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GoKapital Review - Small Business Loans and Lending Marketplace Explained

If you are thinking of applying for a small business loan with an alternative lender, GoKapital might be a great option to consider. Below, our expert is going to take a look at the application process and the loan types offered by GoKapital, their strengths and limitations, the associated rates and payments, and the overall customer sentiment towards their experience with the lender.

GoKapital review
Business Line of Credit Best for
4 /5
Rating
$ 1000 /mo
Starting Price
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Table of Contents
    Written by Anthony Edmundson, updated on 11/29/2021
    Financially Reviewed by Gordon Scott, CMT, on 11/29/2021

    Operating since 2013, GoKapital is both an alternative lender and a lending marketplace. This means that, if you apply for a loan with GoKapital, the company may fund your loan completely or partially, or they might ship it out to another lending source. Because GoKapital is both a lending marketplace and a source of funding itself, the company has a broad range of unique characteristics.

    GoKapital offers seven different types of loans to choose from. Its straightforward application process and tailored solutions are great not only for existing businesses but for start-up companies as well. The company is willing to work with anybody that has a minimum credit score of 630, and about 95% of applicants end up being connected with the lender of one type or another. 

    GoKapital Review Video

    Our expert, Gordon Scot reviews and describes each of these loan types in detail.

    The GoKapital Loan Application Process (Rated - 3.5/5)

    While the loan application with GoKapital often requires more supporting documentation than some other alternative lenders, you are likely to receive some of the most competitive rates on the market. Keep in mind that the online application process might not be as quick as with other online lenders, because you need to have your information prepared before you begin.

    Let’s take a look at what it takes to apply for a loan with GoKapital.

    1. First, you'll have to fill in basic information like your name, phone, credit score, time in business, monthly revenue, and the loan amount you want to request. 

    2. As you can see, a lot of requested information is very basic. However, depending on how you fill these fields, other, customized, fields may come up.

    GoKapital

    Gokapital

    Overall, the application process is quite comprehensive. In fact, GoKapital is gathering a lot of information, because they are going to send your application out to numerous lenders.

    3. Once you provide all the necessary information, including your recent income and tax return statement, you would have to e-sign the application.

    This is a little unusual for an online lender but is done because GoKapital is going to ship your application out to other lenders who might require a signature.

    Gokapital application

    For Application Process, GoKapital scores a fairly average rating of 3.5, which is indicative of its lack of any cumbersome informational requirements or cutting-edge offerings, along with its somewhat ambiguous processing and funding turnaround times.

    After breaking down the application process, let's explore GoKapital's key parameters in more detail. 

    Advantages and Disadvantages of a GoKapital Business Loan

    GoKapital Advantages

    • Wide range of loan offers - With seven types of loans, and dozens of different lenders to choose from, you’ll almost certainly find the right product for you
    • Simple application process - No matter your credit history, business experience or income level, the application process has been tailored to match you with the best results. All you need to do is provide some personal details and GoKapital will do the work for you
    • Startups welcome - It’s not often we see startup loans offered at alternate lenders so it’s good to find the option available here
    • High approval rates - With more than 95% of loan applications accepted, the odds are definitely in your favor to find funding
    • Instant pre-approval - There’s no waiting around to see what rates and terms you might get, the provider is able to offer instant results
    • Attentive customer service - The GoKapital customer service team works hard to ensure you get matched with the right loan product and are on hand to answer any queries

    GoKapital Disadvantages

    • Limited information - With so many lenders and options to choose from it can be difficult to get reliable information on rates and terms before you apply
    • Some tough credit requirements - With certain loan types, you’ll find quite strict credit score requirements. For example, startup loans require a score of 700 to apply meaning many will be excluded.

    GoKapital Loan Options (Rated - 3.9/5)

    The platform’s unique business model means that generating an easily comparable list of rates, terms, and features before you apply is problematic. Because you could be receiving your funding from multiple platforms at once, the rates and terms offered could be completely unique to you. 

    There are seven different loan products available and GoKapital is able to give you a general idea of rates and terms which we’ve outlined below. However, you need to bear in mind that your final offer could be quite different from the rates below. 

    Merchant Cash Advance

    This is one of GoKapital’s most popular and most accessible funding options. A merchant cash advance is a promise of a lump sum of cash now in exchange for a percentage of your future credit and debit card sales.  

    Loan type

    Merchant cash advance

    Term length

    3 - 18 months

    Repayment period

    Daily

    APR range

    Factor rates from 1.20

    Min - Max amount

    $20,000 - $5 million

    Business Line of Credit

    This is a very flexible type of GoKapital small business loan that works a bit like a credit card. You’ll have access to a designated funding limit that you can draw on when you need it. You’ll pay a small fee to take out cash and only pay interest on the money you actually withdraw. 

    Loan type

    Business line of credit

    Term length

    6 - 12 months

    Repayment period

    Not disclosed

    APR range

    3% - 18%

    Min - Max amount

    $20,000 - $250,000

    Startup Business Loans

    Designed to get your business off the ground. It can be used for renting your first property, buying equipment, purchasing inventory and more. 

    Loan type

    Startup business loans

    Term length

    3 - 10 years

    Repayment period

    Monthly

    APR range

    6% - 18%

    Min - Max amount

    $25,000 - $500,000

    Small Business Loan

    The most traditional loan type available, a small business loan can be used for just about any purpose across any industry. Borrowing limits are generous and applications are open to those with bad credit.

    Loan type

    Startup business loans

    Term length

    Not disclosed

    Repayment period

    Monthly

    APR range

    Not disclosed

    Min - Max amount

    $20,000 - $5 million

    Unsecured Loans

    Similar to a small business loan, unsecured options differ in that you’ll generally need a higher credit score and borrowing limits are lower. 

    Loan type

    Unsecured loan

    Term length

    1 - 4 years

    Repayment period

    Monthly

    APR range

    9% - 20%

    Min - Max amount

    $100,000 - $350,000

    Equipment Financing and leasing

    A very easy-to-understand type of lending in which you purchase a piece of equipment that will then be used to secure the loan. GoKapital will usually be able to fund between 80% and 100% of the asset’s value.

    Loan type

    Startup business loans

    Term length

    Not disclosed

    Repayment period

    Monthly

    APR range

    Not disclosed

    Min - Max amount

    $20,000 - $5 million

    SBA Loan

    A good type of funding if you’re looking for low rates. This type of borrowing is backed by the federal government, making it less of a risk for lenders. However, it requires a relatively higher credit score and you’ll need to factor in long wait times before you receive your cash. 

    Loan type

    SBA loan

    Term length

    3 - 25 years

    Repayment period

    Monthly

    APR range

    5% - 9%

    Min - Max amount

    $200,000 - $10 million

    GoKapital gets a 3.9 for Loan Options. This well above average score reflects a very broad offering of loan terms, highly flexible loan limits, and accommodative repayment options.

    GoKapital Interest Rates and Fees

    Naturally, the interest rates will vary depending on what type of loan you apply for: you might pay as little as 5% or as much as 20% or more, depending on the type of loan and the lender that you are matched up with. 


    While GoKapital offers some of the lowest rates available on the market, customers with lower credit scores will probably not qualify for the 5% rate. However, if you have excellent credit and prior experience with alternative lending, you might find incredibly competitive rates through GoKapital.

    The loan repayment schedule can vary between one and 25 years, depending on the type of loan you receive. For example, equipment financing can come with longer terms, while unsecured or startup loans would have shorter repayment periods.

    Gokapital review

    GoKapital did not receive an Interest Rates & Fees score due to a lack of information.

    How to Qualify for a GoKapital Loan (Rated - 3.1/5)

    Because GoKapital is interested in established businesses, the company requires the following information as part of their application process:

    • Personal identification
    • Three to six months of business bank statements
    • Personal and business tax returns
    • Evidence of no recent bankruptcies
    • Your profit and loss statement

    However, there are some minor differences depending on the loan type and how much you’d like to borrow. The good news is that those with poor credit scores are welcome, and even brand new businesses are able to apply. Simply fill in your details during the application stage and you’ll automatically be matched with the best offers. 

    Even though GoKapital states on its website that loans can be applied for regardless of credit score, the reality is that credit scores do matter for most loans.

    So while GoKapital doesn’t disclose all of its qualification criteria, we’ve outlined the basics below.

    Merchant Cash Advance

    Criteria

    Merchant cash advance

    Minimum credit score

    Not disclosed 

    Minimum annual revenue

    Not disclosed 

    Minimum time in business

    One year

    Business Line of Credit

    Criteria

    Business line of credit

    Minimum credit score

    630

    Minimum annual revenue

    Not disclosed 

    Minimum time in business

    Six months

    Startup Business Loans

    Criteria

    Startup business loans

    Minimum credit score

    700

    Minimum annual revenue

    No minimum 

    Minimum time in business

    No minimum

    Small Business Loans

    Criteria

    Small Business Loans

    Minimum credit score

    Not disclosed 

    Minimum annual revenue

    $360,000

    Minimum time in business

    One year

    Unsecured Business Loans

    Criteria

    Between $100,000 - $199,999

    Between $200,000 - $350,000

    Minimum credit score

    660 

    720

    Minimum annual revenue

    Not disclosed 

    Not disclosed

    Minimum time in business

    One year

    Five years

    SBA Loans

    Criteria

    SBA loan

    Minimum credit score

    680

    Minimum annual revenue

    Not disclosed 

    Minimum time in business

    One year

    On Qualification Leniency, GoKapital has a below average rating of 3.1. This reflects the average of the following measures: 2.3 for a relatively strict credit score requirement (600-700), 1.0 for a very stringent minimum annual revenue requirement of > $150K, and 4.3 for a fairly accommodative business history requirement of 6-12 months.

    How Does GoKapital Determine the Loan Amount?

    GoKapital doesn’t reveal how loan amounts and rates are determined. Not only does the platform have its own methods, but each individual lender will also apply different criteria too. This can get even more complex if you’re offered funding from two different platforms at the same time. If you’ve got any questions, we’d recommend getting in touch with GoKapital customer service to find out more. 

    GoKapital offers free consultations to anyone that’s even thinking about getting a loan. You’re under no obligation to submit an application or accept an offer either. Feel free to give the customer service team a call to find out more. 

    Customer Support (Rated - 4.0/5)

    You can get in touch with GoKapital customer service over the phone or via email. The platform offers a Spanish language application service too which you can request when you get in touch. Operating hours are between 9 AM and 6 PM ET, Monday through Friday.  

    The service is generally very good and the agents go out of their way to get you matched with the best loan product. You’ll need to bear in mind that should you choose an offer from a lender other than GoKapital, you’ll need to direct any loan-specific queries to that lender. 

    GoKapital

    For Customer Support, GoKapital gets a slightly above average score of 4.0. It earned 1.0 point for each of the following service offerings: access to live CSR Rep, standard call center support from 9:00-6:00 EST, multi-channel support, and supplemental information and tools.

    GoKapital Loan Reviews (Rated - 3.6/5)

    It’s quite difficult to find online reviews of GoKapital, despite it being an industry veteran. Trustpilot only has six reviews in total with an average rating of 3.1 out of 5. However, this small pool of reviews isn’t really enough to get a representative opinion. 

    The platform is better served on Google reviews where 38 customers have voiced their thoughts leading to an average score of 4.1 out of 5. Borrowers appreciated the lengths GoKapital goes to in order to understand its customers’ needs, including consideration of different credit scores and backgrounds. Others have commented on the professionalism of staff and the straightforward application process.

    Some borrowers have complained about high fees, contradictory information on certain loan types and unsolicited contacts. However, these instances are rare and are often due to the practices of the partner lenders. 

    Positive Reviews

    Negative Reviews

    Straightforward application process

    Contradictory information on offers

    Consideration for different backgrounds and credit scores

    High fees from some lenders

    Excellent customer service

    Receipt of unsolicited emails

    With a rating of only 3.6, GoKapital lags its peers on the User Reviews front. The score reflects the average rating from 2 independent user review sites, including a TrustPilot score of 3.1. 

    Final Thoughts

    Applying for a small business loan through GoKapital is an excellent option for a wide variety of customers that might be working in niche industries. In fact, the company has some interesting programs available specifically to businesses that are starting up in various areas, such as cannabis, alternative energy, or new innovations.

    So, if you are a business owner working in one of these niche areas and you feel like you’ve got a solid opportunity, GoKapital might have a program just for you. As such, even though you would have to go through a lengthy application process, GoKapital can help you to discover opportunities you might not have known were out there.