What’s in this Guide?
Our Bizcap review found this SME lender offers larger loans than most competitors with same day funding. With loans of $5,000 to $1,000,000, Bizcap should be one of the first choices for loans of significant size. This is especially true if you need funds fast, as Bizcap is the only lender that can approve and provide funding on the same day as your application.
Key features of Bizcap include:
|🗺️ Products||Business Loans|
|💰Funding Amount||$5,000 to $1,000,000|
|📊 Loan Terms||3 to 12 Months|
|Min. Trading Period||6 Months|
|Min. Trading Turnover||$10,000 per month|
|💳 Funding Speed||Same day approval and funding|
|Loan Products||Short-term business loan|
|Loan Terms & Funding Size|
|💰 Loan Amount||$5,000 to $1,000,000|
|⏳ Loan Length||3 to 12 months|
|📆Payment schedule||Fixed Daily
|💳 Line of Credit Option??||❌|
|💸Fees (exc. interest)||Origination Fee + Agreed payment amount|
|﹪Interest Rate Type||No interest rates (agreed amount)|
|🔓 Unsecured Loans?||✔️|
|👍 Early Repayment||✔️|
|🎓 Qualification Basics||ABN or ACN
Australian Bank Account
|🛍️ Min. Trading Qualification||6 Months|
|📅 Min. Turnover Qualification||$10,000 gross monthly turnover|
|🗎 Low Doc Loans|
|😕 Bad Credit OK?||✔️ (No minimum credit score)|
|Approval & Funding Speed|
|🏍 Fast Online Application||✔️Same day approval|
|💨 Funding Speed||Funding in as little as 3 hours|
Bizcap Advantages and Disadvantages
Types of financing available
Bizcap only offers short-term unsecured business loans. To qualify for a business loan, your business needs to have an active ABN, an Australian bank account, and to have been in business for at least 6 months with a turnover of at least $10,000 a month.
- Unsecured business loans
Bizcap unsecured business loans
Unsecured business loans are a type of term loan that does not require you to back the loan with security. A term loan provides borrowers with a lump sum at the start of the loan which you then repay over a set amount of time on a regular basis.
A common mistake among SME owners is not to consider non-bank lenders and stick to banks for business loans. Being a non-bank lender, Bizcap presents several of benefits that banks do not offer. These include:
Ability to approve loans and provide funding fast
Bizcap can approve your application and provide you with funding on the same day you apply. This is far faster than banks which can take several weeks to approve.
Having funds sooner allows you to focus on driving your business forwards than lose time waiting for your application to be approved and funding to be provided.
Simple application with less paperwork
Bizcap (like most non-bank lenders) has an online application process that takes less than ten minutes to complete. Online applications require minimal financial documents.
This contrasts with banks. which will often require you to make an appointment with the loan manager and you to provide financial documents.
No requirement for security or collateral
Bizcap doesn’t require you to provide collateral to get a loan. Banks require collateral, while this can mean a lower interest rate, your small businesses may not have security to use.
Businesses can have bad debt
Bizcap, unlike banks, will consider your loan application if your business has a poor credit score, previous loan default, or bankruptcy if you can show your business has the cash flow to repay the loan. Bizcap promotes itself as Australia’s most open-minded lender.
Bizcap qualification for loan
To qualify for a small business loan, the business will need to show six months of bank statements with $10,000 in monthly turnover.
Bizcap does not have a minimum credit score which is good for businesses with a weak credit score. Businesses that have a loan default in their record can qualify for a loan with Bizcap if it meets the lender’s lending criteria.
When considering a business loan application, Bizcap looks at the business’s asset profile and cash flow foremost when assessing an application however the business and owners’ credit report will still be a factor when deciding.
Bizcap review of funding size and loan terms
With financing of $5,000 to $1,000,000 and a repayment period of 3 to 12 months, Bizcap loans will suit any business that needs a small or large loan. Just keep in mind the loan terms, as the business will need to pay the loan within one year.
You can choose between a fixed daily or weekly payment. This means will pay the same each payment period, regardless of market interest rates, and provides certainty when planning your payments.
If you wish to apply to renew your loan, you can do this once you have paid 50% of your existing loan balance.
Bizcap loan costs and fees
Bizcap does not charge interest fees. Instead, they include all costs as part of the final pricing the business will payback. These costs will include upfront costs or origination fees and administration fees. The business will be the same amount each payment cycle.
Cost features to note:
- No interest rate charges, pay an agreed fixed payback rate each payment period
- Variable origination fee and admin fee, which is included in the net total amount
- No early repayment penalty, no transaction fees
Payments are straightforward, Bizcap will use your bank account, debit or credit card details for automatic payments.
Bizcap review for ease of application
Bizcap allows you to apply for a loan either through an online application or with a phone call with a loan consultant. The SME lender’s online application takes only 5 minutes.
The application process comprises 4 steps.
- Start Business Loan Application – Name, email, number, state
- Business Details
- You Details
- Business Date
- Last steps
Bizcap encourages you to provide bank link details not having these details can delay the approval process. They will, however, accept a PDF or CSV file of your bank record should you prefer.
If you apply during business hours, expect a call from a Bizcap loans specialist within about 2 hours to assist you with your funding needs.
Bizcap funding speed
One of the most appealing features of Bizcap is the fast turnaround time. Bizcaps underwriting team can come back with an outcome in less than two hours after you apply. If you agree to their terms, you can even have the funds in the business trading account on the same day. This means if you apply by early afternoon, you can use the loan to pay for your business expenses before the office is closed for the day.
As a business owner, you will appreciate the speed at which Bizcap can approve and provide you with the loan funding. Your time is your most precious resource and Bizcap’s ability to provide funding fast means you can focus on more important matters.
What can you use the loan for?
Bizcap allows Australian small businesses to use the funds for any business purpose. Reasons you may wish to fund the loan include:
Reasons OnDeck provide for a loan include:
- Office expansion, renovations, and repairs
- Working capital
- Purchase/upgrade of new stock and equipment
- Marketing Campaigns
- Hire extra staff/employees
- Pay business expenses
- Maintain cash flow
Bizcap customer support
Customer support with the Fintech lender is available from 8 am to 6 pm Monday to Friday. You can contract Bizcap through their website using live chat, email or by phone.
If you apply for a loan online, then you can expect a call from a Bizcap loan specialist within about 2 hours. Staff will work with you to find the loan you need. The staff are professional and are not pushy when dealing with their clients.
Bizcap is based in Melbourne but can assist small business owners in Australia-wide including QLD, NSW, WA, Tasmania, and SA.
BizCap customer review – Trustpilot
Bizcap has a 5 rating (from 240 reviews) from Trustpilot.
Comments from TrustPilot suggest that many small business owners appreciated the excellent and helpful customer service and speed Bizcap delivered funding through the covid pandemic. Quite a few customers noted that this was their second or third time using Bizcap.
The customer service seems to be quite personalised with many reviews taking the trouble to thank staff such as Tim, Ted, and Paul by name.
Our Bizcap review conclusion
Bizcap has 3 key selling points that give them a strong appeal when compared with other lenders. These are:
- Access to larger loans than most lenders
- Fast same-day application to funding turnaround
- A willingness to help businesses that may struggle to get loans with other lenders
FastBusinessLoans take particular note of points 2 and 3. Very few lenders can provide funding on the same day you apply. This will be an appealing selling point for many businesses.
We also note their willingness to provide loans to most businesses regardless of their credit history. If you are struggling to obtain a loan from other lenders, then Bizcap is definitely worth considering.
If your business falls into any of these 3 selling points, then chances are Bizcap is the best lender to help your business.