3 reasons why you should consider an alternative lender for your next small business loan

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3 reasons why you should consider an alternative lender for your next small business loan

3 advantages of alternative lenders for small business | Prospa New Zealand
Looking for a small business loan to grow your business? Have you considered an alternative lender?

There are various stages in the life of a business when additional funds may be needed to help the business grow – whether it’s to invest in new equipment or machinery, rent new and larger premises or simply to assist with cash flow during a quiet period.

But the prospect of obtaining finance through traditional means can be daunting – countless hours on the phone and in meetings with the bank and reams of paperwork to complete. The time commitment alone can put you off.

That’s where alternative lenders step in – often providing an intuitive online application process, with minimal paperwork and a fast approval process. As an alternative lender, Prospa’s application process indeed involves no paperwork and there’s the potential to have funds – anything from $5000 to $150,000 – in your account within 24 hours.

Alternative lenders are agile

By primarily operating online, alternative lenders have flipped the traditional borrowing process on its head. This enables us to focus on speed, flexibility and personal service – it keeps us agile, making us an ideal match for the agile environment of small business.

What’s more, rather than focusing on the business owner’s personal assets, we kick-start the lending process by assessing a business’s overall health and growth potential.

Alternative lenders are fast

Alternative lenders typically offer a quick online application process. When working with Prospa, for example, you’ll typically receive a same day response and, if successful, the funds could be in your account in as little as 24 hours.

For loans up to $100,000, no asset security is required to access the money, however Prospa does require a personal guarantee. As long as you follow your loan obligations (as detailed in your loan contract document), asset security will never be required. For loans of over $100,000, Prospa generally takes a personal guarantee and security in the form of a charge over assets.

Alternative lenders understand you

Alternative lenders inherently understand the dynamics and pressures that come with running a small business – because they are one. That common ground means we have a deep understanding of your challenges and your goals.

The result? Better, faster outcomes, and more personal service.

If you’re looking to expand your business, buy new equipment or simply manage your cash flow during a quiet period, find out how Prospa can help. Get in touch with one of our small business lending specialists on 0800 005 797 to discuss your options or find out more.


The information on this website is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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