UCapital Review for Potential Borrowers
UCapital Review for Potential Borrowers
This review of UCapital will help you gain a better understanding of UCapital. This UCapital review will also detail the products available through ucapital.com.au and the requirements that UCapital asks of all potential borrowers. If you are looking to receive a loan for your personal or professional endeavors, UCapital is well-equipped to help you get funding from a detailed list of lenders.
UCapital Review – Basic Figures for 2022
437240
Website
Logo
ABN
70929499710
Loan Amount
Max. Loan Amount $300,000
Loan Term
3 months to 2 years
Unsecured Loans?
Unsecured Loans are Available
Lender Requirements
- The business must have been operating for more than 12 months.
- Turnover is greater than $5,000 per month.
- Cash flow is regular, on a daily, weekly or monthly basis.
Required
- Your driver’s licence.
- Bank statements for the past 3 months for loans under $50,000 and for the last 3 months for loans over $50,000.
Response Time
24h.
Easy to Apply
Yes, fully online
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
The interest rate depends on the health of your business and its cashflow.
Credibility & Company Story
UCapital unsecured business loans are available for up to 90% of the business’s average monthly turnover.
UCapital unsecured business loans provide short-term funding to help Australian small and medium businesses navigate a tough financial situation, cash flow problem or take advantage of a time-sensitive business opportunity. Whether you need short-term business finance to fund a new project, get you through a tough cash flow situation or buy new stock at a discount price, an unsecured short-term business loan could be a viable solution.
No security is required for loan amounts up to $300,000 with maximum funding levels based on the average monthly turnover of the business.
How does the UCapital Unsecured Business Loan work?
UCapital offers unsecured business loans for amounts less than $300,000, with the amount based on the business’s average monthly turnover. Loan terms can be negotiated between 3 months to 2 years, with loan repayments made either every business day or on a weekly basis.
The online application form takes about 10 minutes to complete and the loan approval process typically takes between 24 hours and 5 working days.
Features of the UCapital Unsecured Business Loan
The loan has the following features:
- No assets as security. For loan amounts under $300,000, no assets are required to be put up as security for the loan. A standard personal guarantee is required for all UCapital loans.
- Negotiable loan term. Loan terms can be negotiated between 3 months to 2 years.
- Convenient loan repayments. Loan repayments can either be made on a weekly basis or, to keep the loan repayments as small as possible, on a daily basis every business day.
- Fast approval process. UCapital aims to process loan applications within 5 working days, with many simple applications processed within 24 hours.
- No deposit. No deposit is required for UCapital unsecured business loans.
- Aimed at opportunity financing. UCapital loans are aimed at businesses looking to take advantage of a time-sensitive business opportunity, such as purchasing stock at a reduced rate or financing the startup costs of a new business project.
- No hidden fees. The full repayment amount is set up-front, with no hidden or additional fees applying thereafter.
- Relaxed loan criteria. Rather than applying strict qualifying criteria, UCapital assesses the health and reputation of the business and offers funding on the basis that the business owners are motivated to maintain the good health and reputation of their business.
- Low-doc loan options available. For loan amounts under $50,000, no financials or business activity statements are required. Just three months of bank statements need to be submitted with the application.
- Flexible loan purpose. The loan funds can be used for any business purpose, which does not have to be disclosed to UCapital during the application process.
- Loan amount based on turnover. UCapital will generally lend 70-90% of a business’s average monthly turnover.
How much does the loan cost?
Lenders offering business loans typically do not disclose their interest rates and UCapital is no exception. Interest rates can vary from loan to loan, based on the health and history of the business, its turnover, cash flow and its unique circumstances. A loan offer, including the applicable interest rate, will be made after the initial information is provided by the applicant.
UCapital takes applicants through this pre-qualification process before checking the applicant’s credit file so that there are no unnecessary credit checks which could negatively affect their credit rating.
There are no hidden fees attached to the loans. The full repayment amount is negotiated before the loan is approved.
Businesses are free to pay out the loan early without incurring fees or penalties.
UCapital Review Summary
Name: UCapital
Summary
UCapital offers creative consumer and business loan solutions for the Self-Employed. Whether that be for a purchase, refinancing, or to access equity. We have a suite of private funders, non-bank lenders, tier 2 banks, and tier 1 banks that we work with, that are really good in the self-employed and commercial space.
Our offering includes self-employed Full Doc, Lite Doc, or Low Doc options. We service both established businesses with their full financials ready, and also borrowers unable to fully verify their income. Including everything in between with a “No Doc” option if required.
Clients can use retail shops, offices, light industrial warehouses, rural farms, and residential properties as security for cash-outs or to purchase.
Overall
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Credibility - 78%
78%
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Client Reviews - 73%
73%
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Website - 89%
89%
-
Compatibility - 87%
87%
Pros
- No assets as security
- Negotiable loan term
- Convenient loan repayments
- Fast approval process
- No hidden fees
Cons