Seek Capital Review
Seek Capital is a Los Angeles-based online loan aggregator service founded in 2014. The company links both personal and business borrowers to partners in its lender network. Eligible business borrowers can use the site to source and finalize loans, lines of credit, credit cards, insurance, and many other financial products and solutions.
According to third-party reviewers, Seek Capital has a 92% approval rate on its applications, making it one of the most inclusive sources of loans and business capital in the financial services industry. Its business services are specifically designed to meet the needs of entrepreneurs launching start-ups and small business owners in need of extra capital.
Financial Solutions Available through Seek Capital
Seek Capital maintains partnerships with many top financial institutions and alternative lenders, including:
- Oracle Financial Services
- Lending Tree
- National Funding
- Lend Genius
- Credibility Capital
- FastCapital 360
- National Business Capital
As of October 2020, the company has linked more than 16,000 borrowers to $400 million in loan capital. Seek Capital enables users to source, compare, apply for, and obtain funding and financial products in the following categories:
- Startup loans for new entrepreneurs and emerging businesses
- Term loans for established businesses
- Commercial mortgages for customers seeking to finance property purchases for their businesses
- Unsecured lines of credit that provide companies with occasional borrowing needs with access to revolving credit
- Business credit cards to finance everyday business-related purchases and expenditures
Seek Capital also links customers to business insurance providers and opportunities for viability assessments. These assessments evaluate your borrowing and financing needs to deliver specific, accurate recommendations on how to reach your funding requirements.
Seek Capital’s website does not offer any specifics about the maximum limits, interest rates, factor rates, repayment terms, and other details attached to supported loans and financial products. This is because Seek Capital does not actually issue loans and financial products itself. Instead, it acts as an intermediary, linking borrowers to the funding solutions that best match their needs.
As such, the end lenders and financial institutions in the Seek Capital network set their own details and standards. However, high-level overviews of the company’s services updated in August 2020 indicate the following general ranges:
- Borrowers can access loans and financial products valued at $5,000 to $500,000
- Commercial mortgages are available for amounts of up to $2 million
- Loan terms range from 3 months for short-term loans to 25 years for commercial mortgages
- Annual percentage rates (APRs) vary, but typically range from approximately 3.00% to 25.00%
Some of Seek Capital’s partner lenders offer generous financing terms that include introductory APRs for 12 months at rates as low as 0%. These offers represent a fantastic way to access cheap capital if you qualify.
However, you should also keep in mind that Seek Capital usually applies an origination fee of up to 9.99% anytime you use the network to finalize a funding option. The company is willing to take a “second position” to other debts, but Seek Financial also typically charges application fees and termination fees of $495 each.
The application fee will apply if you decide to submit a formal application, while the termination fee will come due if you are approved for a particular loan or financial product but decide not to accept the offer.
What Are Seek Capital’s Eligibility Standards?
As with loan amounts and terms, eligibility guidelines vary depending on factors including the type of loan you want, the amount of money you’re seeking, and particulars of your borrower profile. The following list offers a general idea of the requirements you will need to meet in order access various types of loans and financial products supported by Seek Capital:
- Requirements vary, depending on the loan program you’re applying to
- Borrowers can access loans backed by the U.S. Small Business Administration (SBA loans) as well as equipment financing options
- At least 3 years in business
- Personal credit score of 680 or higher (recommended)
- Annual revenues of $300,000 or more
Eligibility standards for commercial mortgages, business lines of credit, and business credit cards show a great deal of variation among partner lenders in the Seek Capital network. However, Seek Capital has a track record of matching 92% of borrowers with financial solutions meeting their needs, so you are very likely to find yourself qualified for one or more options as long as you:
- Have a registered business with a tax ID number, physical address, and telephone number
- Can provide recent details regarding your business and/or personal finances
- Have not filed for bankruptcy or have a discharged bankruptcy on your record within the past 12 months
Business owners who currently have liens on their assets are welcome to apply, but the total value of outstanding liens must be less than $200,000.
Pros and Cons of Seek Capital
Here’s what independent experts and customers like about Seek Capital:
- Seek Capital offers outstanding customer service and reliable advice
- 92% of applicants gain approval for one or more sources of funding
- Startups without an established track record are welcome to apply
- The application process is smooth, streamlined, and easy to navigate
On the down side, here’s what they don’t like as much:
- The company’s fees can really add up, and may apply even if you decide not to go ahead with a loan offer
- The approval and funding processes can take a long time: various sources report a minimum of 10 days and wait times of up to 45 days
- Other applicable terms, fees, and conditions are complex and may not be readily reported unless you specifically request more details
What Others Are Saying about Seek Capital
Seek Capital’s Better Business Bureau profile shows the following facts and figures as of October 2020:
- Accredited since 2016
- B rating
- Average score of 3.83 out of 5 on almost 100 customer reviews
Meanwhile, Seek Capital’s Trustpilot profile showed the following stats:
- 102 reviews with an average score of 4.3 out of 5
- 81% of reviews awarded Seek Capital 5 out of 5
- 87% of reviews awarded Seek Capital 4 out of 5 or higher
The Bottom Line
Seek Capital’s fee structure will have less appeal to well-established business owners with stellar credit ratings who qualify for funding from traditional financial institutions. The company is also relatively slow to release funding, making it a suboptimal option for those who need cash now.
However, millions of entrepreneurs fall outside these categories, and Seek Financial is a fantastic option for them. It approves almost everyone who applies, making it an especially valuable resource for approval-challenged business owners who aren’t facing immediate, pressing needs for funding.