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Seek Capital Business Loans

Jessica Cotzin Jessica Cotzin Last update:
Loan Amount
$5K-500K
Min Credit Score
660
Funding time
Few Hours - 3 Weeksmo

Seek Business Capital is a marketplace lender, helping qualified small businesses get prequalified for the funding they need within hours. There aren’t any hidden fees and funding procurement services are free to businesses until they receive funding.

Seek Capital offers personal support from customer service experts that understand how to help businesses get cash quickly. Businesses are evaluated based on their attributes using Seek Capital’s proprietary technology. The process is transparent, providing a valuable learning experience for business owners who want to learn more about their financial situation and how it affects their ability to get funding.

Seek Capital Loan Types Available

Seek Capital offers funding procurement services from third-party lenders. After working with the business owner to understand their funding needs, a customer service specialist from Seek Capital conducts a viability assessment so they can make recommendations about how the business owner can successfully reach their funding goals.

Funding may come from a variety of loan types, business lines of credit, credit cards, crowdfunding sites, or through the business owner’s personal credit. In some cases, a viability assessment may show that a business owner is most likely to receive approval to get the money they need by getting a second mortgage or asking friends and family for loans.

Even if a business can’t get the funding they need through traditional lenders, they may be able to do so in the future. Seek Capital’s business team also provides information about future viability with recommendations to help reach future funding goals.

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Rather than applying for various funding types individually, like many other marketplace lenders, Seek Capital gets to know the individual applicant and their business so they can recommend the best funding sources.

Bank Loans

Good for: Business owners with good personal credit who may not be able to qualify with their business credit. Startups without a 5+ year business history that need access to capital to grow their business.

  • Loan Amounts: $5,000 – $500,000
  • Loan Terms: Depends on lender
  • Requirements: Minimum personal credit score of 660 for most banks

Since Seek Capital is a marketplace lender, bank loan terms depend on the lender. Business owners with higher personal credit scores get lower interest rates and have a better chance of getting approved for a traditional business loan from a bank.

Business Line of Credit

Good for: Businesses that need flexible and immediate access to capital find that a business line of credit allows them to access cash when they need it.

  • Loan Amounts: $5,000 – $500,000
  • Loan Terms: Depends on lender
  • Requirements: Minimum personal credit score in the mid to high-600s

Qualifying for a business line of credit requires either good personal credit or good business credit, which many startups don’t have. Seek Capital may be able to help find the right lender to meet their needs with a business line of credit. Like credit cards, terms for a line of credit depend on the business owner’s FICO score or the credit score of the business.

Credit Card

Good for: Business credit cards offer the most flexibility of any type of business funding, but they also typically have the highest interest rates of all types of funding. It may be easier for a business to get a credit card than it would be to get other types of funding if they don’t have a long history of sales.

  • Loan Amounts: $5,000 – $150,000
  • Loan Terms: Credit cards offer revolving credit without a set end of the loan term
  • Requirements: Business owners can use their personal credit to get approved for a personal credit card. FICO credit scores over 700 have the best chance of getting approved for low-interest or rewards credit cards.

Seek Capital helps businesses understand which credit cards they are most likely to get approved for. Card rates and terms vary according to credit worthiness and the credit card company’s criteria.

Home equity line

Good for: Business owners who can’t get the funding they need using their business credit profile may be able to use their own credit and the equity in their home to get access to cash.

  • Loan Amounts: Depends on available equity in the property
  • Loan Terms: Depends on lender’s requirements
  • Requirements: This type of loan is available for nearly any credit type, as it uses the home’s equity as loan collateral.

Crowdfunding

Good for: Startups and businesses without an established history of sales or performance with an idea that attracts a lot of attention and a strong social media presence. Business owners with good credit who want a non-traditional funding source.

  • Loan Amounts: Depends on the crowdfunding platform’s requirements
  • Loan Terms: Depends on lender’s requirements
  • Requirements: Each crowdfunding platform has its own requirements for a new campaign or request for funding

Crowdfunding usually requires the business owner to create a campaign that follows the crowdfunding platform’s requirements. Posting a video, offering rewards for individual funders, and reaching out to current social media followers greatly increase the success of a crowdfunding campaign.

With debt crowdfunding, also known as peer-to-peer lending, businesses with less-than-perfect credit may be able to obtain a loan from a group of investors. Sites like LendingClub, MicroVentures, and Prosper help business owners access debt crowdfunding.

Seek Capital: Pros

  • No fees until the business accepts funding
  • Application takes less than two minutes
  • No tax return or financials required

Seek Capital: Cons

  • Origination fees are 10% of the total funding amount
  • No funding guarantee
  • Multiple hard credit pulls could result in lower FICO credit scores

Application Process

Seek Capital applicants complete a one-on-one consultation with a representative from the company. The underwriting process takes just a few hours. Many applicants have a funding estimate with suggestions about where to apply for loans and funding within two hours.

The paperless application requires only basic information. Business owners don’t have to provide lengthy financial reports, tax returns or business plans. Seek Capital offers only unsecured financing options, so collateral isn’t required.

It’s easy to apply to from a computer or smartphone. Eligible applicants can receive funding the same day they apply.

Seek Capital collects information from the applicant and uses that data to apply for various funding sources on their behalf. This means that business owners don’t have to spend time applying for various loans, lines of credit, and credit cards. It may also result in multiple hard credit pulls in a short amount of time.

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Privacy & Security

Seek Capital isn’t responsible for the lenders they recommend. One of the main complaints in the negative reviews received by the company is that they make multiple credit applications, including hard pulls of credit, in order to get funding on behalf of businesses.While they do this with the business owner’s permission, it seems that many people who are unhappy with Seek Capital were unaware that hard pulls of their credit profile could cause their FICO scores to drop.

Seek Capital’s privacy policy is comprehensive. It states that they may use any personally identifying information provided by a potential applicant, including phone, text, and email. Anyone who wants their personal information deleted from Seek Capital’s database can do so by calling 1-855-402-9224, Monday to Friday, between 8 am and 5 pm PST.

Trust Pilot has 61 reviews from Seek Capital customers with an average score of 4.5 out of five stars. Reviewers noted that the application process was fast and easy. Negative reviews focused on the amount of hard credit pulls Seek Capital initiated with various funding sources.

Customer Support

One of Seek Capital’s strengths is their no-cost funding viability assessment. A customer service specialist helps applicants understand which funding option may best fit their funding needs.

Consulting services are individualized, so working with Seek Capital is an opportunity to learn about options that may not be immediately obvious to people who aren’t financing experts.

After accepting an offer for funding from a lender, the business owner can continue to work with Seek Capital to access additional funding in the future. Any issues with the loan or line of credit should be dealt with by contacting the lender directly.

Final Thoughts

Seek Capital works one-on-one with business owners to determine what funding options may work best or them. As a result, nine out of 10 applications for funding receive approval. While their services help them stand out among the competition, applicants should remember that the fees with Seek Capital are about 10% of the total funding amount.

Business owners who need guidance about which types of financing may work best for them and who aren’t sure how to get funding may find that Seek Capital’s services are well worth the fees.

Address

6420 Wilshire Blvd Suite 600

Los Angeles, CA 90048

Disclaimer
This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.