Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
Small business owners across the country can sometimes face cash flow problems. Whether it’s an underfunded advertising budget or a need to hire new staff, small businesses are much more at the mercy of their finances than large corporations. For some, a small business loan might be just what the doctor ordered to overcome these issues.
Thankfully, many online lenders are available to fill the funding gap. Seek Business Capital stands out from its peers as one such lender with few restrictions on how its loans can be used. Need more equipment? No problem. Remodeling your space? Sure thing. Seek Capital’s 92% approval rate bodes especially well for small businesses with short or underwhelming credit histories.
This Seek Capital review will cover everything you need to know about getting a small business loan from the company.
In this review:
- Getting a Seek Business Capital Loan
- Seek Basic Information: Rates, Terms, Fees, & Limits
- The Benefits of Seek Capital
- The Downsides of Seek Capital
Getting a Seek Business Capital Loan
For most small business owners, pursuing a business capital loan with Seek will be relatively simple. Seek boasts a 92% approval rate, and loan funds can be used for just about any business need. Funding experts with Seek help small business owners understand and acquire the financial assistance they need, taking into account more than just your personal credit score to make a funding decision.
The application process begins with a simple online questionnaire. As a consultant specializing in funding procurement, Seek Capital actually works with various third-party sources to obtain loans on behalf of business owners with no upfront costs. The company analyzes a business owner’s financial profile — including assets, income, and credit history — to develop a range-based funding estimate.
With the business owner’s approval, Seek Capital can submit applications the same day, and funds are usually available within 1-3 weeks — perfect for businesses really feeling the money crunch.
Seek Basic Information: Rates, Terms, Fees, & Limits
Business Term Loan
Business term loans from Seek Capital are available from as little as $100 up to $2 million, depending on your business profile and the lender’s terms. Because Seek works with third-party sources to obtain loans for clients, a specific range of APRs is not available — generally, however, borrowers can expect lower interest rates if the business’ credit and cash flow are strong and the company has been in business for at least three years.
Other common charges associated with a Seek Capital loan may include origination fees, check processing fees, late payment fees, prepayment penalties, and closing costs. You’ll have a chance to review all of these added expenses before finalizing your loan documents.
Repayment terms can be as short as a few weeks or up to 25 years, depending on the loan amounts.
>> Read More: Best Business Term Loans
Business Line of Credit
Unlike a business term loan that is taken out in one lump sum, repaid, and then closed, a business line of credit is a revolving option that refills according to how much is paid back. Minimums for lines of credit start closer to $1,000 and reach up to $1 million for qualified borrowers.
Similar to Seek term loans, lines of credit come with varying rates and fees, including maintenance fees, origination fees, withdrawal fees, late payment fees, and renewal fees. APRs range from 2.9% to 40%, according to Seek’s website.
>> Read More: Best Business Lines of Credit
Financing the purchase of expensive equipment is a little simpler than other forms of borrowing because the equipment itself acts as collateral. Because of this, banks tend to be willing to issue larger financing amounts, in some cases up to $500,000. The lender, type of equipment being financed, and credit history will all impact your assigned interest rate, but borrowers can expect to pay anywhere from 8% to 30%. Repayment terms are generally three to seven years.
>> Read More: Best Equipment Financing
Business Credit Card
Newer businesses that haven’t been operational for at least two years might be able to obtain funding with Seek Capital credit cards, with limits ranging from $10,000 to $150,000 and introductory APRs as low as 0% (typically for the first 12 months). These credit cards can be used to make payroll and are a popular financing choice for new businesses.
>> Read More: Best Business Credit Cards
The Benefits of Seek Capital
Seek Capital serves as a sort of powerhouse financial support system for young businesses struggling to find financing. Individual expert support is available and Seek Capital’s pledge to make a lending determination within 24 hours can be a deciding factor for businesses struggling to stay afloat.
Because Seek Capital is open to borrowers with lower credit scores, business owners who have had a hard time finding a financial ear to listen may be pleased with the attention they receive from Seek.
Seek Capital reviews are overall positive (sitting at 4.7 out of 5 with more than 200 reviews on Facebook), and a wide range of financing solutions means startups and small businesses should be able to find what they’re looking for.
The Downsides of Seek Capital
Because Seek Capital is a loan advocate rather than a direct lender, it’s matching you with the actual lenders who will be in charge of your financial products. In exchange for this service, Seek charges some fees in addition to the overall cost of borrowing, although the fees are not imposed until you agree to the terms of your loan. Excessive fees and interest rates, particularly for borrowers with lower credit scores, is also a potential downside.
Seek Capital is an overall strong option to consider for businesses that have had a hard time getting financing. Their flexibility in approval and solid customer reviews indicate they may be a good fit for many small businesses, but their extra charges on top of loans can add up.
Author: Carrie Ott