Frequently Asked Questions

Your questions answered

  • Who is Spotcap?

    Spotcap makes unsecured business finance accessible to small and medium-sized businesses in New Zealand, Australia, the UK and mainland Europe. Using our unique proprietary credit algorithm, backed by expert underwriters, we offer loans based on a quick yet rigorous credit assessment of a firm’s financial condition.

    Spotcap was founded in 2014 and is led by CEO and Founder Dr Jens Woloszczak and MD Lachlan Heussler. Spotcap is headquartered in Berlin, operating s in New Zealand, Australia, The Netherlands, Spain and The UK.
  • How does Spotcap differ from other lenders?

    When offering loans, Spotcap makes quick, sound decisions based on a proprietary credit algorithm that provides us with deep insight into the financial condition of a business.

    We don’t just rely on a backward-looking credit score - we also evaluate your real-life business and cash flow data.
  • How much can I borrow?

    Spotcap offers lines of credit between $10k and $250k to qualifying businesses in New Zealand.
  • What is a line of credit?

    A line of credit is a financial arrangement proving flexible access to funds, which you can borrow as a loan. When your line of credit is approved, funds are made available for you to draw down. You can draw down what you need, as required.

    A line of credit is typically valid for three months. During this time, you can draw down, and repay, as often as you like, up to your approved limit. Each sum you draw down becomes a separate business loan which is repayable monthly, usually over 1 to 12 months.

    Once your line of credit’s initial term of up to three months has finished, you continue to repay what you have borrowed in monthly instalments. Interest is only charged on the amounts you draw down as loans, not on the overall value of the credit line.

Questions about qualifying and signing up for finance

  • How can I use a Spotcap loan in my business?

    The funds you borrow from us can be used for any purpose related to your business. This can include funding a marketing campaign, hiring new staff or refreshing your inventory. The choice is yours.
  • How do I apply for a credit line?

    Our application process is entirely online and takes just five minutes. We need basic information about your business and its owners, along with financial information. You can give us this by connecting your accounting software and online bank account to our secure systems. Alternatively, you can upload financial reports.

    Your data is evaluated by our unique credit assessment algorithm, which, in conjunction with our expert credit team, advises how much you are able to borrow.
  • What does it cost to apply for a Spotcap loan?

    It costs nothing to apply for a line of credit. Once your application is approved, there is still no charge until you begin to draw down from the line of credit.
  • Who can apply for a Spotcap business loan?

    We consider applications from businesses that are registered in New Zealand, have been operating for at least 18 months with an annual turnover of at least $200k and have an online account with a New Zealand bank.
  • How quickly can I be approved for a Spotcap loan?

    The application process takes only five minutes to complete. Once submitted, you will hear from us within 24 hours.
  • Do you check whether I have previously defaulted on a loan?

    We’re more interested in your recent business performance and financials than your previous repayment history. That said, we do look at all relevant information regarding your credit record.

Questions about Spotcap business loans

  • What business loans are available from Spotcap?

    The Spotcap finance product has been designed to meet the needs of today’s businesses. It’s managed entirely online and is a hybrid of a credit line and a business loan.

    You apply by giving us key information about your business and its finances. The application is processed by our expert underwriters and our unique, proprietary credit assessment algorithm.

    Once your application is approved, you’re given a line of credit up to a specific amount. A line of credit is a sum of money you can choose to draw down as you require it, in amounts of your choice. This line of credit is available for up to three months.

    Every time you draw down from your credit line, the amount you borrow becomes a business loan with its own repayment schedule of between 1 and 12 months.

    Once your line of credit has expired, you can apply for a new credit line by asking us to reassess your financial situation.
  • If I’m approved for a credit line but don’t use it, are there any costs?

    If you need the assurance of having funds available but don’t want to pay for that facility, a Spotcap credit line could be the answer. There is no cost for setting up a line of credit that you don’t then use.
  • How often can I draw funds down from my credit line?

    You can draw down funds as often as you like from your credit line, up to the agreed total value. The minimum withdrawal amount is $500. Our credit lines range from $10k and $250k.
  • Do you take my credit score into consideration?

    Our assessment is weighted towards your current business performance and is forward-looking. We do include both business and personal credit scores in our risk analysis.
  • Where can my Spotcap loan be deposited?

    The online application process includes giving us details of your online bank account. It’s this account you can draw down funds into. We initiate a funds transfer immediately after you request it and it will usually be in your account by the next working day, depending on your bank.
  • How much will a Spotcap loan cost me?

    There are two elements to the cost of a Spotcap loan. One is the drawdown fee, which is a percentage of the total value of your line of credit. This is charged when you make your first drawdown.

    We also charge interest on the outstanding amount you have borrowed at a rate based on your risk profile. We advise you of this rate when your line of credit is approved.

    There are no charges other than the drawdown fee and interest. If you make early repayments, we do not charge any penalty fees.

Questions about repayment

  • Will I be charged if I repay a loan early?

    No. We don’t penalise you for early repayments. We want our loans to be as flexible and convenient as possible.
  • How do you calculate my monthly repayment?

    The amount you repay each month will be the same over the period of the loan. We calculate repayment amounts based on the duration of your loan, the number of repayment instalments and the interest rate. While the total is unchanged month on month, the repayment element increases each month while the interest element drops until the loan is fully settled.
  • What happens if I miss making a repayment?

    If, for whatever reason, you are unable to make a scheduled repayment of your loan, please get in touch with us right away to let us know.

    A number of consequences may arise should you fail to make payment in accordance with your obligations. For example:



    (i) you may be liable for default charges and statutory interest, and the amount you owe us will grow.

    (ii)you may be liable for the contractual interest from the day of default until such default is cured.

    (iii) your credit rating may be impaired making it more difficult or expensive for you to get credit in the future.

    (iv) (pre-)legal action may be taken against you to recover amounts owing and you may have to pay any associated (extra-)judicial costs.

    (v) an application may be filed to declare you bankrupt.

  • If I have more than one loan, will I have different payment dates?

    Every drawdown is treated as a separate loan with its own repayment schedule. So yes, if you make more than one drawdown, you will have more than one loan, meaning you may be making repayments on more than one day each month.

Questions about privacy

  • How does Spotcap use my data?

    We collect and hold personal information about you so that we may provide you with our products and services; review and meet your ongoing needs; provide you with information we believe may be relevant or of interest to you; let you know about other products or services we offer; send you information about special offers or invite you to events; consider any concerns or complaints you may have; comply with relevant laws, regulations and other legal obligations; and help us improve the products and services offered to our customers and enhance our overall business.

    Please check out our Privacy Policy and Security page for more information.
  • Is my personal and business information safe with Spotcap?

    Spotcap adheres to all data protection and privacy laws. In addition when Spotcap connects to your bank account or accounting platform, we only have temporary read only access and never see your login details or password. Finally, all data electronically transferred between you and Spotcap is encrypted, using one of the strongest forms of encryption available commercially. We are committed to keeping your data safe.