Below are answers to the most common questions customers ask us If you know the type of question you are looking for, please click one of the tabs below
Who are Capital on Tap and how do I sign up?
Capital on Tap is a SME finance lender focused on providing funding to small businesses to help them grow. We are regulated and have full authorisation from the Financial Conduct Authority (FCA) for business lending. To apply, just complete our 2 minute application and we will provide you with a funding decision within 1 business hour.
What information is needed to apply?
Our 2 minute application varies based on your type of business. You will be asked for details on your business and basic personal information.
Do I need a Business Bank account?
Limited companies need a business bank account. Non-limited companies can provide a business or personal bank account.
What if I have bad previous debt, will this affect the application?
We may still be able to provide you with funding. Our application only 2 minutes so it is easy to find out if you will be approved.
Will applying with Capital On Tap effect my credit rating?
Initially, Capital on Tap completes a quotation search through a credit rating agency. This search can only be seen by the applicant and Capital on Tap. If you accept our loan offer and receive funding we are required to share information related to that funding with other lenders in the UK. If you repay the loan on time this will positively impact your credit history.
I wasn't approved
We are sorry we could not help provide you with funding. We do not provide reasons on why businesses are not approved for security and fraud prevention purposes.
How much funding can I get?
We provide funding of up to £25,000.
How fast are my funds deposited?
Once your application has been completed, we can deposit the funds into your account within 2 business hours. Any repeat funding can be finalised in minutes.
How do I request additional funds?
You can request additional funds at any time up to your funding limit using your online account.
How much does it cost to borrow?
Your funding costs depends on your 'Star Rating' (our internal credit score) and how long you want to borrow the funds for. To find out your initial star rating, you can fill out our 2 minute application form. Once approved you will have have an opportunity to improve your 'Star Rating'.
What is my Star Rating?
Based on on our credit assessment of your business, we will assign you an initial star rating ranging from 1 to 5. The higher your star rating, the lower your interest rates will be. Rates can range from 0.79% to 7.4% per month.
How do I increase my Star Rating?
We reassess your star rating on a regular basis as your business grows and you develop a history with us. 84% of our customers have their star rating increased within the 2 first months of being active.
What are Capital On Tap's late fees?
You can avoid paying late fees by getting in contact with us in advance if you are aware you will not be able to make a scheduled payment. In the event we can't reach you, your account can incur additional charges for late payment as specified in your funding agreement.
How do you collect repayment?
Capital on Tap collects by charging your debit card, or via a Direct Debit arrangement. Repayments are made weekly or monthly until you have paid back in full. For weekly repayments your first repayment will be due 7 days after you receive your funds. For example: if you owe principal plus interest of £1,200 for a 4 week loan we will collect £300 in 7 days, 14 days, 21 days, and 28 days after you receive your funding for a total collection of £1,200. For monthly repayments, you will pay 25% of your balance or £250 at the end of your monthly billing period, whichever is greater. This process is repeated each month until you have repaid in full.
How fast do I need to repay?
The length of time it takes to repay a loan depends on your chosen method of repayment. You can however repay your loan back as quickly as you like, irrespective of your chosen repayment method.
How do I view my statements?
Your statements will be emailed to you at the end of each billing period. You are able to view details of you next payment on your online account.
Will I receive a discount if I repay my funding early?
Yes, if you pay back early you will receive an early repayment discount. You can contact us at any time to ask how much discount you will receive.
What happens if I miss a payment?
You should only borrow money that you feel you can comfortably repay. If you hold up your end of the agreement you will never pay more than what was agreed in your contract. You can avoid paying late fees by getting in contact with us in advance if you are aware you will not be able to make a scheduled payment. In the event we can't reach you, your account can incur additional charges for late payment as specified in your funding agreement.
Where can I view how much funding is available?
Once approved for funding, a member of our team will call you to inform you of your approved funding limit. We will also email you the details of your initial limit and Star Rating and you can log in to your online account to see this information.
Where can I view how much I have to repay?
Once approved for funding you can log in to your account to see how much you have left to repay as well as view the details of your next repayment.
Where can I view my Star Rating?
Once approved for funding you can log in to your account to see your current star rating.