Seek Capital Business Loans Review: Good for Startups

What is Seek Capital?

Seek Capital is a loan connection and consulting service that helps startups and new businesses get financing through unsecured loans, lines of credit and credit cards that might have difficulty qualifying with traditional lenders. Seek Capital won’t fund your loan directly. Instead, it connects you with partner lenders based on your specific needs.

Funding from Seek Capital can range from $5,000 to $500,000, with introductory APRs starting at 0% for the first 12 to 18 months. You can generally expect funding within one to three weeks.

However, Seek Capital primarily funds businesses by connecting them with personal and business credit cards. They manage the application and funding process, potentially securing a credit card with an introductory 0% APR for the first 12 months.

Applicants can’t choose a specific loan upfront. Instead, borrowers must wait for Seek Capital’s lending partners to present a loan option. If a credit card isn’t offered, the lender provides alternatives like a business line of credit, SBA loans, a merchant cash advance and others.

Who Seek Capital is best for

Seek Capital is ideal for US-based startups, new businesses with low revenue and seasonal ventures needing flexible funding options like unsecured loans, credit lines and credit cards. It’s especially beneficial for those seeking alternatives to traditional bank or credit union loans.

With funding options up to $500,000, Seek Capital is great for businesses with short-term financial needs, as it helps them make essential purchases even if they haven’t generated substantial revenue yet. Because you have minimal control over choosing the small business loan or credit card you receive, Seek Capital is best for borrowers who aren’t specific about the type of financing they get.

What makes Seek Capital shine?

Unlike many other lenders and consulting agencies, Seek Capital focuses on startups, new businesses with low revenue and seasonal businesses. Seek Capital creates a tailored plan that determines your loan amount and the sort of funding you qualify for to start building your business. There are no upfront fees, but you will pay a fee of 9.99% of your loan once you get your funds.

In an interview with Finder, Partner Relations Manager Daniel Plom said this about the company: “Seek Capital is an alternative lending company that helps new and existing businesses acquire funding. All funding is based on personal credit score and doesn’t require collateral, tax returns, financial statements or business revenue. Since its launch in 2015, Seek Capital has helped fund over 2000 different businesses with approximately $275 million.”

We like Seek Capital for the following:

• Fast funding process. Traditional banks and lenders often have lengthy approval processes that can delay critical funding. In contrast, Seek Capital’s streamlined application process and high approval rates help ensure that businesses can receive their funds within one to three weeks.
• Considers more than personal credit. While your credit needs to be at least 680 to qualify, Seek Capital also gauges the potential of your business model. In doing so, this service can create a unique plan that determines your loan amount and the sort of funding you qualify for to start building your business.
• Low intro APR. For the first 12 to 18 months, your business may be eligible for a 0% APR. So, you’ll only pay back the amount you borrow. But watch out — once this period ends, you may have to pay high interest.
• No collateral. Unlike many competitors, Seek Capital does not require collateral, tax returns, financial statements or business revenue for loan approval. This flexibility makes it an attractive option for businesses that may not have substantial assets or a long financial history.

Where Seek Capital falls short

While Seek Capital doesn’t require collateral, it charges 9.99% of your loan amount once you receive the funds. Additionally, the lack of upfront disclosure of partner lenders makes it difficult to estimate rates and fees initially.

Here’s a rundown of some of the things we don’t love about Seek Capital:

• Doesn’t directly fund loans. Seek Capital is not a lender. Rather, it is a consulting service that helps new and small businesses find funding to build capital and expand their services.
• Requires a strong personal credit score. Your credit needs to be at least 680 to qualify. This requirement can be hard for many people who have started other businesses or have been applying for funding elsewhere, so consider ways to improve your credit score before applying.
• Funding through credit cards. This provider’s funding packages could include credit cards. Although personal and business credit cards are similar to lines of credit, they tend to come with higher interest rates after a low introductory period. Consider your revenue and ability to repay before signing on to multiple cards at once.
• Doesn’t disclose rates and partner lenders upfront. While Seek Capital offers a 0% intro APR for 12 to 18 months, it doesn’t state the APR after that introductory period ends. Additionally, they will not disclose their partner lenders up front.

For businesses seeking competitive loans with greater transparency and potentially lower fees, consider exploring our list of the best small business loans.

Seek Capital loan details

How to qualify for Seek Capital Business

While qualifications vary based on your partner match, Seek Capital offers some eligibility suggestions:

• Minimum credit score of 680
• You must not have filed for bankruptcy in the last four years

How to apply

To see if your business is eligible for preapproval, visit the Seek Capital website. You’ll see an online form that takes just a few minutes to fill out.

1. Start your online form by supplying how much money your business needs and its purpose.
2. Enter your contact information, including your business name, industry and state.
3. Select how long you’ve been in business, your average monthly sales and your personal credit score range.
4. Select Get Funding Quote to see if you’ve been preapproved.

If you enter the preapproval process, one of Seek Capital’s representatives calls to review your funding options. You can also download the form and send it back via mail or fax, which may help speed up the process.

What documents will I need?

To complete Seek Capital’s online form, you’ll need your business’s:

• Bank statements from the past three months
• Profit and loss statements

If your business is new and hasn’t yet developed these statements, don’t worry. Seek Capital also offers Entity Creation and Business Plan Creation services to help you and your partners register your new business and get ready to open its doors.

What happens after I’m approved for funding?

Since your funding could be a combination of personal and business financing, review your terms carefully to make sure you agree to each line of credit. From there, you can agree to accept your Funding Estimate. The lender charges a 9.99% fee once your package is processed. Your payment due dates and any other potential fees depend on the individual lenders.

How Seek Capital compares to other lenders

Compared to other marketplace lenders like Lendio or OnDeck, Seek Capital’s targeted approach to startups and new businesses sets it apart. While Lendio and OnDeck cater to a broader range of business types and may not provide the same level of specialized support for startups. For instance, OnDeck requires businesses to be operational for at least a year with a minimum annual revenue of $100,000.

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Updated regularly

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Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★ Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★			$500	$250,000	Not stated	Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month	No credit needed. Funding up to $250,000 with a variety of finance options to best fit your business needs.	Go to site Compare	loading Fetching your data...
$10M+ funded! Lendio business loans Finder Score: 4.8 / 5: ★★★★★ Lendio business loans Finder Score: 4.8 / 5: ★★★★★			$1,000	$10,000,000	Varies by lender	Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
Fundera business loans Finder Score: 4.9 / 5: ★★★★★ Fundera business loans Finder Score: 4.9 / 5: ★★★★★			$2,500	$5,000,000	Varies based on lenders	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...
Fora Financial business loans Finder Score: 4.1 / 5: ★★★★★ Fora Financial business loans Finder Score: 4.1 / 5: ★★★★★			$5,000	$1,500,000	Varies	6+ months in business, $15,000+ gross monthly sales, no open bankruptcies	Get qualified for funding in minutes for up to $750,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to siteMore Info Compare	loading Fetching your data...
National Funding business loans Finder Score: 4.6 / 5: ★★★★★ National Funding business loans Finder Score: 4.6 / 5: ★★★★★			$5,000	$500,000	Undisclosed	In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site Compare	loading Fetching your data...
American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★ American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★			$2,000	$250,000	N/A	Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000	Access lines of credit for your small business even if you aren't currently an Amex customer.	Go to siteMore Info Compare	loading Fetching your data...

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Seek Capital reviews and complaints

Many customers state that Seek Capital quickly obtained funding and that customer service was excellent. Customers on the Better Business Bureau (BBB) and Trustpilot show a fair number of positive reviews. In fact, its Trustpilot score is one of the highest we’ve seen for lending platforms.

However, while many customers have successfully obtained funding and praised the customer service, numerous 1-star reviews on the BBB cite misleading information and undisclosed fees.

Negative reviews complain that the fees and types of cards provided by Seek Capital weren’t fully disclosed. Many users also criticize its high-pressure sales tactics and predatory lending practices, particularly the hefty application fee up front, which raises concerns for business owners.

Is Seek Capital legit?

Seek Capital is accredited by the Better Business Bureau (BBB) with a B rating. It is a legitimate service with an online presence and physical office and is backed by reputable lenders. The company has not been involved in major lawsuits or BBB alerts, but the lack of transparency and high fees suggest potential customers should proceed with caution.

Frequently asked questions

What types of funding does Seek Capital offer?

Seek Capital helps businesses secure unsecured loans, lines of credit and credit cards through its network of third-party partner lenders.

Can I use Seek Capital even if my business doesn’t have revenue?

Yes. Seek Capital will work with new businesses that may not have begun operations.

How long does it take to get my funding?

It takes between one and three weeks to fully process your Funding Estimate. Each bank and lender works at its own pace and has to assess your online form individually.