetCapital has responded to these reviews confirming they could not find their account from the details provided and welcomed them to get in touch in order to locate the account (if it is indeed a real review) and explore the issue further. All in all, to have only three verified bad reviews, and two unverified bad reviews, is quite 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 five 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 verified 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 3 years to access most products (12 months for the working capital facility)
- 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 to access its working capital facility and $250,000 to access other lending solutions.
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 (APR)||Annual Renewal Fees|
|Unsecured Small Business Loans||None.||9.95% – 19.95%||N/A|
|Working Capital Facility||Yes.||Based on your business circumstances.||N/A|
|Term Loan||None.||9.95% – 19.95%||N/A|
Ongoing Business Facilities
|Product||Establishment Fees||Interest Rate (APR)||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 term loans makes them a great option. Though their term loans are designed for businesses who have been operating for at least 3 years. Younger businesses will have to pay establishment fees to access working capital loans and interest rates are likely to be higher. The ongoing facilities have an annual fee in place but this is very common and at $395 it certainly isn’t 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.