Seek Capital Review - Business Loans

Application & Approval Process
9.0/10
Rates & Fees
9.0/10
Payment Terms
9.0/10
Loan Type Options
9.0/10
Customer Support & Benefits
9.0/10

About Seek Capital

Seek Capital is a well-known business investment firm founded in 2014 with headquarter in Los Angeles, California. They specialize in providing funds for small business owners and startups. Seek Capital has one simple commitment, which is to help small businesses to achieve their full potential. The firm extends funds to small businesses to get them off the ground and keep them operational. 

Seek Capital has established relationships with some of the major banks across the United States. This enables them to get viable and prompt financing solutions for their customers in no time. Therefore, Seek Capital provides business loans in a variety of categories to all, whether it is a business owner of a startup organization or an already established business. 

This lender offers customized business loans for almost every type of business. Over 92% of their applicants get approval for financial funding, and they can get the loan estimates as soon as 2 hours of applying. The initial loan consultation is free of charge, and Seek Capital only asks for a small fee after a business has received loan approval from any of the banks. Seek Capital contacts these banks and apply on behalf of the borrower, and this fee is a percentage of the total loan amount offered to the company.

i

Excellent

9.0/10

Pros

  • Easy application process
  • Live chat support
  • Over 92% of applicants are approved
  • Some funds are available within 24 hours

Cons

  • High origination fee
  • High applicable fee

Key Highlights

  • Offers several different types of loans, not limited to term loans, business lines of credit, startup loans, and invoice financing. 
  • Suitable for startups and small businesses.
  • All business loans have a 0% APR for the first 12 to 18 months.
  • More than $400 million worth of funding has been given to small business owners since 2015.
  • Award-winning and record-breaking company, having matched 20,000 applications and $160+ million for startup business owners. 

Application & Approval Process

To receive a business loan through Seek Capital, a business owner will first have to fill out an online application form on the website. In this application, the business owner will include the amount they would like to borrow, the purpose of the business loan, their first and last name, name of the business, duration of the business, their monthly revenues and credit score range. 

A representative from Seek Capital will then contact the applicant over the phone to gather additional information regarding their business. Once the lender has all the details required, they will perform an analysis. Their underwriting team will consider certain information, including credit profile, income, assets, and other critical financial factors necessary to provide estimated funding. It is an internal process by Seek Capital to evaluate the credibility and feasibility of the borrower, whether they will be able to pay back the requested loan amount. 

This estimate includes the approved amount for the business loan, along with the rates and terms. An applicant will usually get this estimate within 2 hours of applying. If the business owner chooses to accept the initial quote, Seek Capital will proceed and submit the applications to their third-party lending organizations to obtain the funding on the applicant’s behalf. 

If a business loan gets approved, the business owner can expect to receive the funding within 1 to 3 weeks. However, some funds may become available within 24 hours of the loan’s approval.

If a business does not qualify with Seek Capital based on the information provided in the application, they will still help the applicant by referring them to other lenders with lenient criteria. 

Here is a list of documentation the applicant must keep ready when applying: 

  • Proof of residence
  • Proof of Identity
  • Personal and business bank statements
  • Personal and Business Tax Returns
  • Personal and business credit scores and reports
  • Business Debt Schedule
  • Statements for profit and loss
  • Balance sheet
  • Signed personal guarantee
  • Articles of Incorporation

Rates & Fees

The terms for each business loan will vary with each lender. However, in some cases, a business may be eligible to get a loan with 0% APR for the first 12 to 18 months. Plus, a business with a good credit score and business profile is most likely to get lower interest rates with better terms. 

Seek Capital does charge a fee for business loans, which is relatively high. They have an application fee of $495. This fee is applicable even if no account opens on the business’ behalf. All borrowers will have to pay an origination fee, which is 9.99% of the total loan amount approved. For example, if a business gets an approval for a loan of $10,000, they will have to pay Seek Capital an origination fee of $999. 

If a business gets an approval for a loan but decides not to proceed forward, they will have to pay a termination fee of up to $995. All business loan borrowers get 21 days to pay off this fee, or Seek Capital forwards the account to collections. 

The interest rates for some of the loan categories are as follows:

  • Business Line of Credit: 2.9% to 40%
  • SBA Loans: 4% to 13%

Payment Terms

The payment terms vary with the type of loan that a business needs, which are as follows:

  • Term Business Loans: 3 months to 25 years
  • Business Line of Credit: 1 month to 5 years
  • SBA Loans: 7 to 25 years

Loan Options

Seek Capital offers various business loans options which are: 

SBA Loans 

These loans are ideal for small businesses as they come with high loan limits with lower interest rates. A borrower will need a credit score of 680 and annual revenues of $180,000 with four years of business history.

Invoice Financing

If a business has reliable customers who pay their dues and the quality of their qualifying invoices are satisfactory, they can opt for invoice financing to keep their business operations. 

Equipment Financing

This one requires a lower credit score of 600 and only two years of business profile with annual revenues of $130,000. 

Short-term Loans

These are easy to get; however, they come with high factor fees and interest rates. These types of loans are best for businesses with low credit scores. A business owner with a credit score as low as 500 can apply. The time in the industry and annual revenue requirements will vary by each lender. 

Merchant Cash Advances

MCAs are the easiest of all business loans to receive. However, they come with traditionally high-interest rates and fees. The lender will consider the borrower’s incoming cash flow to determine whether to approve the loan application or not. 

Customer Support & Benefits

All interest business owners can contact Seek Capital by calling their toll-free number. They are open from 6 AM to 6 PM (EST), Monday to Saturday. A prospective applicant can also send a secure message through Seek Capital’s website online. In addition, there is a live chat option that greets you as soon as you find yourself on their page. Lastly, you can contact this lender through several social media platforms.

Contact Details

Address: 6420 Wilshire Blvd. Suite 500, Los Angeles, CA 90048

Phone: 866-695-0279

Live Chat

Social Media: Facebook, Twitter, and LinkedIn

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