Prospa Business Line of Credit

Ongoing, flexible access to funds up to $150K to help you stay on top of cash flow fluctuations

  • Facility limit between $2K and $150K
  • Initial 24-month term with option to renew
  • Use and reuse the funds as required
  • Only pay interest on the funds you use

Apply Now Talk to a specialist

A new way to manage
day-to-day expenses

Are cash flow gaps resulting in missed opportunities for your business?

With a Prospa Business Line of Credit, this time tomorrow you could have
ongoing access to funds you need to help you get on top of your finances.

Respond to business challenges and opportunities confidently with a
facility limit of up to $150,000 that’s ready and waiting for when the need arises.
And you only pay interest on the funds you use!

Learn about Prospa's Line of Credit

  • Line of Credit between $2,000 and $150,000
  • Use and reuse as often as you like, with an initial term of 24 months
  • Only pay interest on the funds you use
  • Set up single and recurring payments using the online portal
  • Apply in 10 minutes with minimal paperwork
  • Fast decision with funding possible in hours
  • Dedicated business lending specialist
  • No asset security required upfront to access Prospa funding up to $150,000

Wondering how a Line of Credit could help your business?

Our new Line of Credit could be a handy addition to your cash flow toolkit for so many reasons.

Pay staff wages

Cover supplier invoices

Urgent stock purchases

Seasonal fluctuations

Late paying customers

General cash flow gaps

A faster, easier approach to business lending

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Check if you qualify

Monthly turnover more than $5K? Trading for over 6 months? You can apply for up to $150K.

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Apply in 10 minutes

Grab your driver licence and details about your business. Minimal paperwork to apply.

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Get back to business

Money on demand to help your business confidently manage cash flow fluctuations

Frequently Asked Questions

  • 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 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.

Prospa’s Line of Credit gives you access to a convenient and flexible source of funds between $2,000 to $150,000 and you only pay interest on what you use.

Your Line of Credit will be available for a period of 24 months. If you wish to extend your Line of Credit beyond this period, you will be required to apply so we can properly re-assess your business situation in case anything has changed.

On or before the end of the 24 month term you can choose from the following options:

  • RENEW your Line of Credit for a further 24 month term.
    We will need to complete a new assessment to check whether there have been any changes in your business. If you are approved, you can also review your facility limit based on your business’s current needs.
  • CLOSE your 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 52 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 52 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 52 weeks at the same rate as your Line of Credit. To be eligible for the 52-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 52-week repayment plan.

We will set up an automatic repayment schedule with set weekly repayments over 24 months. The weekly repayment will comprise interest and a portion of principal as well as any applicable fees, such as the Weekly Service Fee.

So that you don’t need to worry about missing a payment, your weekly repayments will be automatically debited from your nominated business bank account.

You can choose to simply pay the set weekly repayments, or you can make additional payments at any time to reduce your drawn balance, thus reducing the amount of interest you pay. It’s up to you.

You can access and use your Prospa Line of Credit via the Prospa online portal.

Once you have logged in, you will be able to view transactions, draw down funds to your nominated business bank account, directly pay invoices and suppliers and much more.

A Prospa Line of Credit can be used for almost any business purpose – including activities that help you confidently manage day-to-day cash flow fluctuations. For example, it could be used for paying staff wages, covering unpaid invoices, buying urgent stock, managing seasonal fluctuations, paying suppliers and much more.

You can apply for a Prospa 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)
  • can demonstrate  6 months of trading for a new business (or 3 months if you have purchased an existing business)

Sure thing. Call our friendly team on 0800 005 797.

Our operating hours are Monday – Friday: 9am – 5pm (CDT). Alternatively, you can email us at [email protected].

Want to know more about Prospa’s new Line of Credit?

Contact us or speak to your Customer Success Account Manager.

0800 005 797  |  [email protected]