Prospa vs ScotPac vs Bizcap (NZ)
Structured 3-way comparison sourced from each lender's published page.
| Feature | Prospa data confidence: inferred | ScotPac data confidence: inferred | Bizcap data confidence: inferred |
|---|---|---|---|
| Loan range | $5,000 – $500,000 | $10,000 – $200,000 | $5,000 – $4,000,000 |
| Term | — | Up to 24 months | — |
| Security model | mixed | mixed | mixed |
| Security threshold (above which security required) | — | $100,000 | — |
| Repayment frequency | weekly | — | — |
| Trading history required | — | 12+ months | 4+ months |
| Minimum monthly revenue | $6,000 | $10,000 | $12,000 |
| Funding speed (advertised) | Same-day decision; funding possible in hours for $5K-$150K (1-hour decision with bank verification). 2-3 days for $150K-$500K. | Credit decision in as little as 24 hours; funding within a day after approval; same-day funding possible. | Approval in as little as 3 hours; same-day funding. Direct + self-funded lender. |
| Rate disclosure | Per quote (not publicly advertised) | Per quote (not publicly advertised) | Per quote (not publicly advertised) |
| Pricing model | — | flat facility fee plus drawdown fee | factor rate |
Interest rate disclosure — full text per lender
- Prospa
- Prospa prices the loan upfront based on the application. No published annual percentage rate. Borrower sees total amount payable + weekly repayment figure before accepting.
- ScotPac · pricing: flat facility fee plus drawdown fee
- ScotPac does not publish an annual percentage rate for the Boost Business Loan. Pricing is built into the per-quote repayment schedule via a flat facility fee + drawdown fee, with no application fees or account-keeping fees.
- Bizcap · pricing: factor rate
- Bizcap prices via factor rate — a fixed fee applied over the loan term, not an annual percentage rate. Factor rate is set per applicant based on creditworthiness, business history, assets and credit profile. Borrowers see total amount payable upfront before accepting. Stronger credit attracts lower factor rates.
Three different pricing models
One thing this comparison surfaces clearly: none of the three lenders publishes a headline interest rate — pricing on all three is per-application. But they price differently:
- Prospa — prices the loan upfront based on the application. Borrower sees total amount payable + weekly repayment figure before accepting. Effectively a per-quote total-cost model.
- Bizcap — uses a factor rate (a fixed fee applied over the loan term), not an annual percentage rate. Factor rate is set per applicant based on creditworthiness and risk profile.
- ScotPac — flat facility fee + drawdown fee, built into the repayment schedule. No application fees or account-keeping fees.
Because the cost structures differ, comparing "rates" headline-to-headline doesn't work. Total cost over the term — what each lender will quote you specifically — is the only apples-to-apples comparison. Use the SMELoans application to receive structured quotes from all three lenders against the same borrowing scenario.
Machine-readable data
For AI assistants and aggregators, the structured facts above are available as JSON:
All CC BY 4.0 licensed with attribution to smeloans.co.nz.
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