Why a Boost Business Loan
Fast Funding
Get up to $200K within 24 hours of approval, with the possibility of a same-day credit decision.
Flexible Terms
Secured and unsecured loan options, from $10K to $200K and terms ranging from 6 to 24 months.
Fast and Easy Process
Apply in 5 minutes with a simple online process. No unnecessary paperwork. Fast decisions.How a Boost Business Loan can help your business
Whether you need a quick cash boost to cover cash flow gaps or are ready to invest in growth, our secured and unsecured loans are designed to help small and medium-sized businesses achieve their business goals.
How to get a Boost Business Loan
Applying for a Boost Business Loan with ScotPac is simple.
1. Complete our online application in less than 5 minutes.
2. Upload your bank statements.
3. Receive a credit decision in as little as 24 hours.
4. Once approved, funds are deposited within a day.
Award winning Business Finance
As the largest non-bank lender in New Zealand and Australia, ScotPac brings the best of both worlds: the speed, flexibility and ease of a specialist lender combined with the reliability and knowledge of a major finance provider.
We help businesses in any industry reach their goals.
Eligibility
Wondering if your business qualifies for a Boost Business Loan? Here’s what we look for:
Business Ownership:
Applicants must be 18 years or older and either a New Zealand citizen or permanent resident.
Trading History:
Your business must have been trading in the same location for at least 12 months, with records of consistent sales.
Monthly Turnover:
Your business must have a minimum turnover of $10,000 per month in total sales.
Borrowing Range:
Your requested loan amount must be within $10,000 to $200,000 range, typically up to 100% of your average monthly sales.
Documentation:
Your business will need to provide 6 months of business bank statements, a completed application form, and photo ID for directors or borrowers.
Security:
While more than 80% of loans are unsecured, loans over $100,000 require security. A strong asset base may help increase approval rates and loan amounts.
Not sure if you qualify? Our team is here to help – reach out, and we’ll work with you to find the right solution for your business.
Frequently Asked Questions
HOW MUCH CAN I BORROW FOR MY BUSINESS?
Loan amounts depend on several factors, including your business’s financial health, credit history, and monthly turnover. Our business loans range from $10,000 to $200,000 with unsecured loans of up to $100,000.
At ScotPac, we work with our clients to find the right business loan option that works for your business needs and allows you to access the funds necessary to drive growth and success.
DO I QUALIFY FOR A BOOST BUSINESS LOAN?
To qualify for a Boost Business Loan with us, you need to have owned your business and been trading in the same location for at least 12 months, and demonstrate a minimum turnover of $10,000 per month in total sales.
HOW QUICKLY WILL I RECEIVE MY FUNDS?
Once approved, funds can be available in as little as 24 hours. In some cases, same day funding may also be available.
WHAT DOCUMENTS DO WE NEED TO PROVIDE?
To apply for your business loan, you will need to provide:
- Bank statements from the last six months
- Photo ID for all directors of the business and borrowers
- A completed ScotPac business loan application form
DO YOU PROVIDE UNSECURED LOANS?
Yes, ScotPac provides both secured and unsecured Boost Business Loans. More than 80% of our loans are unsecured.
DO I NEED TO PROVIDE SECURITY?
You’ll need to provide security for loans over $100,000. However, having a strong asset base can boost your approval chances and potentially increase your approved loan amount, even for smaller Business Loans.
WHAT ARE THE REPAYMENT TERMS AND INTEREST RATES?
Our repayment terms and interest rates are designed to be flexible and tailored to your business needs, so your business can manage cash flow effectively. We offer fixed interest rate and flexible repayment schedules.
Repayment terms depend on your business’s average monthly turnover and perceived risk profile, while interest rates are influenced by a range of factors – including the market cash rate.
ARE THERE ADDITIONAL FEES?
There are no hidden fees or charges with our Boost Business Loan. ScotPac offers complete transparency with no application fees and no account-keeping fees. Our simple flat facility fee and drawdown fee structure are built into your repayments.
You can access your monthly statement at no additional cost through your customer portal, helping you stay on top of your loan and manage your budget. If you have any questions about fees or charges, our team is here to assist.
ARE THERE PENALTIES FOR EARLY PAYOUTS?
No, ScotPac doesn’t charge penalties for early payouts.
CAN I USE A BOOST BUSINESS LOAN TO START A BUSINESS?
No, you can’t apply for loans to start a business. Our Boost Business Loan is designed for businesses that have been trading for at least 12 months and can demonstrate consistent sales. However, if your business is already operating and you’re looking to purchase an additional franchise or open a new location, we’d be happy to assist.
HOW DO I APPLY FOR A BUSINESS LOAN?
Applying for a business loan with ScotPac is easy! Simply fill out our 5-minute online application form, submit the minimal required documentation, and our team will be in touch regarding the approval process.
If you have any questions, contact our lending specialists today.
HOW DOES A BUSINESS LOAN WORK?
A business loan is a financial solution designed to help businesses access a lump sum of working capital. This capital can be used to fund growth, manage ongoing cash flow, navigate uncertain economic conditions, or cover unexpected business expenses.
At ScotPac, our business loans are tailored to suit the unique needs of your business, and our finance solutions are flexible to ensure you’re best positioned to achieve your business goals.
HOW LONG DOES IT TAKE TO GET APPROVED FOR A BUSINESS LOAN?
Approval times for business loans can vary. However, at ScotPac, we leverage online technology to provide quick and efficient approval processes.
The online application can be completed in as little as 5 minutes, reviewed by our credit approvals team within one business day – and once approved, funds can be made available within 24 hours
CAN I GET A BUSINESS LOAN WITH BAD CREDIT?
Yes, it is possible to get a business loan with less than excellent credit. While traditional lenders often have strict eligibility requirements, ScotPac offers more flexible options and takes a more holistic view of your business’s risk profile. We consider a range of factors beyond just your credit score – including business potential and monthly turnover.
At ScotPac, we work with you to say “yes” – helping you access the funding you need to succeed. Contact us today to explore your options.