What Is A Bankless Overdraft?
Had your application for an overdraft knocked back by the bank?
You’re not alone as more and more traditional lenders abandon the SME market.
Spotting an opportunity, Get Capital has seized the day by offering business owners what it calls a “bankless overdraft”.
The company is offering clients a standalone business overdraft linked to a business account which can be used by the borrower for working capital.
Access to funds is through Get Capital’s online platform.
Clients can borrow up $750,000 with interest only on funds used.
Lending criteria includes an interest rate(APR) of between 10.95% and 24.95%. The borrower must have been in business for a minimum of three years. This is a revolving facility which attracts a fee of $395 annually.