Minimum time in business
1 – 4 Years
$180,000 - $300,000
24 Hours To 45 Days
Seek Capital is a privately held third-party loan procurement company based in Los Angeles. It was founded by Roy Ferman in 2014, and it works with some of the most popular investors, including Coffin Capital & Ventures and Thayer Street Partners.
Seek Capital provides capital for startups and growing businesses that are looking for alternative sources of funding.
In this guide, we will take a look at:
Seek Capital boasts an approval rate of 92%. It allows clients to request a loan amount anywhere between $5,000 and $500,000. Once all the necessary information and documentation has been submitted, Seek Capital will start the underwriting process.
Seek Capital’s finance experts will determine what type of financing you are eligible for, come up with a custom funding plan for you based on your information, and help you find the right lending partner.
Seek Capital borrower reviews state that many of its lenders provide 0% initial APR for up to 12 months, and its typical APR range is from 3% to 25%.
|Minimum time in business||1 – 4 years|
|Credit scores required||680+|
|Annual revenue required||$180,000 – $300,000|
|Borrowing amounts range||$5,000-$1 million|
|Location requirements||All 50 US states + Washington DC|
|Bankruptcies||No active bankruptcy allowed|
|APR||2.25%-40% (0% initial APR)|
Seek Capital has several different products but we will focus on only three loan types:
Term loans, particularly short-term business loans, have fast approval and funding times. Terms and rates can differ a lot depending on the lending agency, the applicant’s FICO score, the cash flow of the business, and eligibility requirements.
The terms for term loans are:
Seek Capital small business loan reviews by entrepreneurs say that it also provides options for lines of credit for unsecured startup loans. Similar to credit cards, a business line of credit comes with a specific credit limit that allows you to withdraw money multiple times and repay only what you have withdrawn. This is a good option for businesses that require cash quickly and would like quick access to money in the future.
The terms for a business line of credit are:
SBA loans are favored by businesses as they have high borrowing limits and low fees. However, Seek Business Capital reviews by customers say that it is more difficult to qualify for this type of loan.
The terms for SBA loans are:
Seek Capital charges relatively high fees for its services. Upon application, they charge a non-refundable fee of $495, regardless of whether you are approved for financing or not. Although this is a fixed fee, in some cases, Seek Business Capital customer reviews say the company can give you a reduction so that the fee becomes as little as $99.
Aside from this, the lender charges an origination fee of 9.99% of your overall secured funding. If the loan is not approved, then your origination fee is waived.
If a Seek Capital customer no longer wants to receive the funding once they are approved, they must pay a termination fee of $495 if the loan amount was equal to or less than $50,000 and $995 if the loan amount was greater than $50,000. Business owners need to pay this fee within 21 days, otherwise, their late payment penalty will include their account being sent to collections.
Seek Capital small business loan reviews say that getting a loan from Seek Capital can be pretty expensive, so be ready.
Repayment terms vary depending on the loan product you have chosen. Typically, most people make monthly loan prepayments on SBA but short-term loans and lines of credit have weekly repayment options. If you default on your repayment, Seek Capital will report to both consumer credit and business credit bureaus. This can lower your credit score if you are not careful about making payments on time.
However, Seek Capital loans reviews by customers also point to a major downside: you cannot see a record of your repayments on your dashboard. Instead, you will have to get in touch with the customer support team to find out if your repayments are in order.
The application process is simple and straightforward:
Step 1: Go to www.seekcapital.com and fill out the online form. You will need to provide your desired loan amount, the purpose of the loan, your full name, the name of your business, the time spent in business, monthly revenues, and credit score range.
Step 2: Once the data has been submitted, Seek Capital will review it and give you a phone call for a funding consultation. Seek Business Capital online reviews by clients say that you may be asked to provide additional information about your business during this call.
Step 3: Once you’ve given the complete information, the company’s underwriting experts will review it and come up with a funding estimate. This estimate will indicate the type of loan you’ve prequalified for, including the borrowing amount, terms, and rates. This step usually takes about 2 hours.
Step 4: If you accept the preliminary offer, Seek Capital will then find third-party lending agencies on your behalf. Typically, you may expect a loan in one to three weeks but sometimes, you can get it in less than 24 hours.
Seek Business Capital USA reviews by customers say that if you fail to qualify, it will refer you to other lenders who may provide you with better deals.
Seek Capital may also ask you to submit:
Some lenders may provide you with 0% initial APR
Founded for small businesses and startups
The application process is quick and easy
Excellent customer support
92% approval rate
High origination fees
Slow funding time up to 45 days
Risk of being reported to consumer and business credit bureaus in case of failure to make payments
Better Business Bureau rates Seek Capital with an A. Over 200 customers have given it a 4.5 rating on its Facebook page, while Trustpilot rates Seek Capital at 8.9/10.
Most of Seek Capital reviews are positive. Customers praise its application process and the quick and efficient customer service team, but there are some complaints because of its high fee structure and occasionally slow funding speed. One Seek Capital review on Trustpilot mentioned a credit card issue.
Here are some alternatives that provide similar services to Seek Capital:
Fundera is a good alternative to Seek Capital as it also provides loans to small business owners and requires an even lower minimum credit score of 550. It offers high loan amounts of over $1 million and has a lower flat fee of 2% to 5% depending on the loan. Some of its lenders will charge an origination fee, while others will ask for a professional service fee.
LoanMe provides a maximum loan amount of $250,000 and a fee of 30% on its loans, which is a huge difference from Seek Capital, say verified Seek Capital reviews. Its loan terms range from 3-7 years. LoanMe categorizes its offerings into a graded system starting with A (most qualified) and ending with E (least qualified). As the tier level decreases, the loan amount goes down, while the interest rate goes up.
However, they are a good choice if you are looking for unsecured loans with bad credit.
Owners of startups and small businesses who are looking for initial capital can use Seek Capital to get funding. The company offers a straightforward and easy application process, which can provide them with a relatively fast credit from credible lending agencies. Another good thing about the company is that it offers loans to businesses from any industry including those that have a less than stellar credit score. Overall, we believe that Seek Capital is one of the best options for entrepreneurs who are looking for fast, easy credit.
Seek Capital does not work with businesses that have an active bankruptcy or have filed for bankruptcy in the past four years.
Unlike most other lenders, Seek Capital does not have a list of eligible and non-eligible industries. Instead, it strives to provide a perfect loan match for all kinds of businesses that are not financially strong.
You can contact Seek Capital customer service via their toll-free phone (866-695-0279) Monday-Saturday from 6 a.m. to 6 p.m. PST. They also have a live chat and an on-site contact form. The customer support team is highly responsive, usually answering the phone within a minute.
Seek Capital itself does not look at credit scores for loan approval but needs them to determine which funding option would be best for the borrower. However, once a borrower has submitted the basic data and the underwriting process begins, the lending agencies whose requirements you match will check your creditworthiness and do a hard pull of your FICO score. This will lower it somewhat.
Seek Capital is an excellent option for startups and small businesses since Seek Capital offers a full-service approach including a knowledgebase and consulting.
Seek Capital reviews on BBB are mostly positive, and it has an A rating.
Seek Capital reviews by customers say it reports its customers’ payments to both consumer and business credit bureaus, so any delinquency is reported. Keep in mind that this will negatively impact your FICO score. Additionally, all hard checks will be visible on your personal and business credit reports which can be tough for credit.