• Editor's rating
  • 3.5 star rating
  • 60%
  • Spotcap
  • Review by:
  • Posted on:
  • Last modified: 8th July 2018

Are you self-employed or do you have an SME or company? Do you want financing to have more liquidity in your business and be able to grow your project? You see, Spotcab may interest you.

Spotcab is a credit granting company (from 1,000 us dollars to 100,000 €) that has developed an algorithm that analyzes your loan request instantly. After submitting your application, you will know immediately if you have been awarded the money for your company or society. Thanks to this system, you will not have to waste time or go to traditional banking entities and you will be able to take care of what is really important: manage your work.

What is Spotcap and who is behind it

It is a company specialized in granting credit to freelancers and Spanish companies. It began operating in 2014 and since then it has expanded to different European countries and Australia. Diego Bestard, specialist in finance, is the Spanish director and co-founder of the company.

They have a team of specialized advisers, who help you during the money request process, offering you very competitive loans with interests that adapt to the profile of your company.

His motto is: quick credits to say "yes" more times to our clients. Processing is practically immediate, which is why they are positioned above the banks, streamlining processes and waiting times. Although at first they began only financing online companies, currently they give credit to all types of companies and freelancers.

What requirements do I have to meet to apply for credit

If you are self-employed or have an SME or small company based in United States, you meet the first requirement to be able to access Spotcap credits.

The rest of the conditions are here:

  • Your annual billing must be a minimum of 50,000 us dollars.
  • You must have been operating as a freelancer or company for a minimum of one fiscal year (12 months)
  • You have made the VAT return or, failing that, the corporation tax. In case your company operates online, you have accounts with Ebay or Amazon.

What documentation must I submit

More than documentation, what you should do is:

  • Give access to your eBay or Amazon accounts if you sell online.
  • Submit your personal income tax, VAT or company tax returns.
  • And finally, connect your business account with Spotcap. This connection has a triple functionality:
  1. Analyze the volume of business of your company.
  2. Enter the credit you need in your bank account.
  3. Turn the monthly installments to pay the loan.

How Spotcap works

The first step is to enter their website, since all the procedures are done online and request the amount of credit line you need.

You can access now by clicking on this link .

Once the registration is done, they will contact you to give you the conditions of the credit line for your company. The interests vary depending on your risk profile, however they are always more competitive than bank interests.

Let's see it with an example so that you can get a better idea about how it works: A medium risk profile, requests € 20,000 to be returned in 6 months. If you use all the money you should return in monthly installments after 6 months a total of 22,000 us dollars.

Credit line

What happens if I don't use the granted line

What you should know is that they grant you a line of credit for the amount requested, however, if you do not use that money you will not pay anything for it.

This grant of money will be active for a period of three months and after this time it will be reviewed again in case your profile has changed and so on.

What happens if I spend the money

You can withdraw the money you want from your loan, only once a day and during working days. You can use it in its entirety or just remove a part.

The charges for the borrowed money will be paid monthly through direct debit to the bank account that you provided in the application. If you withdraw the money on the 15th, you will receive the charge a month later, exactly the same day. This monthly fee is the equivalent of one sixth of the money used.

Why one sixth? Because the maximum return period is six months. However, you can also return the money flexibly before the month. Daily, weekly, etc.

Why ask for a credit with Spotcap

The main advantage, without a doubt, is the flexibility in payment. Although the maximum time is 6 months, you can make daily contributions for the maturity of your debt. You choose how to repay that borrowed money within the six-month period.

The other benefits Spotcap customers value the most are:

  • Your minimum interest is 0.5%
  • Flexible credit, from $ 1,000 to $ 100,000 : Not all companies or freelancers are the same, in the same way their liquidity needs are also variable. For this reason, you can request the credit you need depending on your type of company. You may only need 10,000 us dollars or you have a higher need. Here you can request money up to € 100,000.
  • Immediate speed in the response of granting money: the algorithm developed by this company operates directly once you make your request. The response to the approval of your money will be in a matter of minutes. In this way you will be able to know at a click if your loan has been granted or not.
  • Ease of use: since all operations are carried out online, you will not have to worry about anything. At any time you can access your private profile and see the status of your credit, control the days of repayment and make the desired contributions.
  • They do not charge opening or cancellation interest: You have no associated expenses for partial or total capital cancellations. Likewise, they will not charge you anything for the credit line until you use it.

https://www.youtube.com/watch?v=ul9cGA7ALII (Video not available)

Other entities that grant loans to companies and that may interest you are: FundingCircle and Iwoka.

In addition to those mentioned above, it is always advisable to look at the loans for freelancers that ING offers us .

Do you have a business and need a line of credit quickly? Do you want to have an inexpensive mattress in case you need to use it? Then this type of loan is for you.

Spotcap Summary

Summary:

Score 3.5 star rating

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