Is Prospa or Bizcap cheaper for business loans?

Bizcap is generally cheaper with rates from 15-25% p.a. compared to Prospa's 18-28% p.a. However, actual rates depend on your business profile. Prospa may offer better rates for businesses with strong cash flow, while Bizcap may be more competitive for asset-backed lending.

Which is faster - Prospa or Bizcap approval?

Prospa is slightly faster with 24-48 hour approval and same-day funding possible. Bizcap takes 1-3 days typically. Both are much faster than banks (2-4 weeks). For urgent funding needs, Prospa has a small edge on speed.

What's the difference between Prospa and Bizcap?

Prospa focuses on unsecured loans up to $500K with the fastest approval but highest rates. Bizcap offers both secured and unsecured options up to $500K with more competitive rates but slightly slower approval. Prospa prioritizes speed; Bizcap balances speed and cost.

Prospa vs Bizcap

Name: SME Loans NZ
Address: NZ
Price range: $

Which alternative lender is best for your NZ business?

Quick Verdict:

Choose Prospa if you need money in 24-48 hours and can afford 18-28% interest - they're the fastest. Choose Bizcap if you want better rates (15-25%) and can wait 1-3 days - they offer better value. Both approve businesses banks typically reject.

Compare Both Lenders Calculate Costs

Prospa vs Bizcap: Head-to-Head Comparison

Feature	Prospa	Bizcap
Interest Rate	18-28% p.a.	15-25% p.a. ✓
Loan Amount	$5,000 - $500,000	$5,000 - $500,000
Approval Time	24-48 hours ✓	1-3 days
Funding Speed	Same day possible ✓	1-2 days
Loan Terms	3-24 months	3-36 months ✓
Security Required	Usually unsecured ✓	Secured or unsecured
Min Business Age	6 months	6 months
Min Revenue	$75,000/year	$50,000/year ✓
Establishment Fee	2-3%	1.5-2.5% ✓
Early Repayment	Some discount	Better discount ✓

✓ indicates the better option for that feature. Rates and terms may vary based on individual circumstances.

Prospa NZ

Best For:

Urgent funding (need money today)
Businesses wanting no security
Simple, fast online process
Short-term cash flow needs

Drawbacks:

Highest rates among alternatives
Shorter max loan terms
Higher minimum revenue requirement

Full Prospa Review →

Bizcap NZ

Best For:

Better value (lower rates)
Longer repayment terms needed
Lower revenue businesses
Secured or unsecured options

Drawbacks:

Slightly slower than Prospa
May require security for best rates
Less brand recognition in NZ

Full Bizcap Review →

Cost Comparison Example

For a $100,000 loan over 12 months:

Cost	Prospa (23% avg)	Bizcap (20% avg)
Interest	~$23,000	~$20,000
Establishment Fee	~$2,500 (2.5%)	~$2,000 (2%)
Total Cost	~$25,500	~$22,000 ✓
Monthly Payment	~$10,458	~$10,167

*Example only. Actual rates depend on your business profile. Use our calculator for accurate estimates.

When to Choose Each Lender

Choose Prospa When:

✓ You need funds within 24-48 hours
✓ Speed is more important than cost
✓ You don't want to provide security
✓ You have an urgent opportunity
✓ You prefer a well-known brand

Choose Bizcap When:

✓ You can wait 1-3 days for approval
✓ You want to minimize interest costs
✓ You have assets for better rates
✓ You need longer repayment terms
✓ Your revenue is under $75K/year

Consider Other Options If...

Want even lower rates? → Banks (8-14%) if you can wait 2-4 weeks
Have invoices to leverage? → ScotPac invoice finance
Buying equipment? → Equipment finance (7-15%)
Need to compare all three? → Prospa vs ScotPac vs Bizcap

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