Spotcap Review

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Small Business Lender Review - Spotcap


Spotcap is an innovative online lender for small and medium-sized businesses.

They offer a line of credit business loan of between $10,000 and $250,000, with repayment schedules of up to 2 years, and the possibility of funding within just 24 hours.

They work with established business that have been trading for at least 18 months and have a minimum annual turnover of $200,000.


  • Hybrid business loan / line of credit product
  • Initial draw down period of 1 – 3 months, during which you can draw, repay and redraw funds up to your credit agreed limit
  • Possibility to renew the facility at the end of each draw down period
  • $10,000 and $250,000 unsecured loans
  • Fast application – facility could be approved within 24 hours
  • No penalty for early repayment after the first month
  • Pay interest only on the amount you draw down


Name Spot On Business Loan
Min Loan Amount $10,000
Max. Loan Amount $250,000
Minimum Loan Term 1 month
Maximum Loan Term 24 months
Loan Security Unsecured
Interest type Only on balance drawn down
Repayments Weekly, fortnightly or monthly

Qualification criteria

Type Criteria
Minimum turnover $200,000 per annum
Minimum trading period 18 months


There are no charges for setting up a Spot On line of credit, so it could be a useful option if you want the security of having funds at hand but don’t want to pay for a facility you may not need.

You can draw down between $500 and your credit limit. Each sum you draw down will be treated as a separate business loan which you’ll repay in instalments over 6 – 24 months.

Each time you access funds from your loan account you’ll pay a draw down fee (a percentage of your credit limit). You’ll also pay interest at a rate based on the perceived risk level – but only on the outstanding loan balance, not on the full credit limit.

After the first month you can repay your loan early without penalty.

How to apply

Spotcap has a fast, online application process which can take just a few minutes. You’ll need to provide basic information about your business, and then either upload your financial reports or connect your accounting software and online bank account to Spotcap’s systems.

They will use their unique credit assessment algorithm to evaluate your data and decide if, and how much, much you are able to borrow.

Spotcap will evaluate your business loan application within 24 hours. If approved you can begin drawing funds from your line of credit right away. When you want to draw down funds, Spotcap will immediately initiate a funds transfer so the cash could be in your account by the next working day, depending on your bank.

How Does Spotcap Compare?

Lender Product Term Loan Range Interest Type Fees Security Repayments
Spotcap Business Lender Logo 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
Prospa Business Lender Logo Prospa Business Loan 3 – 24 Months $5k – $300k Simple interest rate Establishment fee No asset required up to $100k Weekly or fortnightly
GetCapital Business Lender Logo GetCapital Flexible Business Loan 6 – 24 Months $5k – $500k Percentage 2% Draw down fee, plus $3.85 direct debt fee per week Unsecured Weekly
Businessloans Business Lender Logo 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 Business Lender Logo OnDeck Small Business Loan 6 – 24 Months $10k – $250k Percentage Establishment fee of 2.5% Unsecured Daily or weekly
Beyond Merchant Capital Business Lender Logo Beyond Merchant Capital Unsecured Business Loan 9 – 12 Months $10k – $500k Factor Rate None Unsecured Daily or weekly
Moula Business Lender Logo Moula Business Loan 6 – 12 Months $5k – $250k 0.75% to 2% per fortnight None Unsecured Fortnightly
Business Fuel Business Lender Logo Business Fuel Business Loan 3 – 18 Months $5k – $250k Factor Rate None Secured or Unsecured Weekly or monthly
MaxFunding Business Lender Logo Max Funding Business Loan 1 – 36 Months $2k – $1m From 1.5% per month Fees are laid out in loan agreement Secured or Unsecured Weekly or tailored

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