Short-term and fast business loans in NZ
Short-term business loans in New Zealand run from 3 to 24 months, and some online lenders can pay out the same day. Compare Bizcap, Prospa, ScotPac, Pioneer Finance and Kiwibank on speed, terms and what fast money costs.
By Jason Dark, updated 8 November 2026
The short version
- Short-term business loans from online lenders usually run for 3 to 24 months. Repayments are often weekly, and sometimes daily.
- Bizcap can approve a loan in as little as 3 hours and pay out on the same day. Prospa often responds within an hour.
- Fast loans usually cost more than bank loans. Because the term is short, the yearly cost can be even higher.
- Before you sign, check the true annual rate for the offer and make sure the daily or weekly repayments fit your cash flow.
How fast can you get a business loan?
Some online lenders in New Zealand can approve a business loan within hours and pay out on the same day. Bizcap says it can approve a loan in as little as 3 hours. Prospa often responds within an hour if you apply during business hours and link your bank account. Banks are slower and usually take a few days.
Short-term business loans compared
These are the published speeds and terms, checked on 6 November 2026.
Bizcap Fast Business Loan
- Term
- 3 to 12 months, repaid daily or weekly
- How fast
- Approval in as little as 3 hours, funds the same day
- Who qualifies
- 4 months of trading, $12,000 a month in revenue and an active NZBN
Prospa Small Business Loan
- Term
- 3 to 36 months, repaid weekly
- How fast
- A response often within an hour; funds in as little as an hour after settlement
- Who qualifies
- 6 months of trading for most industries and $6,000 a month in turnover
ScotPac Boost Business Loan
- Term
- 6 to 24 months
- How fast
- A credit decision in as little as 24 hours, funds within a day of approval
- Who qualifies
- 6 months of trading and $10,000 a month in turnover
Pioneer Finance business loan
- Term
- 1 month to 7 years
- How fast
- Funds usually paid the same business day once approved and signed
- Who qualifies
- 3 months of bank statements and your latest accounts
Kiwibank Fast Capital
- Term
- 6 months to 5 years
- How fast
- A decision by email within five minutes; funds usually within a few business days
- Who qualifies
- Limited companies using Xero or MYOB with 12 months of accounts
If your customers owe you money on invoices, FundTap can pay each approved invoice within 2 hours. To learn more, see the invoice finance guide.
Want to see what you would actually be offered?
Talk to a business loan brokerWhat a fast loan costs
Getting money quickly costs more. Online lenders take on more risk than banks and make decisions in hours, not days, so they charge more. Bizcap uses a factor rate and an establishment fee. Prospa charges a rate it doesn't publish, plus a 3% to 4% establishment fee. Pioneer Finance publishes rates from 9.95% to 22.95% a year.
A short term also pushes up the yearly rate. For example, if you pay a set fee to borrow for 6 months, that fee works out to about double the yearly rate it would be over 12 months. Enter the amount you'll get, the total you'll repay and the term into the true cost calculator to find the true annual rate, and compare that rather than the weekly payment.
Daily and weekly repayments
Most short-term online loans are repaid weekly, but Bizcap can take repayments daily. Repayments come straight from your account, so make sure they fit your cash flow in slow weeks as well as busy ones. Ask what happens if a payment fails, and check whether there's a discount or a fee for repaying early. Bizcap doesn't charge a fee for repaying early, but Prospa can charge 1.5% of the principal still owing.
When a short-term loan makes sense
A short-term loan works well for a gap that has a clear end, like buying stock for a busy season, covering a job you'll be paid for in a few months or a repair you can't delay. If you often have these gaps, a line of credit or overdraft usually costs less because you only pay interest on what you use. If you can wait a week or two, a bank loan is usually cheaper.
The eligibility checker shows how many lenders publish criteria your business meets.
Common questions
Can I get a business loan the same day?
Yes, some online lenders offer this. Bizcap says it can approve a loan in as little as 3 hours and pay out on the same day. Prospa can pay funds in as little as an hour after settlement. Pioneer Finance usually pays on the same business day once your loan is approved and signed.
What is the shortest term for a business loan?
Bizcap's fast loans start at 3 months, and Prospa's Small Business Loan also starts at 3 months. Pioneer Finance offers loans for as little as 1 month.
Are short-term business loans expensive?
Usually, yes. Online lenders charge more than banks because they offer speed and take on more risk. Many use a factor rate to price loans. Over a short term, even a small-looking cost can add up to a high yearly rate, so convert the offer into a true annual rate before comparing it with other options.
Want to see what you would actually be offered?
Share your details and a business loan broker will get in touch to talk about how much your business could borrow, which lenders might suit it and what the loan could cost.
Sources
Tools for this
- Business loan eligibility checkerSee how many New Zealand lenders publish criteria your business meets, from trading time and turnover to who can apply.
- Business loan calculatorWork out the repayments on a business loan, the interest you will pay and the total cost with fees.
- Business loan true cost calculatorTurn a factor rate, fee and term into a true annual rate you can compare with a bank loan.
Want to see what you would actually be offered?
Talk to a business loan brokerKeep reading
All guides in Loans- Bizcap NZ review: loans, criteria and costsBizcap lends New Zealand businesses $5,000 to $4 million and can approve a loan the same day, after only 4 months of trading. See who can apply, how its factor rates work and what you'll really pay.
- Prospa NZ review: loans, criteria and feesProspa lends New Zealand businesses $5,000 to $500,000, with no security needed up to $150,000. Here's who can apply, what it costs and how Prospa compares with Bizcap and the banks.
- ScotPac NZ review: Boost Business Loan, Line of Credit and invoice financeScotPac lends New Zealand businesses up to $300,000 through its Boost Business Loan or Line of Credit, and its invoice finance facilities go up to $150 million. See if you qualify, what it costs and how it compares.