How fast will I get a decision?

For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day. For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.

How fast will I get a decision?

For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day. For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.

How fast will I get a decision?

For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day. For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.

What does a Prospa Business Line of Credit cost?

A Weekly Service Fee is charged from the date of settlement. Interest, but you only pay interest on the funds you have drawn down, and only until you repay those funds. Interest is charged at a fixed rate, calculated daily based on your drawn balance (i.e. the amount of your facility that has been drawn down and not repaid), and interest is charged weekly. The facility limit of your Business Line of Credit, and your interest rate, will be based on our assessment of your business. Every week we will attempt to Direct Debit your business account for the repayment amount owing that week, any unsuccessful attempt will attract a $25 Dishonour Fee, as well as a Late Payment Fee.

What happens at the end of term?

On or before the end of the 2 year term you can choose from the following options: Renew your Business Line of Credit for a further 2 years. We will need to complete a new assessment to check whether there have been any changes in your business. Close your Business Line of Credit and repay the outstanding balance. You can repay the entire outstanding balance at the end of the term in a lump sum payment or over 104 weeks on a repayment plan (if you are eligible). This would start immediately after your Line of Credit term finishes. Access to the facility would be suspended, and the outstanding balance divided into 104 instalments which would be direct debited from your bank account each week along with that week’s accrued interest and Weekly Service Fee until your outstanding balance is paid down to $0. Interest will accrue on the outstanding balance throughout the 104 weeks at the same rate as your Line of Credit. To be eligible for the 104 -week repayment plan you must not be in arrears at the end of your Line of Credit term. If you do not select an option on or before the date on which the term ends or you apply for and are not approved for a term extension, your Line of Credit will be closed and, if eligible, you will be placed on the 104-week repayment plan.

Am I eligible for a Business Line of Credit?

You can apply for a Business Line of Credit if you: are a New Zealand Citizen (or permanent resident) are over 18 years, own a New Zealand business with a valid NZBN (NZBN not needed for sole trader applications) Minimum 2 years trading history

Frequently Asked Questions

FAQs

About the Prospa Small Business Loan

The application process is quick and easy. Simply complete the online form in minutes and a dedicated business lending specialist will be in touch to guide you.

For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.

Often, you can have the funds in your account in as little as 1 hour after settlement.

We offer Business Loans or Line of Credit up to $500K, however the total amount of your loan will depend on the specific circumstances of your business.

We consider a variety of factors to determine the health of your business and based on this information we will make an assessment on how much you can borrow.

Use our loan calculator to discover much you could afford to borrow.

We understand that circumstances can change. That’s why we offer a 14-day Change of Mind Policy. If you decide you no longer want the funds, you can cancel your loan agreement and return the funds free of charge, as long as it’s within 14 days of your loan agreement date.

To take advantage of this policy, simply contact one of our lending specialists at 0800 005 797, and we’ll assist you with the process.

If it’s been more than 14 days since your loan agreement date, you still have the option to pay off your loan in full to minimise interest costs. However, please note that fees and charges will still apply. For assistance with a full payout, reach out to our lending specialists at 0800 005 797.

When you apply, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate.

We charge a small establishment fee of 3.5-4%. Provided you continue to meet your loan obligations (as detailed in your contract) this will be the only Prospa fee you will pay.

For funding over $150K, a registration fee may apply if we register a caveat or mortgage over real property you own.

You can choose to repay the entire amount of your loan early at any time.

If you decide to do this please speak to our friendly business loan specialists on 0800 005 797. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.

To help you avoid missing repayments and to fit in with your cash flow cycle we offer weekly repayments. These are automatically deducted from your nominated business account.

You can apply for the Prospa Small Business Loan online in minutes, receive a same day response and the funds could be in your account within hours.

Traditional business loans reference an interest rate per annum plus other fees and charges. Prospa’s prices the loan upfront so you will know in advance the total amount payable including any interest, fees or charges. This is then broken down into a weekly repayment figure.

The Small Business Loan can be used for almost any business purpose including cash flow management, business renovations, marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.

Yes, a small Origination fee of 3.5-4% will apply.

FAQs

About the Prospa Plus Business Loan

The application process is quick and easy. Simply complete the online form in minutes and a dedicated business lending specialist will be in touch to guide you.

For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.