Yes, we can fund a customer who has a loan with a competitor as long as they have paid off more than half of their loan. We do not stack loans which also means Capify would have to pay the competitor lender out before we could give them more funds.
We are a responsible lender and follow responsible lending practices to ensure our customers can service their loans. For example, if your client has a loan with our direct competitors prospa, ondeck, moula, get capital, business fuel, spot cap and waddle loans we cannot provide them additional funds if they have not paid out more than half of their loan with that competitor first.
Please keep in mind if your client has a loan from the big banks like ANZ, Westpac, Commonwealth or nab, we do not consider them direct competitors or part of the unsecured alternative online lending space. This means if the SME has a bank loan Capify can still help them access unsecured business funds.
If you would like more information call 1300531587 to speak to one of our BDM’s.