Transparent business loans with Spotcap

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The SMART Box™ Loan Comparison Tool empowers business owners to better understand and assess the cost of their small business financing.

Spotcap is committed to transparent lending, which is why we have introduced SMART Box™ to each and every one of our business loan offers.

SMART Box™, which stands for ‘Straightforward Metrics Around Rate and Total cost’, is an innovative business loan comparison tool that improves transparency and disclosure standards — helping small and medium-sized business owners to better compare funding options across multiple lenders and make the most informed decision possible.

SMART Box™ includes clear and consistent pricing metrics, calculations and metric explanations. It discloses the Total Cost of Credit, Average Monthly Payment, the Annual Percentage Rate (APR), and more.

Example Loan

The following example shows what information you will see in the SMART Box™ for a $100,000 loan over 12 months with weekly repayments.

The calculations below involve certain key assumptions, including that the loan is paid off in its entirety according to the agreed payment schedule and that no repayments are missed.

Example Loan Amount


Disbursement Amount


(Loan amount less Origination Fee) 1

Total Repayment Amount


(Including Loan Amount, Interest Expense and Other fees)


12 months

(Repaid weekly)


Metric Calculation

Metric Explanation

Total Cost of Credit


Interest Expense: $11,391.26
Origination Fee: $2.000
Other Fees: $0.00
Total Cost Of Credit: $13,391.26

This is the total amount you will pay in interest and other fees for the Loan.

The amount does not include fees and other charges you can avoid, such as interest at a default interest rate on overdue amounts, late payment fees and dishonour fees.

Average Monthly Payment


Total Repayment Amount: $111,391.26
Term (in months): ÷ 12.0
Average Monthly Payment $9,282.61

This is the Total Repayment Amount divided by the Term.

The amount does not include fees and other charges you can avoid, such as interest at a default interest rate on overdue amounts, late payment fees and dishonour fees.

This is an estimate for comparison purposes only.

Total Interest Percentage


Interest Expense: $11,391.26
Loan Amount: ÷ 100,000.00
Total Interest Percentage 11.39%

This is the Interest Expense expressed as a percentage of the Loan Amount.

This metric is exclusive of fees.

Annual Percentage Rate (APR) 2


Your Loan will have monthly payments of: $9,282.61
APR: 20.40%

This is the rate that can be used to calculate the cost of the Loan, taking account of the reducing balance of the Loan Amount, expressed as an annual rate.

This metric is exclusive of fees.

Cents on the Dollar


Interest Expense and Other fees: $11,391.26
Loan amount: ÷ 100,000.00
Cents on the dollar 11.4¢

This is the amount of the Interest Expense and Other Fees (if any) that is payable for each dollar borrowed.

This metric is exclusive of Origination Fee.

Factor Rate


Total Repayment Amount $111.391.26
Loan amount: ÷ 100,000.00
Factor Rate 1.114

This is the proportion of the Total Repayment Amount payable in respect of each dollar borrowed.

This metric is exclusive of Origination Fee.

Early Repayment

Does the early repayment of this Loan result in any new fees or charges?


Does the early full repayment of this Loan result in a reduction in the Total Repayment Amount?


1 The Disbursement Amount is the amount of the loan that is available for you and may be less than the Loan Amount. A portion of the Disbursement Amount may be used to pay off any amounts owed from a prior loan or an amount owed to a third party.

2 APR should be considered in conjunction with the Total Cost of Credit. For a particular loan, the APR is that APR required to solve the loan amount calculation formula made available on the AFIA Code of Lending Practice webpage (see

© 2018 Innovative Lending Platform Association. All rights reserved. Innovative Lending Platform Association is not responsible for any misuse of the SMART Box™ or any inaccuracies in the calculations or information included therein.

Spotcap is proud to be a founding member of the AFIA Code of Lending Practice and is fully compliant with the code requirements.


Want to know more about Spotcap?

  • What makes Spotcap different from other lenders?

    We provide finance to small businesses, offering a quicker, more versatile approach to borrowing. We provide a paperless, online application process and a fast yet robust approach to credit analysis and loan approval. Our rigorous solution gives us the confidence to offer unsecured loans.
  • How much can a business borrow?

    The amount a business can borrow is based on turnover, a thorough assessment of their financial condition and how much is requested. Our unsecured lines of credit and business loans range from $10k to $250k.
  • Does a loan need to be linked to a specific business purpose?

    We understand that firms need access to working capital for many different reasons, and that commercial circumstances can sometimes change quickly. Once a business loan is approved, it’s the choice of the business how it makes use of those funds.
  • How quickly can a business access its approved funds?

    As the application process is entirely online, much of it involves uploading documentation. As such, an application can be completed in as little as five minutes. If approved, notification is given within one working day, from which point the funds are immediately made available for the business to draw down.
  • Do I have to complete all loan applications for my clients?

    From your Partner Dashboard, you can apply on behalf of your clients and monitor the application progress. At any point during that process however, you can hand over the application for your client to complete online themselves.
  • Who can I contact if I have more questions?

    Our Customer Service team would love to hear from you! Call us on 1800 10 70 10 or email The Spotcap team is available every business day between 9am and 6pm.