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finder.com’s rating: 4.1 / 5.0
★★★★★
$5,000
Min. Amount
$500,000
Max. Amount
Product Name | Seek Business Capital loans |
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Min. Amount | $5,000 |
Max. Amount | $500,000 |
Min. Credit Score | 680 |
APR | Varies by lender |
Requirements | Personal credit of 680+, no bankruptcies in the last 4 years. |
Seek Business Capital is a loan connection and consulting service that covers a broad range of needs for startups and new businesses. It compiles a funding package unique to your business and helps make the lending process simpler, but it won’t be funding your loan directly.
Its main focus is on helping your business get financing through unsecured loans, lines of credit and credit cards that you may not otherwise qualify for. It also offers consulting services that can help you build your business model and plan for the future.
Your funds will come from third-party lenders based on the underwriting process conducted by Seek Business Capital. All you’ll have to do is read over your Funding Estimate and agree to the terms — though you’re under no obligation to accept the offer from one of its partner lenders. You can generally expect funding within one to three weeks.
Unlike many other lenders and consulting agencies, Seek Business Capital focuses on startups, new businesses with low revenue and seasonal businesses. Once you provide details about your business and your plan for the loan, Seek Business Capital creates a unique 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 have to pay a fee of 9.99% of your loan once you get your funds.
Seek Business Capital looks at your business plan and your personal credit score to develop a unique Funding Estimate. The Funding Estimate is a combination of third-party business and personal financing that can be used to purchase items, fund invoices or take care of most business expenses.
These work well for short-term needs, especially if you haven’t generated enough revenue from your clients but still need to make purchases. Your funding package will range from $5,000 to $500,000 depending on your business’s needs. To top if off, APRs starts off at 0% for the first 12 to 18 months. This helps keep costs low while you’re expanding your business. However, the company isn’t transparent about what APR you might qualify for after that introductory period is over.
BBB accredited | Yes |
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BBB rating | B |
BBB customer reviews | 3.9 out of 5 stars, based on 95 customer reviews |
BBB customer complaints | 60 customer complaints |
Trustpilot Score | 4.1 out of 5 stars, based on 94 customer reviews |
Customer reviews verified as of | 13 October 2020 |
Many customers state that Seek Business Capital quickly obtained funding and that customer service was excellent. However, the most recent reviews are mixed. Customers on the BBB have left 1-star reviews throughout 2020, while customers on Trustpilot are largely positive. Negative reviews complain of misleading information and that the fees and types of cards provided by Seek Business Capital weren’t fully disclosed.
When dealing with any large line of credit or loan, have a professional accountant or lawyer look over your documents. Seek Business Capital charges a 9.99% fee once your funding is received, and the funding package you’re given likely is comprised of both business and personal credit cards.
To see if your business is eligible for preapproval, start by clicking the Go to site button to be redirected to Seek Capital website. You’ll see a quick online form that takes just a few minutes to fill out.
If you enter the preapproval process, one of Seek Business Capital’s representatives calls to go over your funding options. You also have the option of downloading the full online form to complete and send back via mail or fax, which may help speed up the process.
To complete Seek Business Capital’s online form, you’ll need your business’s:
If your business is new and hasn’t yet developed these statements, don’t worry. Seek Business Capital also offers Entity Creation and Business Plan Creation services to help you and your partners get your new business registered and ready to open its doors.
Since your funding could be a combination of personal and business financing, carefully review your terms to make sure you agree to each line of credit. From here, you can agree to accept your Funding Estimate. You’re charged a 9.99% fee once your package is processed.
Your payment due dates and any other potential fees depend on the individual lenders.
Seek Business Capital can be a great resource for business owners who may not be able to get funding from more traditional sources like banks or credit unions. However, the mix of business and personal credit cards may not appeal to some borrowers, especially those with high credit and established banking relationships with other lenders.
You may want to compare your business credit card options or look into multiple business loan providers that suit your needs before committing to any one financing solution.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.