Prospa loan originations up 64%

The ASX-listed company said in its third quarter earnings reports that the gross value of loans in New Zealand surpassed $100 million in the quarter.

Originations had risen 64% from A$19.9 million to A$32.7 million in the past 12 months.

It has launched a line of credit facility in New Zealand to existing customers last month and was looking to bring it to the adviser market soon.

Prospa NZ managing director Adrienne Begbie said the line of credit product gave business owners confidence that they would have money available when needed, without having to pay interest on it until that need arose.

It would also save time in making loan applications each time they needed cash.

Begbie would not say how high the line of credit would go, but said in Australia, the number is A$150,000. 

In reporting its results, Prospa told the Australian exchange that it had a record third quarter with loan originations of A$172.1 million.

This was up from A$120.8 a year earlier.

It produced a closing gross loan book of A$583.6 million.

Founder and co-chief executive Greg Moshal called this a fantastic result which would not have been possible without hard work from the company team and trust and support from its customers.

He said Prospa had “a great business model which would only grow stronger.”