Why Prospa? It’s today’s way to borrow.
No more missing opportunities or scraping through, Prospa can help you access funds for growth opportunities and cash flow support in a fraction of the time and without all the fuss.
We’re New Zealand's small business lending specialist.
How it works
Check if you qualify
If your monthly turnover is more than $6,000 and you have over 6 months trading history, you’re ready to go.
Apply in 10 minutes
You need a valid driver licence and details about your business (plus business financials for loans over $150,000)
Get on with business
With funding possible in 24 hours and fixed repayments you can focus on what’s next for your business.
Prospa offers business loans of $5,000 to $300,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
A Prospa 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.
The application process is easy and fast. Simply complete the online form in 10 minutes.
For loans of $150,000 or less, all you need to have ready is:
- Identification details (valid Driver’s Licence)
- Details about your business (including trading time, ownership details & an active Business Number)
For loans over $150,000 you will also need some basic financial statements like a P&L and cashflow, so we can evaluate the health of your business and see what kind of repayments your business can manage without stress.
When you apply for our business loan, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate. The Prospa business loan is an upfront priced loan so you will know in advance the total amount payable including any interest, fees or charges.
Business loan interest rates vary due to factors including the amount borrowed, what business assets the funds will be used for, the industry the business operates in, how long the business has been running, whether the business has sufficient cash ﬂow to support the loan, and the overall ‘health’ or creditworthiness of the business.
There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay, and when, from day one. There’s no compounding interest, no penalties for early repayment and no additional fees (as long as you make your payments on time).
Prospa doesn’t charge an Application Fee. You can apply for a loan with Prospa with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
For loans up to $100,000 no asset security is required upfront to access the money, however we do 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.
1 4 week no repayment offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan settled between 11 February and 31 March 2020 (inclusive). No loan repayments required for the first 4 weeks from the eligible loan settlement date. Total loan repayment term will be extended by the time equal to the loan repayment deferral period (4 weeks) and interest will accrue from the loan settlement date until the end of the term. Offer only available to customers who provide connected electronic bank statements. Offer only available to businesses established and operating in New Zealand. Offer not available in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply. FSP663891.