GetCapital Review
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Small Business Lender Review - GetCapital
Overview
GetCapital are award-winning business lenders who provides business finance to New Zealand 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 New Zealand small businesses.
Features
- 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
Summary
| 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 |
| Loan Security | Unsecured |
| Repayments | Weekly |
Qualification criteria
| Type | Criteria |
|---|---|
| Minimum turnover | $10,000 per month |
| Minimum trading period | 9 months |
Cost
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.
| Description | Value |
|---|---|
| Loan Amount | $40,000 |
| Loan Term | 12 Months |
| Drawdown Fee (2%) | $1000 |
| Total Interest | $4,176 |
| Direct Debit Fees | $200.20 (52 x $3,85 pw) |
| Total Costs | $5,376.20 |
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?
| 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 |
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