Founded in 2014, Spotcap offered fast and flexible loans of up to £350,000 that help established businesses grow and achieve their vision.
Who are Spotcap?
Founded in 2014, Spotcap offered fast and flexible loans that help established businesses grow and achieve their vision.
The way Spotcap approved loans differed from most other finance providers at the time. Spotcap used unique algorithms and machine learning to accurately assess an applicant’s business data when coming to a decision.
What type of business funding does Spotcap offer?
Spotcap offered simple, unsecured business loans of up to £350,000. These loans were repaid up to a 24-month term. Their business loans were flexible, with no extra fees chargeable if you decided to repay the loan early.
There were also no fees associated with applying, nor was there a cost for getting approved for credit which you later decide not to continue with.
A Spotcap loan could have been used for short-term needs such as cash flow management, purchasing inventory or to bridge receivables. Alternatively, you could borrow for long-term purposes such as hiring staff, refurbishing business premises or purchasing necessary equipment.
How do you apply and qualify for funding with Spotcap?
To qualify for funding with Spotcap, you needed to have a business based in the UK, have been trading for at least three years, have a business bank account and have an annual turnover of at least £500,000.
Applying for a loan with Spotcap was simple and was done entirely online. Spotcap required some financial information, including accounts, bank statements and VAT documents.
Their credit assessment was thorough. The above business details were used by their unique credit technology to evaluate the financial health of your business. The credit assessment also looked at your credit record and any previous repayment history in your name or the business’ name.
Once the assessment was complete, one of their credit team advised you on how much you were eligible to borrow. They aimed to give you a decision within one working day once your application is complete.