GetCapital Review for Potential Borrowers
GetCapital Review in Numbers: 2020 Updated
|Loan Amount||$5,000 – $300,000|
|Loan Term||3 months – 24 months|
|Unsecured?||Unsecured Loans Available|
|Requirements||Trading for at least 9 months|
|Turnover greater than $100,00 per year|
|Client Reviews||99% Positive (aggregated score from across the web)|
|Editorial||93.1%by Small Business Loans Australia|
|ABN||24 149 390 625|
|Credit License||149 390 625|
|Easy to Apply||Yes|
|Requirements||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 also require previous financial statements and a snapshot of your ATO portal. .
|Min. Interest||Rates will vary depending on individual circumstances and the type of funding solution.|
|Online Feedback||GetCapital has widely positive online ratings. In fact, 98% of customers rate their experience as either excellent or great on Trustpilot. The service and support offered regularly praised in the client reviews.|
|Awards||Deloitte’s Technology Fast 50, 2018 & 2016
Financial Review Fast 100, 2018
The Smart 5 Top 10, 2018 & 2016
GetCapital Australia Short Review:
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 have more than 350 reviews online in Australia which is amongst the highest in the industry and virtually all of them are positive ( 99% to be precise). 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.
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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 working capital loans. These range from $10,000 to $500,000, meaning GetCapital also offers the highest single working capital loan amount of any Australian online lender too. 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.
As well as working capital loans GetCapital offer term loans 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.
In addition to the more straightforward loan solutions 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.
Import Line of Credit
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 $500,000 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 products to small and medium sized businesses in Australia. As has been attested to in the product section, 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 tailored to SMEs, and their business overdraft and import line of credit are unique for an online lender.
With the depth of products GetCapital offer 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.
GetCapital Client Reviews
– TrustPilot Australia: 349 Reviews, 91% Excellent, 7% Great, 1% Average, 1% Bad 4.9 / 5 Total TrustScore (Excellent)
99% of GetCapital’s reviews are positive, with just 1% rating their experience as 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 two reviews which mark the service as bad. One of the bad GetCapital reviews 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
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 helpful. Moreover, there are a number of repeat clients which is the biggest testament to the service GetCapital provides.
Considering there are 350 GetCapital reviews on TrustPilot and the fact only 2 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 one bad review from 2016. There appears to be some valid points in this review and it certainly looks as if GetCapital had an issue with its repayment schedule. Although, given this 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 a repayment date conflict with a bank holiday.
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.
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.
GetCpital Review Summary
Credibility - 100%
Clients Review - 91%
Website - 95%
Compatibility - 86%
GetCapital is one of the market leaders when it comes to online lending in Australia. l. And they really come into their 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 for a quick loan.
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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.