Seek Capital Business Loan Review
Janet Schaaf is a freelance writer, editor and proofreader who considers reader advocacy to be her calling. After taking a few roads less traveled, Janet completed a bachelor’s degree in English Literature from the University of Missouri-Kansas City, with English Department Honors. She has been correcting grammar and checking facts since she could string a sentence together. For the past three years, Janet has focused on making personal finance topics understandable and relatable. Loan terms and credit card agreements can look overwhelming, but understanding what you’re agreeing to is paramount in grasping the impact debt can have on your life.
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Pros and cons of Seek Capital
| Pros | Cons |
|---|---|
High approval rate Shop many funding options at once Funding approval decision within 24 hours | Many customer complaints Not transparent with details Matches you with lenders; doesn’t offer financing directly |
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Seek Capital small business loans review
Seek Business Capital isn’t exactly a lender. Instead, it’s a referral service that offers to match you up with lenders based on your qualifications and the types of small business financing you’re looking for. Since it’s not very open about who or how many lenders it partners with, it’s hard to get a handle on the funding specifics you might be most interested in, such as the exact business loan interest rates and fees you might be charged if you use Seek Business Capital. While Seek Business Capital can refer applicants for different types of business loan products, Seek’s core product offering is an unsecured credit card.
Who is Seek Business Capital for?
- You’re not sure what type of funding you need. Seek Business Capital can help you decide from a wide range of available funding options.
- You don’t mind lots of spam. The most common complaints about Seek funding are an excessive amount of calls and emails from lender representatives.
- You’re mostly concerned with getting funding at all, rather than worrying about the details. Seek Business Capital can help you choose an option from its partner lenders, but unless you do the rate-shopping yourself or hire a tax or financial advisor for advice, there’s no way to be sure you aren’t being upsold on the highest-cost option.
Seek Capital small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated interest ranges | Fees |
|---|---|---|---|---|
| Unsecured credit cards | Not applicable | Not applicable | Varies |
Credit cards
Seek Business Capital offers unsecured business credit cards with 0% APR for 12-18 months, which means you don’t need to put up collateral to back the funds. The introductory APR could be an attractive option if your business is looking to make a substantial purchase but aren’t able to pay it off in full at the end of the statement due date. Just make sure to pay off the balance before the end of the introductory APR period, or the interest could get expensive.
Seek Capital borrower requirements
| Minimum annual revenue | None |
| Minimum time in business | Not applicable |
| Minimum credit score | 700 |
Seek Capital doesn’t disclose its partner lenders or how many it works with, however it does say that if you don’t meet these minimum requirements, that shouldn’t hold you back from applying. It may be able to help you find another type of funding solution, or the individual requirements with its partner lenders may change over time as each company updates their approval requirements and new lenders come and go.
Required documents
Seek Capital only requires a few details to get started, such as your name, email and zip code. You’ll also need to provide some business information, including your monthly revenue, length of operation and other details.
The lender that Seek Capital matches you with may require other information, too. Most lenders ask for similar business loan application documents, so it’s a good idea to round these up in advance so you have them on hand:
- Business plan
- Business permits
- Proof of insurance
- Business balance sheet
- Current profit and loss statement
- Business and personal tax returns
- Personal and business bank statements
- Equipment operator’s license (if applicable)
- Information about equipment you’re financing (if applicable)
Alternatives to Seek Capital
| Seek Capital | American Express | OnDeck | |
|---|---|---|---|
| Minimum credit score | 700 | 660 | 625 |
| Loan products offered |
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| Time to funding | Next day for some products, but generally one to three weeks. | Three to five business days | Same day |
| Starting APR | Varies | 6.98% | 35.40% |
| Maximum loan size | $500,000 | $75,000 |
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| Minimum annual revenue | None | N/A | $100,000 |
Seek Capital vs. American Express
If you’ve had an American Express business credit card for at least a year and all you really need is a simple business loan, then American Express is likely a better option. Since you’re already in Amex’s system, there’s no need for another credit check and you can get your loan funds much quicker. The downside is it’s not always available, so you’ll need to log into your account to see if it’s an option.
Seek Capital vs. OnDeck
OnDeck works with a much more diverse set of business owners, including smaller shops and business owners with slightly lower credit scores. It’s also a faster lender, potentially offering funding speeds as soon as the very same day, as opposed to 24 hours minimum with Seek Capital. However, for this expanded access to faster funding, you’ll pay a steeper price for OnDeck financing: the minimum rates you’ll pay for either a term loan or line of credit already start from a very high point, at 35.40%. Indeed, the average rates are actually 49% for term loans and 35% for lines of credit — very expensive indeed.