Seek Capital Review
Seek Capital does the hard work for you to get funding for your business. Despite high fees, the convenience may outweigh the expense for many business owners.
- Excellent customer support
- Suited for startups
- Suited for small businesses
- Easy application process
- High origination fees
- Some additional fees
- Opaque terms and fees
Seek Capital Overview
Seek Capital isn’t a traditional lender. Instead, this company specializes in funding procurement from third-party lenders. A variety of funding options from $5,000 to $500,000 are available. The funding process is quick, providing a pre-approved estimate in just two hours.
Once you submit your information, Seek Capital sends applications to third-party lenders on your behalf. Your funds will typically be available to use within three weeks.
Seek Capital provides a customized solution that’s right for your business. Over 92% of Seek Capital applicants are approved for the financing they need to grow their businesses. While there are high fees associated with this service, which we’ll discuss more later, the convenience may outweigh the expense for many business owners.
Table of Contents
- Term loans
- Business lines of credit
- Startup loans
- Invoice financing
- Equipment financing
- Short-term loans
- Merchant cash advances
- SBA loans
- Personal loans for business
The borrower qualifications through Seek Capital vary based on the financial product you receive. Read on for the general requirements for each type of loan procured by Seek Capital.
Remember that these are just general requirements. Some of the partner lenders may have different requirements to qualify for a loan or financial product. If this is the case, a Seek Capital team member will discuss additional requirements with you.
To qualify for a term loan, you should have a time in business of at least three years. A personal credit score of at least 680 is recommended. Annual revenues should be at least $300,000.
Business Lines Of Credit
To qualify for a business line of credit, your business must be in operation for a minimum of one year. Annual revenue should be $180,000. For the best chance of qualifying, you should have a personal credit score of at least 630.
If your business is just getting started, finding the capital you need can be difficult. However, Seek Capital has several options available for you, including:
- Small Business Administration loans
- Equipment financing
- Invoice financing
- Lines of credit
- Business credit cards
The requirements to qualify for these loans depend on the type of financing you pursue. For example, business credit cards are typically easier to receive than SBA loans. The team at Seek Capital can help you explore the best options available to you.
To receive invoice financing, the quantity and quality of your qualifying invoices are what’s most important. Borrowers with invoices for reliable customers that pay as they should are most likely to qualify for this type of financing.
For the best chances of receiving equipment financing, you should have a personal credit score of at least 600, a time in business of at least two years, and at least $130,000 in annual revenue.
Short-term loans are fast and easy to receive. However, many short-term loans come with high-interest rates or factor fees. This may be an option for business owners with low credit scores, as the lowest score required to apply is 500. Annual revenue and time in business requirements vary by lender.
Merchant Cash Advances
Merchant cash advances, or MCAs, are one of the easiest types of business financing to receive. However, this financing also comes at a cost with traditionally high fees and interest rates. When applying for a merchant cash advance, the lender will consider your incoming cash flow when determining whether to approve your loan request.
Small Business Administration Loans
Small business owners highly favor SBA loans because they have high borrowing limits and low-interest rates. However, qualifying to receive an SBA loan may be quite difficult. According to Seek Capital, business owners seeking an SBA loan should have a credit score of at least 680, at least $180,000 in annual revenue, and a time in business of four or more years.
Your business must also be defined as a small business based on the SBA’s guidelines, have a credit report free of bankruptcies, liens, and defaults on government loans, and be a for-profit business based in the United States.
Personal Loans For Business
If you lack a business credit score, have only been in business for a short time, or don’t meet the revenue requirements of most lenders, you may qualify for a personal loan for business purposes. Borrowers with solid personal credit scores can use their own credit profile and income information to qualify for a personal loan for business expenses.
A personal credit score of 680 is required to qualify for the best rates. However, business owners with lower credit scores may also qualify to receive a personal loan.
Seek Capital Terms & Fees
|Origination Fee||9.99% of the approved amount|
|Termination Fee||Up to $995|
The terms and fees for each loan, line of credit, or other financial product vary by lender. In some cases, borrowers may be eligible to receive offers that come with 0% introductory APRs for the first 12 months. Borrowers with the best credit scores and most solid business profiles will be more likely to qualify for financing options with lower rates and better terms.
Seek Capital charges fairly high fees for its service. An application fee of $495 is required, although some borrowers have reported paying as little as $99 to apply. This fee applies even if no accounts are opened on your behalf.
All borrowers will be required to pay an origination fee equal to 9.99% of the financing they’re approved to receive. If a borrower qualifies for $10,000 in financing, they will pay a fee of $999 to Seek Capital. Borrowers approved for $50,000 will have to pay a significantly higher fee of $4,995. If you are not approved for funding, payment of this fee is not required.
If you are approved but decide not to proceed with receiving your financing, a termination fee of $495 or $995 will apply. All borrowers will have 21 days to pay this fee before Seek Capital turns the account over to collections. Needless to say, the Seek Capital application process can prove expensive, so be prepared.
Step 1: Complete Online Application
To receive funding through Seek Capital, the first step is to fill out the online application. On this application, you’ll include the borrowing amount, the loan’s purpose, your first and last name, your business’s name, your time in business, monthly revenues, and your credit score range. A funding consultation will be conducted over the phone to gather more details about your business.
Step 2: Receive Funding Estimate
Once Seek Capital has all of the information it needs, an analysis will be performed. The underwriting team will consider your credit profile, assets, income, and other important factors to provide a funding estimate. The estimate outlines your approval amount, rates, and terms. This estimate is typically delivered to you within two hours.
Step 3: Obtain Funding Or Referrals
After you’ve approved the estimate, Seek Capital submits applications to third-party lenders to obtain the funding on your behalf. You should then expect to receive your funds within one to three weeks. Some funding may be available in as short as 24 hours.
If you don’t qualify based on the preliminary information you provide to Seek Capital, you may be referred to other lending partners to receive the financing your business needs.
Step 4: Provide Additional Information
Depending on the type of financing you receive, you may be required to provide additional information and documentation. These include but are not limited to:
- Proof of identity
- Proof of residence
- Business and personal bank statements
- Business and personal tax returns
- Business and personal credit reports/scores
- Profit & Loss statements
- Business debt schedule
- Balance sheet
- Articles of Incorporation
- Signed personal guarantee
Sales & Advertising Transparency
Seek Capital’s website provides a basic overview of what to expect during the application process. The total borrowing limits are disclosed before you even fill out the application. However, all terms, rates, and fees aren’t disclosed until after you apply.
Customer Service & Technical Support
Current and prospective borrowers can contact Seek Capital by calling the company’s toll-free number or through its social media profiles on Facebook and Twitter. You can also send a secure message through the company’s website.
Seek Capital Reviews
Negative Reviews & Complaints
Based on online reviews, current and previous Seek Capital customers have had an overall positive experience with the company. However, there are negative reviews and complaints to consider on sites such as Trustpilot and the Better Business Bureau. There are over 100 closed complaints filed with the BBB over the last three years. The most common complaints include:
- High Application Fees: Business owners who work with Seek Capital were displeased with the $495 application fee. In some cases, borrowers had the fee reduced to $99. This fee is disclosed during the process. However, some business owners felt that this fee — in addition to the others charged by Seek Capital — was excessive.
- High Termination Fees: Borrowers who decided to cancel their agreement with Seek Capital were charged up to $995. Reviewers state that this fee is excessive and is not disclosed until after registration.
- High Origination Fees: Some reviewers have complained about the cost of the 9.99% origination fee that Seek Capital charges. Reviewers were displeased that the fee was charged on the approved amount, even if it was higher than the amount of financing originally requested.
- Impact On Credit Score: Seek Capital may apply to several different lenders on a borrower’s behalf. Some borrowers complained that opening multiple new accounts caused their credit scores to decrease. However, this is something that the company fully discloses.
Positive Reviews & Testimonials
Based on reviews, Seek Capital has a rating of 4.8/5 (based on 278 reviews) through Consumer Affairs. On its company Facebook page, Seek Capital has nearly 200 reviews with a rating of 4.2/5 stars. Business owners that worked with Seek Capital were pleased with:
- Exceptional customer service
- Successful procurement of funds
- Quick and easy process
Is Seek Capital Financing Right For Your Business?
If you’re too busy, don’t want to tackle the sometimes-confusing loan application process, or need to tap multiple sources to get the financing you need, Seek Capital does the hard work for you.
However, remember that working with this company comes at a cost. As you move through the application process, take note of the application fees, origination fees, and other expenses associated with working with Seek Capital to evaluate the return on investment and determine if taking this financial route is the smartest move for your business.
We've done in-depth research on each and confidently recommend them.
We've done in-depth research on each and confidently recommend them.