BizCap Review (2021)

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RATED:

65.0

Our Bizcap review found this SME lender offers larger loans than most competitors with same day funding. With loans of $5,000 to $600,000, 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 application.

Key features of Bizcap include:

🗺️ ProductsBusiness Loans
💰Funding Amount$5,000 to $600,000
📊 Loan Terms3 to 12 Months
💰 Min. Trading Period6 Months
💰 Min. Trading Turnover$10,000 per month
🛍️ Unsecured/Secured Unsecured
💳 Funding SpeedSame day approval and funding

bizcap logo with words bizcap review under it

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Loan ProductsShort-term business loan
Loan Terms & Funding Size
💰 Loan Amount$5,000 to $600,000
⏳ Loan Length3 to 12 months
📆Payment scheduleFixed Daily
(No interest)
💳 Line of Credit Option??
Loan Costs
💸Fees (exc. interest)Origination Fee + Agreed payment amount
﹪Interest Rate TypeNo interest rates (agreed amount)
🔓 Unsecured Loans?✔️
👍 Early Repayment✔️
Loan Qualification
🎓 Qualification BasicsABN or ACN
Australian Bank Account
Australian citizen
🛍️ Min. Trading Qualification6 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 SpeedFunding in as little as 3 hours

Bizcap Pros and Cons

Pros

  • The only lender that can approve and provide funding on the same day as the loan application
  • Offer larger loans than most Lenders
  • No interest rates
    Bizcap uses an agreed payback amount for cost transparency
  • No minimum credit score
    will consider any business with good cash flow (even one with a default in their records)
  • Loans best for: All industries

Cons

  • Not for start-ups
  • No personal loans
  • Limited repayment period
  • No FAQ section on the website
  • The website could be clearer

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.

Bizcap qualification for loan

Minimum Time Business Operating

Minimum Time Business

6 Months

Minimum Turnover

Minimum Turnover

$10,000 Per Month

Credit History

Credit History

Previous loan default ok
No Min. Credit Score
(Bad credit ok)

Other

Other

Can have existing loan with other lenders

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 first and 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

Loan Amount

Loan Amount

$5,000 – $600,000

Term Length

Term Length

3 – 12 Months

Payment Schedule

Payment Schedule

Daily, Weekly

Low Doc Loans

Low Doc Loans

N/A

Unsecured-Secured

Unsecured/
Secured

Unsecured

With financing of $5,000 to $600,000 and the 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 repayment rate as the business will need to pay the loan within one year.

BizCap-Loan-Terms-1024x406

Bizcap loan costs and fees

Origination Fee

Origination Fee

Varies

Interest Rate

Interest Rate

Factor rate (no interest rate)

Other Costs

Other Costs

Admin fee

No Hidden fees

No Hidden fees

Early Payment Permitted

Early Payment Permitted

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 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.

  1. Start Business Loan Application – Name, email, number, state
  2. Business Details
  3. You Details
  4. Business Date
  5. 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.

Bizcap funding speed

Online Application

Online Application

Minutes

Approval

Approval

2 Hours

Funding

Funding

Same day as application possible

One of the most appealing features of Bizcap is the fast turnaround time. Bizcaps underwriting team can come back with an outcome just two hours after you apply. If you agree to their terms, you can have funds in your account just 3 hours after you apply. This means if you apply by early afternoon, you can have the working capital in your hands on the same day.

What can you use the loan for?

Bizcap allows you to use the funds for any business purpose. Reasons you may wish to fund the loan include:

  • Office expansion, renovations and repairs
  • Purchase/upgrade of new stock and equipment
  • Marketing Campaigns
  • Hire extra staff/employees
  • Pay business expenses
  • Maintain cash flow

Repayment Terms

  1. Fixed Daily, Weekly repayment
  2. The repayment is the same for each payment period. This is a fixed amount, so will not depend on interest fees.
  3. If you wish to apply to renew your loan, you can do this once you have paid 50% of your existing loan balance.

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. 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 Trustpilot with many small business owners noting the excellent service Bizcap delivered through the covid pandemic.

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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 and a willingness to help businesses that may struggle to get loans with other lenders. If your business falls into any of these 3 selling points, then chances are Bizcap is the best lender to help your business.