“Spotcap are fantastic to work with. Our clients' loan requests are always handled in a professional manner with excellent response times. Their documentation is easy for the client to action and they just make the whole process seem effortless. We look forward to further developing our business relationship with them during 2020, exciting opportunities lie ahead.”
Andrew Wise, Managing Director, Thames Valley Asset Finance
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Commercial Finance Industry Pulse
Spotcap spoke to over 130 commercial finance intermediaries and collected their views on the current state of the market and the future of business lending in the UK. Here is what they had to say.
At Spotcap, we provide unsecured business loans for a duration of up to 24 months. Compared to other lenders, we offer loans without a personal guarantee (PG) as well as with a partial or full PG. For group structures we will also accept a corporate guarantee. Our customer service is second to none and we will provide a credit decision within one working day once the loan application is completed.
How much can a business borrow?
Spotcap provides business loans from £50k up to £350k. The amount a business can borrow is based on their turnover as well as our assessment of their financial situation.
Does a loan need to be linked to a specific business purpose?
We understand that firms need access to working capital for many different reasons, and that commercial circumstances can sometimes change quickly. Once a business loan is approved, it’s the choice of the business how it makes use of those funds.
How fast can a business draw down the loan?
The online application process can be completed in around fifteen minutes. If approved, notification is given within one working day, from which point the funds are available to draw down.
Do I have to complete every application for my client?
As a partner, you are given access to our proprietary Partner Portal. From here you can apply on behalf of your clients and monitor the application progress. However, you can also refer your clients and they can apply themselves.