Prospa is an ASX-listed alternative SME lender with a New Zealand subsidiary and a fully online application. Widely regarded as fast in the NZ market for unsecured small-business funding from $5,000 to $500,000. Independent editorial coverage with a commercial-relationship disclosure.
Indicative repayment
Weekly
$678/week
Indicative only. Not a quote or offer of credit. Actual rates, fees, and repayments depend on the business profile and the lender's decision.
Sending to Prospa
2 years at 16.00%. Prospa will ask a few quick questions, then provide a firm quote and funding if eligible.
Redirecting…
Indicative only. Why we say this
Quick answer
Lender overview
Prospa Group Limited is an Australian-founded small-business lender that listed on the ASX in 2019 (ticker PGL) and operates a wholly-owned New Zealand subsidiary serving NZ SMEs. The NZ entity is registered on the Financial Service Providers Register and is a member of the Financial Services Complaints Limited dispute resolution scheme. Prospa is not a registered bank and is not supervised by the Reserve Bank of NZ, which is the standard structure for an alternative business-finance company in New Zealand.
The flagship Small Business Loan covers $5,000 to $500,000 over terms of 3 to 36 months, typically unsecured at the smaller amounts with a director personal guarantee. The Business Line of Credit is a revolving facility commonly used for short-term working capital, with interest charged only on the drawn balance. Both products are applied for online, with bank-statement upload via accounting integrations.
Prospa's competitive positioning in NZ is built on speed and credit appetite rather than headline rate. Indicative pricing typically runs higher than a major bank or a registered NZ bank like Heartland, which is consistent with the unsecured, faster-decision profile. For a NZ SME that has been declined by the major banks or that needs funding inside the timeframe a bank cannot meet, Prospa is one of several alternative lenders worth shortlisting alongside BizCap, Lending Crowd, and Avanti Finance.
Small Business Loan
$5K to $500K
Term
3 to 36 months
Type
ASX-listed alternative
Application
Fully online
Product range
Prospa's flagship product. $5,000 to $500,000 across 3 to 36-month terms, typically unsecured with a director personal guarantee at the smaller end. Common uses are equipment purchases, marketing pushes, hiring, fit-out, and tax bills.
A revolving facility commonly used for short-term cash-flow gaps, supplier early-payment discounts, and seasonal stock builds. Interest accrues only on the drawn balance. Limits typically run to $150,000.
Both products run on daily or weekly direct-debit repayments rather than monthly. The structure suits SMEs with steady daily takings (hospitality, retail, services).
Application is fully online via prospa.co.nz, with bank-statement upload (manual or accounting-software linked). Decisions on smaller, cleaner files commonly returned the same business day.
Indicative pricing
Prospa quotes a tailored rate after assessment rather than publishing a single advertised rate. Bands below are observed indicative ranges in the NZ alternative-lender market.
| Product | Indicative rate band | Common term | Security |
|---|---|---|---|
| Small Business Loan ($5K to $50K) | 14% to 28% p.a. indicative | 3 to 24 months | Director PG, unsecured |
| Small Business Loan ($50K to $150K) | 12% to 22% p.a. indicative | 12 to 36 months | Director PG, unsecured |
| Small Business Loan ($150K to $500K) | 10% to 18% p.a. indicative | 12 to 36 months | PG plus GSA typical |
| Business Line of Credit | 14% to 22% p.a. indicative on drawn balance | Revolving | Director PG, unsecured |
| Origination fee | 2% to 4% of advance, typical alternative-lender range | One-off | n/a |
How it works
01
Day 1, 10 to 15 minutes
The application starts on prospa.co.nz with the loan amount and purpose, the business NZBN, monthly turnover, trading history, and the director's ID.
02
Day 1 to 2
Prospa requests the last 6 months of business bank statements, typically uploaded directly or pulled through an accounting-software integration. Credit assessment looks at turnover consistency, account conduct, existing debt service.
03
Day 1 to 3
On smaller, clean applications a decision is commonly returned the same business day. Offer specifies amount, indicative rate, origination fee, term, repayment cadence, and any guarantee or GSA conditions.
04
Day 2 to 5
Funds typically transferred to the business bank account within 1 to 3 business days of acceptance. Direct debit configured at the same time. PPSR registration where GSA is part of the structure.
Worked scenarios
Hospitality
A Cuba Street cafe and bar in Wellington, 4 years trading, $65K monthly turnover, looking for $40K to fund staff costs and stock build through the lead-in to summer. Declined by major-bank for an overdraft increase.
On these assumptions, an indicative Prospa Small Business Loan of $40K across 18 months at indicative 18% p.a. lands at roughly $590 weekly. Funded within 2 business days of online application.
Indicative figures
Construction and trades
A Hamilton-based electrical contracting business, 7 years trading, $90K monthly turnover, looking for $120K to fund a second crew (vehicle, tools, working capital) ahead of a 9-month commercial build contract.
Indicative Prospa Small Business Loan of $120K across 30 months at indicative 14% p.a. lands at roughly $1,030 weekly. PG plus GSA. Funded within 3 business days.
Indicative figures
Compared to alternatives
| Feature | Prospa | Major bank unsecured | Alternative lender (BizCap) |
|---|---|---|---|
| Indicative rate band (unsecured SME) | 12% to 28% p.a. by amount | 8% to 14% p.a. typical | 12% to 30% p.a. by profile |
| Decision speed (clean file under $50K) | Same day common | 5 to 14 business days | Same day to 1-2 days |
| Application path | Fully online | Branch or banker, paper-heavy | Online or broker |
| Credit appetite | Broad | Narrowest | Broad to broadest |
| Maximum amount | $500K typical | Multi-million | $300K to $500K typical |
| Repayment cadence | Daily or weekly | Monthly | Daily, weekly, or monthly |
| Trading history required | 6+ months typical | 2+ years typical | 6 to 12+ months |
| Regulatory tier | FSPR-registered, FSCL member | RBNZ-registered bank | FSPR-registered, dispute scheme |
Where it fits
Industry appetite
Cafes, restaurants, bars, and quick-service food operators with consistent daily turnover are a core Prospa segment.
Independent retailers funding seasonal stock, fit-out refreshes, and marketing pushes. Line of Credit commonly used for stock-build seasonality.
Plumbers, electricians, builders, mechanics, and professional services firms making working-capital and growth investments.
Funded for working capital alongside vehicle finance from dedicated asset-finance specialists.
Commercial relationship disclosure
This page is editorial coverage of Prospa, written to the same standard as our other lender entries. Businessloans.org.nz refers calculator users to Prospa via a tagged apply URL on the "See if you qualify" CTA, and earns referral revenue when an introduced borrower draws funding. Prospa is one option among several alternative NZ business lenders and is not described on this page as the best, cheapest, or fastest. The full commercial-relationship disclosure lives at /partner/. Indicative content only. Not personalised financial advice. Final rates, fees, and approval decisions are made by Prospa after assessment.
References
Primary product page for the Small Business Loan, including amount and term parameters.
Primary product page for the revolving Line of Credit facility.
Verification of NZ FSPR registration for Prospa NZ entity.
External dispute resolution scheme for FSPR-registered providers.
Parent-company ASX listing and continuous-disclosure obligations.
Confirms Prospa is not a registered NZ bank, contrasting regulatory tier with Heartland and the majors.
Full disclosure of the Prospa commercial referral relationship.
FAQ
No, Prospa is not a registered New Zealand bank and is not supervised by the Reserve Bank of NZ. The NZ entity is an alternative business-finance company registered on the Financial Service Providers Register and a member of the Financial Services Complaints Limited dispute resolution scheme. The Australian parent (Prospa Group Limited) is ASX-listed.
Prospa NZ runs two main products. The Small Business Loan is a term loan from $5,000 to $500,000 across 3 to 36 months, typically unsecured at the smaller end with a director personal guarantee. The Business Line of Credit is a revolving facility commonly used for short-term working capital, with interest charged only on the drawn balance.
The Small Business Loan covers $5,000 to $500,000, with the upper end typically requiring additional documentation and often a General Security Agreement alongside the director PG. The Line of Credit limit is commonly up to $150,000. The actual amount available is set by Prospa after credit assessment.
Prospa quotes a tailored rate after assessment rather than a single advertised rate. Indicative bands observed in the NZ alternative-lender market run from around 12% to 28% p.a. depending on amount, term, trading history, and security. Origination fees in the 2% to 4% range of the advance are typical.
Prospa is widely regarded as fast in the NZ alternative-lender market. Decisions on smaller, clean files are commonly returned the same business day after the online application and bank-statement upload, with funding typically into the business account within 1 to 3 business days.
Prospa Small Business Loans up to $150,000 are commonly unsecured against a director personal guarantee, without taking property as security. Above $150,000, a General Security Agreement (GSA) registered on the PPSR is typical alongside the PG.
Major banks (ANZ, ASB, BNZ, Westpac) typically price below Prospa on unsecured SME lending and have stricter credit appetite, longer trading-history requirements, and slower decision timelines. Prospa typically prices higher in exchange for faster decisioning, broader credit appetite, and a fully online application path.
Interest on a Prospa business loan used wholly for business purposes is generally deductible against business income for NZ tax purposes, subject to the accountant's confirmation on the specific business position. Origination and ongoing fees are commonly treated as deductible business expenses on the same basis.
A typical Prospa Small Business Loan application asks for the NZBN, the director's ID, last 6 months of business bank statements (uploaded directly or via accounting-software integration), the loan amount and purpose, monthly turnover, and trading-start date.
Sole traders trading under an NZBN with consistent monthly turnover are commonly eligible for a Prospa Small Business Loan. Lending to a sole trader can pull a personal-guarantor scenario into CCCFA coverage where borrowing is wholly or predominantly for personal use, so the lender's assessment of business-purpose will check that the funding is for business not personal use.
On default, Prospa's first remedy on an unsecured Small Business Loan is the director personal guarantee. On loans secured with a General Security Agreement, Prospa can enforce against business assets via the registered PPSR security interest. Persistent non-payment moves to formal default and credit-file marks.
Yes. Businessloans.org.nz refers calculator users to Prospa's online application via a tagged apply URL on the "See if you qualify" CTA, and earns referral revenue when an introduced borrower draws funding. The relationship is disclosed inline on this page and in full at /partner/. Prospa is one option among several NZ alternative lenders and is not described on the site as the best, cheapest, or fastest.
Related
Unsecured business loan
The product family Prospa's flagship Small Business Loan sits inside.
Read onBusiness line of credit
The revolving facility category covering Prospa's Line of Credit product.
Read onAbout Prospa (partner page)
Full commercial-relationship disclosure and how the calculator referral path works.
Read onCafe loans
NZ cafe operators are a common cohort for unsecured working-capital lending.
Read onMarketing agency loans
Agency working-capital cycles fit unsecured Prospa-style lending.
Read onDisclaimer
A business loan is a commitment that runs for months or years, and repayments come out of the same operating cash flow as everything else. Before committing, it is worth modelling the weekly and monthly cost against the business's working-capital position, which is what this site is built to help with. Borrowing at a level that stays comfortable through a quiet quarter, not just a strong one, is widely regarded as the safer frame.
What this site is
A calculator and information tool. Not a lender, not a broker, not a registered financial adviser. Nothing here is personalised financial advice.
What the figures show
Modelled estimates based on the inputs you enter. Not a quote. Not an offer of credit. Not a guarantee of approval, rate, or fees.
What the lender decides
Final rates, fees, and approval are set by the lender after a CCCFA-appropriate assessment of the applicant's circumstances and credit decision.
Commercial disclosure
Businessloans.org.nz earns a commission from Prospa when a visitor applies through this site and their application is approved. The commission is paid by Prospa, not by the borrower, and it does not influence the rate Prospa offers. Full disclosure on the partner page.
Tax, GST, and accountant framing
Tax-treatment statements (GST claim timing, interest deductibility, depreciation rates) are general in nature and subject to your accountant's confirmation on the specific business position. For material amounts, professional advice from a registered financial adviser or chartered accountant is widely regarded as the safer frame.
