BizCap Review (2021)

  • Updated: May 7, 2021
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RATED:

90.0

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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 $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
    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.

    • Unsecured business loans

    quick overview Bizcap Unsecured business loans


    Bizcap unsecured business loans


    A common mistake among SME owners is not to consider non-bank lenders and stick to banks when it comes to business loans.

    Being a non-bank lender, Bizcap presents a number of benefits that banks do not offer. These include:

    Ability to approve loans and provide funding fast

    Bizcap has the ability to 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) have 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 obtain 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 bad credit score, previous loan default or bankruptcy if you can show your business has the cash flow to repay the loan.

    Will give small loans

    Bizcap loans start from $5,000 which is far less than banks that focus on larger loans.

    Reasons to apply with Bizcap

    Bizcap qualification for loan


    Minimum Time Business Operating

    Minimum Time In 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 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 will be able to 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-Terms-1024x406


    Bizcap loan costs and fees


    Origination Fee

    Origination Fee

    Varies

    Interest Rate

    Interest Rate

    Factor rate (no interest rate)

    Other Costs

    Other Cost Notes

    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.

    If you apply during business hours, you should expect a call from a Bizcap loans specialist within about 2 hours to assist you with your funding needs.

    Bizcap Application Process is fast and easy

    Bizcap funding speed


    Online Application

    Online Application

    Minutes

    Approval

    Approval

    1 to 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 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 be using the funds 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 Bizcaps ability to provide funding fast means you can focus on more important matters.


    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:

    Reasons OnDeck provide for a 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

    Industries Bizcap offer loans to


    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 it comes to 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 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.

    Bizcap-TrustPilot-1024x280


    Our Bizcap review conclusion


    Bizcap has 3 key selling points that give them a strong appeal when compared with other lenders. These are:

    1. Access to larger loans than most lenders
    2. Fast same-day application to funding turnaround
    3. A willingness to help businesses that may struggle to get loans with other lenders


    FastBusinessLoans take particular note of point 2 and 3. Very few lenders are able to provide funding on the same day you apply. This will be an appealing selling point for many business.

    We also note their willingness to provide loans to most business 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.

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