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RATED:
Our Capify review found they offer unsecured business loans between $5,000 and $300,000, with flexible repayment arrangements including daily or weekly payment. The lender places emphasis a quick and simple online application process, fast approval and funding and flexible loan terms.
| Products | Business Loans Merchant Cash Advance |
| Funding Amount | $5,000 to $300,000 |
| Loan Terms | 3 to 12 Months |
| Min. Trading Period | 6 Months |
| Min. Trading Turnover | $10,000 a month |
| Unsecured/Secured | Unsecured |
| Funding Speed | Same day approval 24 hours funding |
See how Capify stacks up against other lenders
| Loan Products | Short-term business loan | Merchant cash advance |
|---|---|---|
| Loan Terms & Funding Size | ||
| 💰 Loan Amount | $5,000 to $300,000 | $5,000 to $300,000 |
| ⏳ Loan Length | 3 to 12 months | 3 to 12 months |
| 📆Payment schedule | Fixed Daily (no interest) | Fixed Daily (no interest) |
| 💳 Line of Credit Available? | ❌ | ❌ |
| Loan Costs | ||
| 💸Fees | 3% Origination Fee + Processing Fees | 3% Origination Fee + Processing Fees |
| ﹪Interest Rate Type | Factor Rate | Factor Rate |
| 🔓 Unsecured Loans? | ✔️ | ✔️ |
| 👍 Early Repayment | ✔️ | ✔️ |
| Loan Qualification | ||
| 🎓 Qualification Basics | ABN or ACN, Australian Bank Account, Australia citizen | ABN or ACN, Australian Bank Account, Australia citizen |
| 🛍️ Min. Trading | 6 Months | 6 Months |
| 📅 Min. Turnover | $10,000 a month | $10,000 a month |
| Approval & Funding Speed | ||
| 🏍 Fast Online Application | ✔️ | ✔️ |
| 💨 Funding Speed | Pre-approval in 24 hours if link bank account Funding within 24 hour of approval | Pre-approval in 24 hours if link bank account Funding within 24 hour of approval |
Capify Pros and Cons
Pros
Cons
Capify review of Products – Types of financing available
Capify offers two types of business financing for Australian business. Both business loan products can be up to $300,000 and have a maximum repayment term of 12 months. The products available are:
- Short term business loans
- Merchant cash advances (MCA)
Small Business Loans
Capify unsecured business loan lending is quick and made easy, giving you access to funds to make your business grow, run and invest in your business. An unsecured business loan allows you to borrow funds without using an asset as security. Its called unsecured business funding or alternative funding.
Managing business finances is easy and more flexible with Capify smaller cash advance loans with regulat repayments rather than a lump sum at the end of the month.
Capify Short-term small business loans
A small business term loan is best when you require a fixed amount of funding in return for a consistent repayment plan. Term loans are best when you know how much capital you will need, and you can pay back the loan before it matures.
One thing to note is that Capify does not have a minimum business credit score. Capify base their loan decision on monthly gross sales, daily balance and credit score. This makes Capify an excellent choice if you have a poor credit score. Capify will consider applicants with an unpaid default against their name as long as they have a proof of a payment plan.
Capify business term loans eligibility/qualification:
Minimum Time In Business
6 Months
Minimum Turnover
Min. $10,000 a month
Credit History
N/A
Other
Must hold ABN or ACN
Australian Citizen
No loan with other lenders (big banks excepted)
Proof of ownership
Capify loans are unsecured loans so do not need collateral upfront, there is a requirement that the majority owner of the business provides a personal guarantee.
Capify funding size and terms for short-term loans
Loan Amount
$5,000 to $300,000
Term Length
3 to 12 months
Payment Schedule
Fixed daily debit repayments
Low Doc Loans
✓ (for under $75,000)
Unsecured loans?
Unsecured
Capify loans are unsecured loans so do not need collateral upfront, there is a requirement that the majority owner of the business provides a personal guarantee.
Capify short term loan costs and fees
Origination Fee
3% of the loan amount
Interest Rate
Factor rate
Other Costs
Up to $9,999 = $449
$10k – $19k = $549
$20k – $50k = $649
$50k – $75k = $749
Over $75k = $849
Daily direct debit fee = $2.50
No Hidden fees
☓
Early Payment Permitted
✓
Merchant Cash Advance With Capify
Merchant cash advances are like term loans in that you receive a lump sum of funding upfront but differ in the way you pay back the loan. With an MCA arrangement, you pay back the loan using a percentage of credit, debit card and EFTPOS terminal sales. This means your MCA payments will vary according to the volume of sales card sales the business makes. Tying repayments to sales can be helpful if your small business has unpredictable cash flows.
Merchant Cash Advance
A Merchant Cash Advance (MCA) is a way for your business to access cash and pay it back over time using a percentage of future sales from your machine settlement.
For businesses that accept credit card/EFTPOS payments at the counter or on the move.
No matter what the brand machine or terminal you have, repayments are a small percentage of each day’s EFTPOS settlement. Merchant Cash Advance (MCA) could be a helpful aspect of ensuring you manage the cash flow of your business effectively.
When would I choose a Merchant Cash Advance?
a Merchant cash advance is a good solution if your business has sales via debit and credit cards or EFTPOS machine and your business has volatile cash flow. If cash flows fluctuate you may prefer as a pay as you go arrangement as this helps you to avoid larger lump sum payments each period.
If you arrangement a Merchange cash advance with Capify then you should ensure you have a card terminals such as Tyro, NAB, ANZ, Verifone, Commonwealth Bank, St George, Westpac, Suncorp etc.
A Merchant Cash Advance is right for you if;
- Your business accepts credit card or EFTPOS machine sales.
- You’re looking to avoid a steep payment at the end of the month.
- Your business sales can fluctuate, so you want to pay as you go.
- You’re looking for a fast and straightforward business finance solution.
Merchant cash advance eligibility/qualification
Minimum Time In Business
Min. 6 months trading
6 Months of financial data
Minimum Turnover
Min. $10,000 a month in gross sales
Credit History
N/A
Other
Valid ABN or ACN
Registered for GST
No loan with other lenders (big banks excepted)
Proof of ownership
Capify funding size and terms for merchant cash advances:
Loan Amount
$5,000 to $300,000
Term Length
3 to 12 months
Payment Schedule
Fixed daily debit repayments
Low Doc Loans
✓
(for under $75,000)
Unsecured loans?
Unsecured
Payments are daily for business days only.
Capify merchant cash advance cost and fees
Origination Fee
3% of the loan amount
Interest Rate
Factor rate
Other Costs
Up to $9,999 = $449
$10k – $19k = $549
$20k – $50k = $649
$50k – $75k = $749
Over $75k = $849
Service Fee = $35
No Hidden fees
☓
Early Payment Permitted
✓
MCA repayments require the lender to take a fixed percentage of your sales via the EFTPOS terminal, credit card and debit cards until the advance paid in full. Repayments occur automatically each day the business is open. Capify doesn’t advertise the percentage that you will pay back each day (known as the ‘holdback’ rate).
Capify review for ease of application and application process
By linking your bank statement with BankStatements.com.au, you can receive your funding in as little as 24 hours. Capify takes manual statements however this will delay the pre-approval process.
As part of the application process, you will need to give Capify approval to perform a credit check of your business. Should you not wish to have a credit check, Capify can give you a ‘look-alike’ offer however this offer will still be subject to Capify investigations such as your credit score.
If Capify has all the information to assess your application, pre-approval for term loans can take 2 to 24 hours and up to 48 hours for cash advances.
Capify will supply funds to your nominated bank account within 24 hours after this time. If funding is not urgent, Capify can use this time to a wider range of loan terms that may be more favourable to your needs.
Capify make small business finance simple
Quick and Simple Application
Apply online in minutes for a quick, obligation-free quote with no application fee.
Same Day Approvals
Fast, same-day approvals for unsecured business loans with minimum paperwork.
Funds in account in 24 hours
Approval in within one day and funds in your account within 24 hours.
Capify ease of application and application process
The Information you will provide as part of your application will vary depending on if you are after a business term loan or merchant cash advance and the size of the loan. Capify uses a factor rate to calculate your loan amount. This means the lender will assess the level of risk your business presents along with your daily balance, gross monthly sales, and your credit score.
Capify allows low doc applications which means if you are applying for a loan or advance of less than $75,000 then you will not need to financials, tax returns or BAS.
Application information – For loans or Advances under $75,000
- Last 6 months Bank Statements of the business account
- Driver’s license for the owner of the business
- Front of the official cover page of the bank statement (confirming account name, BSB, and account number).
Application information – For loans or advances greater than $75,000
- Bank statements for the last 6 months (Capify may require longer for larger loans) and/or Merchant statements for the last 4 to 6 months (if applicable)
- Driver’s license for the owner of the business
- Proof of ownership
Capify review of funding speed
Online Application
5 minute application
Approval
Pre-approval within 24 hours
(with a linked bank account)
48 hours with no linked bank account
Funding
Within 24 hours after approval