Since its launch in 2012, Capital on Tap has funded more than 40,000 small businesses in the UK. From florists and mechanics to consultants and graphic designers, Capital on Tap has provided over £400 million to help businesses grow.
A direct lender (not a broker) which has headquarters in London, Capital on Tap was the first business lender in the UK to offer an instant decision in principle on funding applications. It uses “soft searching” so you can find out if you’re eligible without it impacting your credit file. You can also choose to upgrade your Capital on Tap account to Capital Club, which lets you earn cashback or Avios on money spent in exchange for a yearly fee.
Whether you’ve recently started a business or need a cash boost to get it to the next level, Capital on Tap could help with a credit facility of up to £50,000.
Business funding for the real world
With Capital on Tap you get enhanced flexibility: Top up your loan or repay early at any time with no additional costs. You'll only pay interest for each day you have the funds.
Loans up to £50,000
Flexible repayment options
No monthly or annual fees
Representative example: When you spend £1,200 at a purchase rate of 39.941% (variable) p.a., your representative rate is 39.9% APR (variable).
Customers can choose to upgrade their standard Capital on Tap account to Premium for a yearly fee. The Premium account gives unlimited cashback as a percentage of money spent, so it is worth looking carefully at whether this option would suit you and your business.
Key features of Capital on Tap business loan at a glance
Quick decision. Apply online in 2 minutes and receive an instant initial decision. Capital on Tap uses soft searching at this stage, which will leave no footprint on your credit file.
Borrow up to £50,000. The credit limit on your account will depend on the size of your business, its performance and creditworthiness.
Credit facility. You can spend your funds on your Mastercard, transfer money to a bank account or withdraw cash from an ATM.
Top-up at any time. As a flexible line of credit, you can borrow more whenever you need to, subject to an agreed limit.
Repayment flexibility. Repay an amount that suits you each month, subject to an agreed minimum. Paying less will mean borrowing for longer, however, which will cost more.
No penalty for repaying early. Capital on Tap will not charge you for paying off your balance at any time, and doing so will save you money in interest.
No commission on international purchases. Capital on Tap uses Mastercard’s exchange rate when you use your card abroad and there are no additional fees.
Co-branded Mastercard. Increase the visibility of your brand and logo by having it added to your card.
Interest rates are fixed for the duration of your repayment period. However, the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from the advertised “representative APR”.
Am I eligible for Capital on Tap business funding?
You should only apply for Capital on Tap business funding if you’re certain you can meet the repayment terms. You must also:
Be registered in the UK, with all business owners based in the UK
Have at least 12 months of trading history
A turnover of at least £24,000 per year
Have no court judgements against the business or you personally
How can I apply?
1.Go to the “Sign Up” page on the Capital on Tap homepage. Fill out the one-page application form with some basic business and personal information. If you are a limited company you will need your registered number to hand. 2. Capital on Tap will run a soft credit search, which will leave no footprint on your credit file. It will give you an initial decision immediately. 3. Once you’ve signed up, the Capital on Tap business compliance team will check that your company is meeting all the necessary regulatory requirements. 4. In some circumstances, Capital on Tap will require some additional information such as business trading activity and the names and addresses of additional business owners. 5. If all conditions are met, you will be sent your Mastercard within 4 working days.
How can we help?
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There are several types of business loan out there. The right one for your business will depend on how much you need and how long you want to borrow for. You should consider your options carefully before taking out a business loan.
Government startup loans. If you have a new business, you could borrow up to £25,000 at a low interest rate. You may also be eligible for a government grant.
Bank loans. Banks and building societies can lend you up to £250,000 over a term of 1 to 15 years. These loans are usually unsecured.
Short-term loans. These are offered over a few weeks or months and typically come with a higher interest rate than other types of borrowing. You could get a loan of up to £200,000.
Peer-to-peer loans. This is when your business borrows money from investors instead of from a financial institution. You could get a loan of up to £1 million.
Cash-advance loans. This option allows you to borrow money against your company’s future debit or credit card sales. You will pay a set fee rather than an interest rate.
Frequently asked questions
Capital on Tap does not charge any activation, monthly or yearly fees on its standard accounts. If you choose to upgrade to a Premium account, you will gain cashback but will be charged a yearly fee. You will need to look carefully at whether this option is best for you based on your normal monthly spend.
Capital on Tap will collect repayments each month by direct debit.
Yes, you can use your card at any ATM that accepts Visa or Mastercard. You can make a maximum of 2 withdrawals every 24 hours of a total of £350.
Yes you can use your card abroad in the same way as you use it in the UK, at any ATM that accepts Visa or Mastercard. Capital on Tap uses Mastercard’s exchange rate and you will not be charged any additional fees.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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