In a Nutshell
- Unique financing options
- Quick and straightforward application process
- Not a direct lender
- Lack of education resources
Seek Business Capital at a Glance
|Loan types||Lines of credit, small business loans, equipment leases|
|Loan amount||$5,000 to $500,000|
|Repayment terms||Monthly payments|
|Minimum monthly revenue||None|
|Minimum credit score||None|
|Time until funding||Estimate within 2 hours, same day approval|
Seek Capital was founded with the goal of helping new and growing companies and startups find the funds they need to run and grow their businesses. Seek Capital offers a unique approach that actually specializes in startups and early stage business owners. Unlike other marketplace lenders, Seek Capital helps its customers by providing a custom plan called a Funding Estimate, which it then uses to match financing through its lending partners. The company leverages its business experience and industry expertise to provide a personalized and failsafe way for businesses to uncover the funding they require. Customers will receive their Funding Estimate in as little as a two hours after which they can accept or modify their terms to better and more easily meet their business goals. In conjunction with the firm’s support team, Seek Capital works with its clients to provide the best possible financing plan for their specific needs. Overall, the company’s hands-on approach makes it a desirable choice for new businesses and startups seeking quick access to funding and financial guidance.
Best for Whom?
- Small businesses looking for financial guidance
While small businesses can recognize when they need capital, finding the right amount and moment can prove difficult. Seek Capital’s Funding Estimate gives borrowers the opportunity to discover a feasible loan amount and reasonable terms, helping solve problems without adding burdensome amounts of debt.
- Businesses with minimal financials
Another major advantage for Seek Capital is their holistic approach to evaluating a business borrower’s creditworthiness. The company boasts that it has a 92% approval rating for qualified businesses thanks to funding experts that work to connect borrowers with the right funding plans despite credit history.
Although it does not directly underwrite its own loans, Seek Capital offers small businesses an intriguing way to identify the funding solution that is best suited to their needs. The company’s lending partners within its network connect customers to unsecured loans, meaning no collateral is required—a great advantage for small businesses with few assets. Seek Capital stands out among marketplace lenders due to its full-service approach, which includes consultations with its customers, creating a full funding plan, and its efforts to negotiate directly with lenders on behalf of borrowers. The company employs a success-based fee model, and does not charge any fees until the borrow receives their funding approval from the lender. Because it is not lender, Seek Capital does not list any representative interest rates or loan terms on its site. However, the company does boast an excellent approval rating for its customers, as well as impressive funding approval times. Companies can receive a Funding Estimate in just two hours and receive approval shortly thereafter. Customers can generally see their funds in as little as 1 to 3 weeks after receiving approval.
Highlights for Seek Capital
Quick, paperless online application
Hands-on approach to finding the right loan
9 in 10 applicants are approved for funding
Access a Funding Estimate in just 2 hours
Works with National and Regional Banks
No obligation to accept offers
Unsecured loans mean no collateral is necessary
Apply for funding fee-free
The Application Process
To get started, prospective borrowers can visit the Seek Capital website to complete the application and begin the funding process. The initial form is paperless and can be filled out in just minutes via computer or even smartphone. Borrowers can enter their basic contact information, along with details about their finances. The company does ask for an estimated credit score, but maintains that it does not use it as the primary factor when determining funding options.
Seek Capital’s agents use a proprietary Funding Calculator to develop an estimate based on each business’s circumstances and financial history. This includes a deep analysis of a customer’s business that covers assets, earnings, revenues, and credit profiles. Once completed, one of the company’s representatives will contact the borrower to walk through a funding estimate and options. Once borrowers agree to the estimate, the company submits applications for their funding, and customers can receive funds within 1 to 3 weeks.
One of Seek Capital’s biggest advantages over peers is their personalized touch and customer-oriented service. Unlike competitors that offer cookie-cutter loans, Seek Capital works with borrowers to create unique plans that are more likely to receive approval and have a better impact. The company does not place any restrictions on the use of loans it facilitates, and borrowers are able to find options for short-term cash infusions, equipment leases, expansionary projects, debt consolidation, and other pressing financing needs.
It is important to keep in mind that Seek Capital does not originate its own loans, but instead counts on an expansive network of lenders to help it find applicable solutions for a wide range of customers.
The company’s lending partners underwrite funding amounts that stretch range between $5,000 and $150,000. Each funding plan is unique and varies for each business borrower depending on their needs and financial history.
Seek Capital boasts that it provides funding to it’s clients with introductory rates of 0% APR for the first 12-18 months. To reach a range of borrowers, the company works with businesses and startups across varying industries, touting approval of 92% of funding applications received.
Repayment terms are one of the key features with Seek Capital. During the introductory period, usually 12-18 months, the minimum monthly repayment amount is 2% of the total funding amount, meaning if you receive $50,000 in funding, the total monthly payback is only $1,000.
How Safe Is It?
Help & Support
Customers that require assistance can reach Seek Capital via phone or email. The company’s call staff is available during business hours Monday through Saturday, 6:00 AM to 6:00 PM. They strive to provide coverage for all time zones. We found the call center representatives to be helpful, friendly, and knowledgeable when tasked with addressing our inquiries. Emails also offered comprehensive answers and were responded to within a reasonable time frame. Furthermore, once a customer, Seek Capital assigns an Account Manager who becomes the primary point of contact for all personal funding matters.
Pros and Cons
|Unique financing options||Not a direct lender|
|Quick and straightforward application process||Lack of Educational Resources|
|Funding Estimate received in under 2 hours|
|Accepts 92% of applicants|
During our research, there were several areas we felt that Seek Capital could improve to benefit their customers even more. Because Seek Capital is not directly a lender, the terms after the 12-18 month introductory rate of 0% APR will often vary for each customer and generic numbers are not available. Moreover, a greater emphasis on educational resources could help prospective borrowers learn more about the lending process while an informative FAQ would address common questions encountered by users.
Even with a few minor drawbacks, there were several aspects of the company’s services which were quite impressive. For one, we appreciated the personalized approach Seek Capital employs when providing each customer with a support team to create a customized Funding Estimate. We were pleased with the speed of the application process, which can yield a funding estimate in as little as two hours. Finally, the company’s approval rate and willingness to help any business from different backgrounds helps broaden Seek Capital’s appeal for range of borrowers.
A quick application and personalized Funding Estimate helps Seek Capital’s service stand out in a very competitive lending field. The company works hard alongside its team of professionals to create a unique funding plan for each business borrower that requests financing assistance. Seek Capital’s strong network of lending partners means that 92% of applicants obtain funding, providing financing solutions for all types of business borrowers across industries. Regardless of financial history, businesses or startups that require funding for a range of activities can benefit from a supportive partner thanks to Seek Capital’s helpful lending solution.
Seek Business Capital
6420 Wilshire Blvd
Los Angeles, CA 90048