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.

🌐 Website:https://www.thincats.com.au
®️ Logo:thincats new logo png
📝 ABN:87 169 752 747
📝 Credit License:169 752 747
💰 Loan Amount$100,000 to $2,000,000
⏲️ Loan Term6 months to 5 years
💸 Unsecured Loans?Primarily offer secured loans
⌚ Lender RequirementsGood credit, experience in business, a plan for growth
📃 Required:An ABN/ACN, identification, accounting information, business growth plan
⏱️ Response Time:24 Hours
🌝 Easy to Apply:Yes

The Nitty-gritty

💌 Online Reviews:Just 12 reviews on Trustpilot with an average rating of 2.4
🏆 Awards and Recognition:None
💳 Minimal Interest Rates:They state 4.5% but 15-18% based on last 10 loans (August 9, 2018)
⚖️ Advantages
  • Large loan amounts available (up to $2,000,000)
  • Zero fees for early repayments
⚖️ Disadvantage’s
  • High interest rates
  • Not suitable for young companies
  • Not many client reviews
Compare ThinCatsCompare ThinCats with 30+ Australian Lenders on Lend.com
Review Table of Contents

Alternatives to ThinCats Australia?

Discover similar companies to ThinCats using Lend . These companies are not P2P platforms but from the borrower’s perspective they serve the same purpose – quick financing.

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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.