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Bizcap Business Loans Review

We review Bizcap, the online business lender committed to providing fast loans, fixed fees and simple to understand terms. Our review explains the fees, pros and cons and everything you need to know to help decide if Bizcap is right for you.
Updated 29 December 2023
Summary of Bizcap
  • Bizcap is a dedicated business loan lender, operating online and over the phone only. 
  • Small Business Loans are available for amounts between $5,000 and $2,000,000. Their purpose is to cover working capital and everyday expenses.
  • Fees: 2.99% is charged on the balance of your loan if you proceed. For example, if your loan was $30,000, the fee would be $900. There are also early repayment fees and default fees.
  • Interest rates: Disclosed after an application is successful. The interest rate is fixed for the life of the loan.
  • Personal Guarantee and Security: Bizcap may require specific security to be granted over assets. Bizcap may take personal guarantees from directors of corporate borrowers and certain individuals. Our summary below explains more details.
  • Decision Process: All funding decisions are achieved by assessing your business's data points, including turnover, profit and loss, business tenure, size and industry sector. The data Bizcap analyses determines the interest rate you'll be offered. Bizcap focuses on bank account transaction data to help reach its decision to whether you'll be approved and what the interest rate will be.
  • Bizcap is an Australian company; it offers an alternative business loans channel to traditional lenders.
  • Unlike banks and traditional lenders, Bizcap offers decisions within 24 hours, although it claims you can hear back within one hour of applications providing you allow your bank information to be verified online.
  • Bizcap's customer support includes phone, email and online chat.
  • Before proceeding with any business loan, always make sure you understand the fees, interest rate, penalties and repayment terms. A business loan, even if unsecured, can become onerous and destroy your margins if you struggle with repayments. Our guide to business loans as more details.

Advertising Disclosure: MoneyHub may receive a payment if you make a purchase on our website. Such commercial arrangements have no influence on our independent reviews of financial products. Please refer to our advertising policy for more details.

Our video below summarises Bizcap and outlines key information around personal security and the risks associated with business loans:
Our Guide to Bizcap
  • In this guide, we analyse Bizcap, an increasingly small and medium-sized business lender.
  • ​Borrowers are attracted by unsecured lending terms, transparent upfront fees (2.99% of the loan amount), competitive interest rates and quick decision making during the applications.
  • The application process is fast, with approval decisions within 24 hours - in most cases, funds can be deposited within 3 hours of the team receiving your application.

In this guide, we look at what Bizcap offers small and medium-sized businesses. We cover:
Compare Bizcap If you're looking to compare Bizcap with other business lenders, our business loans guide has you covered. Our video summary below further explains what you need to know:
Is Your Business Looking for a Loan? Avoid high-interest rates and high fees with our top ​two trusted business lenders:
  • Our business loan research highlighted two leading business lenders that undercut the established competition with fairer interest rates and fees to qualifying business borrowers and a genuine willingness to lend.
  • We suggest contacting Prospa and Bizcap (in that order) to see what interest rate they will offer.
  • Applying takes only a few minutes for each site. There is no obligation to accept any loan offer. However, be aware that the advertised interest rate is not guaranteed, and your credit score may, in some cases, be affected if you routinely apply for loans.
  • The more you compare and enquire (without paying any application fee), the better your chances of finding the best deal. Not all business loans are affordable - make sure you know your options by comparing the market widely.
  • Remember, the interest rate you agree to now makes a huge difference when you repay the loan week after week.
  • Advertising Disclosure: We may receive a commission if you take out a loan, but this does not influence our shortlist or comparison data. Interest rates vary based on each borrower, and assessment times vary.
Christopher Walsh
MoneyHub Founder

Bizcap - Understanding who qualifies for a loan

Our review covers Bizcap's standard business lending.

You can apply for a Small Business Loan with Bizcap if you;
  • Are a New Zealand Citizen (or Permanent Resident)
  • Are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
  • Can demonstrate at least 6 months of trading
  • Can demonstrate that you’re business is turning over $10,000 per month

What can a Bizcap Small Business Loan be used for?
You can use the money for almost any business purpose, including cash flow management, business renovations, marketing, to purchase inventory or new equipment, as general working capital etc. Bizcap is clear that the loan can't be used for personal purposes.

If I apply for a loan, how loan does the approval decision take?
Bizcap claims that they can often provide a response in one hour, as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If your banking details are uploaded using statements, the decision can take 24 hours (in most cases, funds can be deposited within 3 hours of the team receiving your application).

How long does it take to get the money?
Akin to its focus on fast decisions, Bizcap claims that if a loan is approved before 4pm on a business day, you'll be able to access it the following business day.

Compare Bizcap: If you're looking to compare Bizcap with other business lenders, our business loans guide has you covered.

​Benefits of Bizcap's Business Loan Process

Unlike traditional business banking lenders, Bizcap has some unique features:
  1. Fast application process and decision making: Bizcap claims your application should take five to ten minutes from start to submission. This is very different to a bank which will require an appointment.
  2. Working capital and strategic loans: Bizcap offers loans from $5,000 to $2,000,000, depending on your business needs. 
  3. Flexible repayments: Bizcap sets up direct debit repayments which are weekly, with no fees for over-payments or early repayments.

But, be aware:
  1. Fees can be high if you miss payments or default. This is standard with any business lender but it's essential to be aware of to manage your business cashflow and ensure you don't get squeezed by extra charges.
  2. Always compare the offer you receive with other options. Our business loans comparison details 10+ lenders who compete with Bizcap. Even though you may be short of time and need a cash infusion into your business now, it's best to only accept a loan when you've done a full comparison.

Have the best chance of loan success

The speed and success of your Bizcap loan being approved will depend on how much data you provide and how conclusive you are in your application. For the best success, be sure to:
  1. Be honest when answering all questions
  2. Complete every section - leaving blanks can raise issues
  3. Share bank data - Bizcap needs to see your business banking records; having statements available is one option, but also allowing Bizcap to access your live banking data speeds up an application.
  4. Insert the most up to date numbers you have for turnover, expenses, profits, losses and other related personal finance questions.

Compare Bizcap: If you're looking to compare Bizcap with other business lenders, our business loans guide has you covered.

Personal Guarantee and Security

To help understand the full details, we asked Bizcap to explain their security policy in detail. This is their summary:

Bizcap provides both Unsecured and Secured loans to Small Business Owners. When assessing a loan application, Bizcap generally doesn't consider if a prospective customer has specific assets to provide as security. However:
  • If the loan amount is above $30,000 (or any other figure that Bizcap determines from time to time), Bizcap will, under the loan agreement, take a charge. For a corporate borrower and any corporate guarantor, the charge is over all of that entity's present and after-acquired property (that is, the security is not over specific assets but any and all assets that the entity may have). For a sole trader borrower and any individual guarantor, the charge is over its current and future real property; and
  • In certain instances, for example, where the loan, relative to the borrower's cash flow, is of a size that warrants the provision of security over specific assets, Bizcap may require specific security to be granted over those assets.
  • Bizcap may register its security interest(s) under relevant legislation. In addition, Bizcap may take personal guarantees from directors of corporate borrowers, directors of corporate guarantors and certain individuals. No registrations are made in respect of guarantees.

Bizcap - Our Conclusion

Bizcap is an innovative business lending specialist challenging the banks who, in our view, are reluctant to lend. The primary benefit of Bizcap is that decisions are quick and hassle-free, with fast funding. You can also obtain a no-obligation quote before talking to other lenders.

Bizcap is new to New Zealand, so its success will depend on how attractive its borrowing rates are and how good its client service is. If you have used Bizcap, or have an experience to share, please contact our research team.

Compare Bizcap: If you're looking to compare Bizcap with other business lenders, our business loans guide has you covered.
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