Who Are Prospa and How Do They Make Business Loans Easy?

Prospa offers fast loan approval, low-interest rates and flexible payment options for your business loans needs.

Propsa is an award-winning lending specialist for New Zealand small businesses.

Prospa makes business loans easy with a streamlined application, minimal documentation, and no security asset required upfront for combined loans up to $150k. Quick approvals and fast turnaround times mean funding can be available within 24 hours.

Loan repayment options are flexible too; with the option of weekly or fortnightly repayments.

What types of loans do Prospa Finance offer?

Depending on the needs of your business and eligibility, there are three types of business loan options with Prospa Finance.

Prospa Small Business Loan

Apply for between $5k-$100k

This gives businesses fast access to flexible and tailored funding from $5k to $100k to smooth out any cashflow issues and cover unexpected expenses.

Quick snapshot of Prospa Small Business Loan

  • Fixed term up to 24 months.
  • Fast application and outcome.
  • Funding is possible in 24 hours.
  • No asset security is required upfront.

Businesses must have a minimum $5,000 monthly turnover and have been trading for at least 6 months to apply.

Prospa plus business loan

Apply for between of $100K-$500k

This Propsa offering may suit businesses seeking finance for investment opportunities and large purchases. Traditional lenders can leave business owners waiting on the outcome of their application but Prospa makes it easy to jump on opportunities.

Quick snapshot of Prospa Plus Business Loan

  • Fixed term up to 36 months.
  • Pre-approval without credit check for loans above $250,000.
  • Upfront asset security required; charge over the applying business entity(ies) for Prospa funding above $150K.
  • No repayments for the first 8 weeks.
  • Early payout option is available.

To be eligible for a Prospa Plus Business Loan, businesses need to have a minimum $700K annual turnover and have been trading for 3 years.

Prospa Business Line of Credit

Credit line funding between $2k-$150K

Prospa’s line of credit option can help businesses stay on top of cash flow gaps, for example, during seasonal fluctuations or due to late paying customers, with a facility limit of up to $150k.

Quick snapshot of Prospa Line of Credit

  • Access funds as often as needed.
  • Fast decision and funding possible in under 24 hours.
  • Only pay interest on funds used.
  • Access funds via online portal.

Businesses must demonstrate 6 months of trading for a new business (or 3 months if an existing business was purchased) and a monthly turnover of $5,000 to be eligible for up to $150,000 of credit.

An initial lending term of 24 months applies and the interest rate will be determined by Prospa’s assessment of the business.

How to apply for a Prospa Business Loan

The simplified loan application with Prospa allows business owners to sidestep the higher amount of paperwork and complex process that can come with traditional financing.

Completing the online application process for a Prospa loan or line of credit takes around 10 minutes or less. Depending on the product you’re applying for, you’ll need:

  • Your NZBN
  • Personal identification
  • Bank statements
  • Basic details about your business such as monthly sales and trading time

For combined loans up to $150,000, no asset security is required upfront.

Award-winning financial products

In 2022, Prospa NZ was awarded the Non-Bank Category Excellence Award at the 2022 New Zealand Mortgage Awards (NZMA).

Prospa was named a finalist in the Fintech Innovator category at the New Zealand Banking Innovation Awards 2020.

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