Finance Bloom Review for Potential Borrowers
Finance Bloom Review for Potential Borrowers
This review of Finance Bloom Business Loans will help you gain a better understanding of Finance Bloom. We look at the factors that differentiate Finance Bloom from its competition. This Finance Bloom review will also detail the products available through financebloom.nz and the requirements that Finance Bloom asks of all potential borrowers.
Finance Bloom Review – Basic Figures for 2022
Website
Logo
Loan Amount
$5,000 to $350,000
Loan Term
6 months to 7 years
Unsecured Loans?
Unsecured Loans are Available
Lender Requirements
Must be at least 18+
Must be a New Zealand resident or visa holder
Non-NZ residents must have a valid work visa, open work visa, or student visa to qualify
Must be in employment and be earning $450 a week
Must have a valid NZ Driver’s licence and passport
Provide full financials such as bank statements and cash flow details
Response Time
Approval normally within one hour. Money in the bank in 24h.
Easy to Apply
Yes, fully online
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.
Finance Bloom Summary
Name: Finance Bloom
Summary
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.
Overall
-
Credibility - 93%
93%
-
Client Reviews - 91%
91%
-
Website - 94%
94%
-
Compatibility - 94%
94%
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