Overview

Seek Capital is a marketplace lender that connects businesses with suitable loan options. Founded in 2015, it has approved over 16,000 loans and disbursed more than $400 million in funds. By working with a network of trusted lenders, Seek Capital pairs businesses with the right lender based on their specific needs. The application process is straightforward, and Seek Capital is able to find solutions for even relatively new businesses.

Loan Features

Seek Capital offers access to a variety of business loan options, including short-term loans, small business loans, equipment financing, invoice factoring, SBA loans, and restaurant loans. The company primarily caters to small businesses and startups. Seek Capital does not charge an application fee, and businesses are not required to provide collateral. Additionally, it is particularly accommodating to startups, as it does not require tax returns or financials for loan approval.

Third-Party Lenders

Seek Capital can connect you with a partner lender offering business lines of credit up to $500,000, which can be used for various business and startup expenses such as equipment, inventory, website design, payroll services, and more. However, Seek charges a fee of 5% to 10% for matching you with a lender.

It’s important to note that Seek Capital does not have control over the loan’s rates or terms, as these are set by the partner lender. If issues arise, you will need to contact your lender directly. Additionally, some consumers have reported that Seek provided credit cards instead of the small business loans they were initially promised.

Business Credit Card

Seek Capital connects users with business credit cards offering credit limits between $10,000 and $500,000, with fees ranging from 5% to 10%. While Seek promotes a 0% APR introductory rate for 12-18 months, it does not clarify the rate after the intro period ends. Additionally, some consumers have reported that the 0% APR offer was not honored.

To avoid Seek’s fees, you can independently apply for a business credit card. Conducting research on credit card lenders may be worthwhile if you are interested in focusing on specific spending categories or rewards, such as a business credit card for travel.

Once your application is approved, you will be assigned a dedicated agent who will present the different options available from various lenders. They will help you identify the loan that best fits your needs, and you can then proceed to complete the process with the chosen lender. After your application is approved, the time to receive funding depends on the lender you choose. While approval typically happens within 24 hours, it may take 1-3 weeks to actually receive the funds. Additionally, you will undergo a hard credit check when you apply for a loan from a specific lender.

Rates and Repayment Options

The rates and loan terms offered by Seek Capital will vary depending on the lender you are matched with. Similarly, the types of fees, such as origination fees and late fees, can differ. In some cases, these fees may be quite high, so it’s important to review the details of your loan offer carefully.

Eligibility Requirements

Business loan requirements depend on the partner lenders available at the time and their individual qualifications. Once you apply, Seek will match you with a lender and provide details about their offerings, allowing you to review their terms and feedback to decide if it’s the right fit for your business.

While many lenders typically require extensive paperwork such as business tax returns and a detailed business plan, Seek Capital only requires your incorporation documents for financing applications. However, depending on the lender you are matched with, you may need to provide additional documents. Having the following paperwork ready can help expedite the application process:

• Business permits
• Proof of insurance
• Business plan
• Business balance sheet
• Profit and loss statement
• Personal and business bank statements
• Personal and business tax returns
• Equipment operator’s license
• Details on equipment to be financed

Customer Support

You can use the help center to quickly find answers to your questions by searching any topic. Business hours are Monday through Saturday, from 6 AM to 6 PM PST. For further assistance, you can reach customer support at (844) 854-0116.

Bottom line

Seek Capital provides a variety of business loan options, with a focus on startups and small businesses. As a marketplace service, it presents multiple viable lending options tailored to your specific needs. You’ll have the opportunity to work with a dedicated agent to help you find the loan option that best suits your business situation. If you choose to proceed with a loan from Seek Capital, make sure to thoroughly review the full terms of the agreement before signing and consider having a lawyer review them as well.