GetCapital Business Loans
- Upfront Fee
- 2% establishment fee
- Max. Loan Amount
- $750,000
- Loan Term
- 1 to 3 years
Summary
Borrow from $5,000 up to $750,000. Security is required for loans over $150,000. Interest rates available on application and fees apply.
- Get Capital has rebranded to Shift and this product no longer exists. For more information, please visit Shift's website directly.
To qualify for this business loan, your business must have a minimum monthly turnover of $10,000 and have been trading for at least 9 months. The minimum loan amount is $5,000, while the maximum is $750,000. For loans under $150,000, there is no need to provide security or financial statements. But for loans above $150,000, you will require a caveat or a second mortgage as collateral, and business finance statements. Interest rates are only available upon application. There is also an establishment fee of 2% the loan amount, a direct debit fee of $3.85 per week and a drawdown fee of 2% the drawdown amount.
Details
Product details
| Product Name | GetCapital Business Loans |
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $750,000 |
| Loan Security | Unsecured |
| Upfront Fee | 2% establishment fee |
| Loan Term | 1 to 3 years |
How does the GetCapital Business Loans work?
The GetCapital Business Loans allows businesses to apply for a minimum of $5,000 and a maximum of $750,000. Note that you will need to provide caveat or a second mortgage as security if you choose a loan of over $150,000. You will also be required to provide financial statements.
It only takes five minutes to apply for this loan. If you're approved, the funds will be transferred to your nominated bank account either on the same day or the following business day.
Features of the GetCapital Business Loans
Some of the features included with this loan are:
- Variable loan amount. With a minimum loan amount of $5,000 and a maximum loan amount of $750,000, this loan suits a number of businesses.
- Easy online application. The online application for this loan is easy to fill out and will only take five minutes if you have the relevant information close by when applying.
- Short loan term. The minimum loan term is 12 months and the maximum loan term is 3 years. Note that you will need to provide security if you opt for terms over 12 months.
- Security. Loans of under $150,000 do not require security or financial statements. Loans with higher levels of funding will require a caveat or a second mortgage as collateral and statements from the business' finances.
- Can be used for any business purpose. You can use this loan for any business purpose that you need.
- Top up option. You can top up your loan and only pay interest on the amount that you topped up instead of the full amount.
- Redraw. You are able to redraw your loan after 15 weeks.
- Early payout option. This loan allows you to pay off your loan early at no extra cost.
- Relaxed lending criteria. Although this loan still has some lending criteria, such as you must have a minimum monthly turnover of $10,000 and have been trading for at least 9 months, the lending criteria are much more relaxed than the standard bank loan application.
How much does the loan cost?
The costs associated with this loan are:
- Interest: On application
- Establishment fee. 2% of the loan amount.
- Direct debit fee: $3.85 per week.
- Dishonour fee: $25 per attempt to get funds.
- Drawdown fee: 2% of the drawdown amount.
- Arrears fee: 5% p.a. on the outstanding principal balance.
How to apply for the GetCapital Business Loans
In order to apply for this loan, simply click the "Go to Site" button on this page to be taken to the GetCapital website to begin your application. Ensure you have the following information ready:
- Your current monthly turnover amount (must be $10,000 or more)
- The requested loan amount
- Your business name
- How long you have been in business (must be at least nine months)
The application process is straightforward. Once you have filled out the application, including entering your personal details such as your contact number and email address, a relationship manager will be in touch with a business loan offer. Once you've signed the loan, the funds will be transferred to your account either on the same day or the following business day.
Although there are many benefits that come with the GetCapital Business Loans, it's important to consider whether or not this loan is right for your business and to compare your available options before you decide.
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