Finance Bloom business loan review

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Consider a business loan from Finance Bloom offering fast financing from 6.35% p.a.

The team of brokers at Finance Bloom offer competitive secured and unsecured business loans from $5,000 to $350,000. If you’re waiting for invoices or looking to purchase a new business asset, we’ll help you decide if a Finance Bloom business loan is right for you.

Details

Product NameFinance Bloom Business Loan
Interest Rate (p.a.)6.35% - 28%
Min. Loan Amount$5,000
Max. Loan Amount$350,000
Loan Term6 months - 7 years
More Info

Pros and cons

Pros

  • Low starting interest rate
  • Pensioners can be approved
  • Student and work visa applications accepted
  • Online application

Cons

  • Maximum interest rate is higher than average
  • Loan not funded directly by Finance bloom

Main points to consider

Business loans can be taken out over a period of between 6 months and 7 years. The minimum loan amount is $5,000. The maximum amount is $350,000.

Depending on the results of the application process, you could be paying an interest rate as low as 6.35% per annum. Finance Bloom’s maximum interest rate is 28%.

Features of a business loan from Finance Bloom

  • Interest from 6.35% p.a. The actual interest rates are determined by the results of your credit score and a few other factors as part of the application screening process.
  • Flexible loan size. You can apply for a business loan for as little as $5,000 and can borrow as much as $350,000.
  • Loan terms. You can choose a loan term of between 6 months and 7 years.
  • Repayment instalment options. Finance Bloom offers daily and weekly repayment plans. Automatic payments can be deducted from your regular banking account for convenience.
  • Access to funds. Once you are approved for a loan, you should have access to the funds within one business day.
  • How much does the loan cost?

    The total cost of your loan depends on a few factors: the amount of principal borrowed, what time period you choose, your credit history and what assets you might be able to secure against the loan.

    As Finance Bloom is a broker, rather than a lender, the exact fees will depend on the lender Finance bloom uses to supply the loan. Finance Bloom tells us the loan establishment fee will vary from $395 - $500 and a monthly service fee of $3-$5 will apply.

    Make sure that you read and understand the terms of the loan agreement. By doing this you’ll be aware of any hidden fees and charges.

    How to apply for a Finance Bloom business loan

    You can apply for a Finance Bloom business loan by clicking the green “Apply now” button below. To be eligible you must, at a minimum:

    • Be a New Zealand citizen, resident or have a relevant visa
    • Have an NZ driver’s licence or passport
    • Evidence of income, such as payslips, bank statements or similar

    Compare business loans

    Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Application Fee
    Simplify Commercial Vehicle Loan
    6.25% - 14.5%
    $5,000
    $500,000
    1 to 5 years
    $0
    $100 - $500, depending on loan amount, lender and term
    Eligibility: Must be 18+, a New Zealand resident or permanent citizen and have an income of at least $500 per month.
    Secured vehicle finance from $5,000 to $500,000.
    Harmoney Business Loan
    6.99% - 24.69%
    $2,000
    $70,000
    3 or 5 years
    $0
    $200-$350 depending on loan size
    Eligibility: Be a NZ resident/citizen and have a good credit score.
    Apply for an unsecured business loan up to $70,000 with no early repayment fees.
    Lending Crowd Business Loan
    5.28% - 20.26%
    $2,000
    $200,000
    2, 3 or 5 years
    $0
    $200 - $1,450 depending on your borrowed loan amount
    Eligibility: Full ownership of your business (with your spouse), over 18 months in business, earn annual sales over $80,000.
    Secured and unsecured loans up to $200,000. 100% online with no paperwork or early repayment fees.
    Prospa Business Loan
    13.9% - 29.9%
    $5,000
    $300,000
    3 months to 2 years
    $0
    2.5% of loan amount
    Eligibility: Be 18+, be a New Zealand citizen or permanent resident, own a business with a valid NZBN. Have a monthly turnover of at least $6,000.
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