New unsecured loan offer as BNZ chases SME market
BNZ is offering small businesses unsecured loans of up to $50,000 on digital only applications through its new Merchant Flexi Loan.
The small loans are not being offered through mortgage or business loan advisers as the bank appears to be making a concerted effort to match SME lending from non-bank lenders such as Prospa, Scotpac, Bizwise and Zip.
The bank says it is offering eligible businesses a simple way to manage cash flow and fuel growth, with no interest and just a one-off fee.
Using its digital platform it can take as little as three minutes for a business to get approval for a loan, Karna Luke, BNZ customer products and services executive says.
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