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Small Business Lender Review - GetCapital
GetCapital are award-winning business lenders who provides business finance to Australian small businesses in a wide range of industries, including retail, wholesale, manufacturing, professional services, food and beverage, technology, automotive and more.
They offer flexible business loans from $5,000 to $500,000, with a convenient redraw feature, a fast, online application process and the possibility of funding within 24 hours.
As well as a proprietary online process that allows fast and efficient processing of small business loans, they have a team of dedicated Relationship Managers to support Australian small businesses.
- Short-term loan you can use for any business purpose
- $5,000 and $500,000 sized according to your business turnover
- Weekly repayments
- Fast application – funds could be in your account within 24 hours of approval
- Access to additional funds after 15 weeks (subject to credit assessment)
- Access up to $100,000 without providing financial statements
|Name||GetCapital Flexible Business Loan|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$500,000 (sized according to your business turnover)|
|Minimum Loan Term||6 months|
|Maximum Loan Term||24 months|
|Minimum turnover||$10,000 per month|
|Minimum trading period||9 months|
The interest rate you pay on your GetCapital Flexible Business Loan will be calculated based on a number of factors including the perceived risk level and the amount and term of the loan. See all business loan option interest rates.
GetCapital offer flat pricing for qualifying businesses – see the following example.
|Loan Term||12 Months|
|Drawdown Fee (2%)||$1000|
|Direct Debit Fees||$200.20 (52 x $3,85 pw)|
In addition to the interest you’ll pay on your loan you’ll be charged an establishment fee for setting up the facility (2% of the drawdown amount), plus weekly direct debit fees of $3.85. If you default on your payments you will also have to pay additional fees and penalties.
How to apply
GetCapital uses a proprietary online process – you can apply online here in just a few minutes and get a credit decision within 24 hours. They also have a team of Relationship Managers to help you choose the best finance option and guide you through the application process.
For loans up to $100,000 you’ll only need to provide basic personal and business information and 6 months’ bank statements. For loans over $100,000 you’ll also need to supply financial statements and a snapshot of the ATO portal.
Once your application is approved funds will be transferred to you the next day.
How Does GetCapital Compare?
|Lender||Product||Term||Loan Range||Interest Type||Fees||Security||Repayments|
|GetCapital Flexible Business Loan||6 – 24 Months||$5k – $500k||Percentage||2% Draw down fee, plus $3.85 direct debt fee per week||Unsecured||Weekly|
|Prospa Business Loan||3 – 24 Months||$5k – $250k||Factor rate||Establishment fee||Unsecured up to $100k||Weekly or fortnightly|
|Spot On Business Loan||1 – 24 Months||$10k – $250k||Percentage, but only on balance drawn||Drawn on fee (% of credit limit)||Unsecured||Weekly, fortnightly or monthly|
|Flexible Business Loan||6 – 24 Months||$5k – $500k||From 0.87% per month||2% Draw down fee, plus $3.85 direct debt fee per week||Unsecured||Weekly|
|OnDeck Small Business Loan||6 – 24 Months||$10k – $250k||Percentage||Establishment fee of 2.5%||Unsecured||Daily or weekly|
|Beyond Merchant Capital Unsecured Business Loan||9 – 12 Months||$10k – $500k||Factor Rate||None||Unsecured||Daily or weekly|
|Moula Business Loan||6 – 12 Months||$5k – $250k||0.75% to 2% per fortnight||None||Unsecured||Fortnightly|
|Business Fuel Business Loan||3 – 18 Months||$5k – $250k||Factor Rate||None||Secured or Unsecured||Weekly or monthly|
|Max Funding Unsecured Business Loan||1 – 12 Months||$2k – $300k||From 1.8% per month||Fees are laid out in loan agreement||Unsecured||Weekly or tailored|