Our review of Capify
Capify provides unsecured short-term business loans between $5,000 and $300,000 to Australian businesses. Applications can be made online and take 10 minutes to complete. If your loan is approved, funds can be accessed within one business day. Loan terms range between 3 and 12 months.
|Suitable if your business:||Suitable for businesses considering:|
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Capify Loan Information
|Loan Type||Unsecured Business Loan|
|Loan Amount||$5,000 - $300,000|
|Loan Term||3 - 24 months|
|Approval Time||24 hours|
Capify provides unsecured business loans from $5,000 to $300,000. Capify loans have shorter terms when compared to other lenders, up to a maximum of 12 months. Funds can be used for any legitimate business purpose, such as:
- Improving cash flow
- Paying off expenses
- Purchasing stock
- Hiring extra staff
- Upgrading equipment
Unsecured business loans can only be used for business purposes.
You can apply for a business loan with Capify online:
- Enter basic details about the desired loan amount
- Enter business details
- Enter personal details
Capify does not charge fees for unsecured business loans. Instead of charging an interest rate, Capify uses a factor rate to calculate interest, which is added to the principal and presented to the borrower upfront as a total loan amount.
Repayments are structured around your company’s cash flow. The total payback amount is divided into small daily repayments that your business can afford.
Capify Business Loan Review
|Loan Feature||Loan Details|
|Approval Time||24 hours|
|Minimum Loan Amount||$5,000|
|Maximum Loan Amount||$300,000|
|Minimum Loan Term||3 months|
|Maximum Loan Term||24 months|
|Repayments||Daily or Weekly|
|Interest Rate||Factor Rate|
Learn more about Unsecured Business Loans.
How to apply for a Capify Business Loan
You can apply for a Capify unsecured business loan over the phone. You will need to supply the following information as part of the application process:
- Bank statements for the last 6 to 12 months depending on loan size
- Merchant statements for the last 4 to 6 months
- Driver Licence for the business owner
- Proof of business ownership
For loans above $75,000, you will also have to provide:
- Tax returns
- Business plan
Capify Approval Criteria
|Minimum Monthly Gross Turnover||$10,000|
|Minimum Trading History||6 months|
How much does a Capify loan cost?
Capify charges a one-time upfront factor fee that is added to the loan principal:
- No application fees
- No establishment fees
- No ongoing monthly fees
- No charges for early repayment
A factor rate is a multiple of the loan principal. You can see in the table below examples of how the factor rate can be applied to the principal amount.
|Principal amount||Factor Rate||Total Amount|
Money.com.au Capify Summary
Capify offers unsecured business loans in Australia. Loans are available between $5,000 and $300,000 and are designed as short-term business loans - the maximum loan term is 12 months. Applications take 10 minutes online, and approvals are made within 24 hours.
Capify offers an easy application process and fast approval speed, and doesn’t require collateral on its business loans. For loans up to $75,000, Capify requires even less documentation, which makes them a suitable lender to consider for a low-doc business loan.
Capify was the first business finance lender to operate in the United States, U.K., Australia and Canada as one entity. The company underwent a global change in 2015, where Amerimerchant, United Kapital, AUSvance and True North Capital rebranded under the Capify trademark.
Capify was recognised in 2016 for two achievements:
- Named on the Inc. 5000 list
- Won the Australian Business Banking Award for Best Business Lender - Digital Offering
Capify has positive reviews on Trustpilot, with 88% of customers rating the company as “excellent.” Customers praised the lender for the following reasons:
- Friendly service
- Fast application times
- Quick and painless
Capify employs over 210 people and its headquarters is located in New York City. The company’s estimated annual turnover is $37.9 million.