Spotcap business loans review
Managing a small- or medium-sized business? Spotcap offers a flexible line of credit from £50,000 to £350,000 so you can borrow what you need, when you need it.
With headquarters in Berlin, and local offices in Madrid, Amsterdam, Sydney and London, Spotcap is an online direct lender (not a broker) providing business financing across the UK, mainland Europe and Australia.
Spotcap bases its loan decisions on recent business performance and credit scores, rather than on plans and forecasts. This means that business owners don’t need to give a personal guarantee or take on unnecessary risk.
Key features of Spotcap business loans at a glance
Spotcap offers tailored financing to small and medium-sized businesses with an annual turnover of more than £500,000. Its fast and flexible line of credit typically lasts for 1 month up to 24 months. This means you won’t start paying interest until you actually need the money, you’ll only have to borrow what you need, and if for some reason you don’t end up needing to draw down funds, you won’t pay a penny.
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”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Is my company eligible for a Spotcap business loan?
You should only apply for a Spotcap business loan if you’re certain you can afford the monthly repayments. The company must also:
How do I apply?
- Go online and tell Spotcap about your business. Answer a few questions and provide some financial information about your business.
- Spotcap will review your application. Its team of credit experts will check your details, perform a credit check and be back in touch with a decision within 1 working day.
- Accept your offer. Once approved, you can review and accept the offer. Your funds will be available in one or two working days.
How can we help?
Merchant cash advances
Access a lump-sum of funding upfront for a fixed cost and then repay when your customers pay you.
Business credit cards
Boost your spending power, track employee spending and enjoy perks and rewards with a business credit card.
Alternative sources of funding
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.
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