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Application and process

We pride ourselves on an efficient process that is often much faster than traditional banks. If your funding is urgent and you provide all required documentation, we can deliver a decision within 24 hours on working days. Note that applications submitted on a Friday may not be finalized until the following Monday.
The requirements depend on the loan size. Smaller loans might only require bank statements, while larger loans require financial statements, contracts, or purchase orders. Providing more information that proves your ability to repay can increase your chances of approval.
We look for a strong trading history (at least six months), no bank defaults, and evidence of future income like confirmed orders. We also value financial discipline, such as minimal IRD debt, and up-to-date profit and loss statements showing profitability and liquidity.
By law, all lenders must verify the identity (and sometimes the home address of new customers). We perform these checks for all directors and shareholders with more than a 25% stake, as well as trustees if the shares are held by a trust. We also enquire about any individuals with unofficial control over the business and ask for company constitutions or shareholder agreements.

We offer loans ranging from $20,000 to $500,000. Rather than using a strict formula based on monthly revenue, we assess your overall situation, the reason for the loan, and your ability to meet repayments.
The minimum time in business is six months. However, requirements increase with the loan size:
- Over $200,000: At least one year.
- Over $300,000: At least two years.
- Maximum $500,000: At least five years.
- Start-ups: While we generally require six months of trading, we may consider start-ups if you have a robust business model, immediate income, and are investing significant personal cash.
We hope to say yes, and we’ll consider applications that banks have declined. Banks are often risk-averse with strict criteria. At Zen Finance, we assess applications on their individual merits and are willing to take on more risk if the underlying security and business potential are strong.
No. While credit history is a factor, we take a holistic view of your business's cash flow and equity. We often assist businesses with poor credit scores or past "run-ins" if there is a clear repayment strategy and strong security.
Yes, we’ll still look at your application. We will want to see a payment arrangement in place with IRD (either already, or as a condition of borrowing. We may also be able to help you pay off your IRD debt through your borrowing.

A second mortgage is a loan secured by your property in addition to your existing primary mortgage, allowing you to access equity without changing your current mortgage. This is a vital option when traditional bank funding is exhausted or when unsecured business loans are too expensive.
We accept both commercial and residential properties, including your primary residence or investment properties. While most lenders stop at an 80% loan-to-value ratio (LVR), we may go up to 90% if the application and security are particularly strong.
If a property is co-owned or owned by a trust, all owners or trustees must sign paperwork to provide consent and ensure the security is legally recorded. If you don't own property but have a supportive friend or relative willing to act as a guarantor, they can provide security by signing the necessary legal documentation.
If you fail to meet your repayment obligations, your property could be at risk. We strongly encourage seeking independent legal and financial advice before committing to any agreement.
If your loan is small and short term, and the equity in your property is significant, we may just register a caveat instead. This means that if you go to sell the property, we get informed.

Loan terms typically range from three to 24 months, with shorter terms generally applied to smaller loans. Interest rates vary based on your risk profile; as we take on more risk than traditional banks, our rates tend to be higher.
We can consider that if you can prove a future payment to your business will facilitate the repayment of the original loan. Interest-only terms are for a maximum of six months, though options to roll the loan may be available later.
This means you pay nothing for the first six months of the loan. At the six-month mark, the accrued interest and fees are added to your loan balance. You then choose to repay the new balance in full, pay interest only, or pay principal and interest.
Repayments are made monthly via direct debit. Usually, we do not charge fees for early repayment, but we recommend reading your specific loan agreement carefully as all charges and penalties will be listed there.