Fast application and decision, and funding possible in 24 hours on flexible options up to $500,000.
A dedicated Business Lending Specialist will get to know you and your business and provide a personalised solution.
Join thousands of Aussie small businesses who thrive with the support of Australia's #1 online lender to small business.
How fast will I get a decision?
Under normal circumstances, we 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 you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
How fast will I get the money?
Under normal circumstances, if you apply before 4pm on a business day and your application is approved, it is possible to have money in your account the next business day.
How much can I borrow?
The total amount of your loan will depend on the specific circumstances of your business. We consider a variety of factors to determine the health of your business and based on this information, Prospa may be able to provide you with funding. Our products offer funding up to $500,000.
How do you charge for a Prospa business loan?
When you apply for a Prospa Small Business Loan or a Prospa Plus Business Loan, we will assess the risk profile of your business in accordance with our lending policies and provide you with a customised offer including loan amount, term and interest rate. Interest rates vary based on things like your industry, how long you’ve been in business, and the health of your cash flow.
With our Small Business loans, the only fee you will incur is an origination fee. There’s no compounding interest and no additional fees (as long as you make your payments on time). You’ll also know exactly how much you need to pay and when from day one.
A Prospa Business Line of Credit has a weekly service fee.
How do repayments work?
To help you keep track we provide a repayment schedule that fits in with your cash flow cycle – either daily, weekly or fortnightly. These are automatically deducted from your nominated business account.
How does the 4 weeks no repayment option work?
When you are approved for a Prospa Small Business Loan or a Prospa Plus Business Loan, you can choose to delay your first repayment for between 1 and 4 weeks if you wish. Some businesses find this provides added flexibility. If you do choose to delay your repayments, the loan term will be extended. For example, if you choose the 4 week option, your term will be extended by 4 weeks at the end.
In addition, interest will accrue from the day you settle until the end of the loan term. The interest that accrues during the no repayment period is capitalised and included in the total interest expense. This then forms part of the regular fixed daily or weekly principal and interest repayments that are due once the no repayment period ends.
If you have any questions, please speak to one of our friendly loan specialists.
Will my information be protected with Prospa?
Is it safe to link my bank account to the Prospa platform?
Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and are ISO27001 certified, validating our commitment to customer data security and privacy. We use a secure bank verification system link to instantly verify your bank account information online so we can provide a fast response.
Do I need security to access funds?
Prospa considers the health of a business to determine creditworthiness. For a Prospa Small Business Loan or a Prospa Business Lines of Credit, no asset security is required upfront to access Prospa funding of up to $150,000.
If you continue to meet your obligations under the facility, such as payment obligations (as detailed in your contract), security will never be required. For facilities over $150,000 (including the Prospa Plus Business Loan), or where your combined exposure to our products exceeds $150,000, Prospa takes security in the form of a charge over your assets.
You can apply for a Prospa Small Business Loan, a Prospa Plus Business Loan or a Prospa Business Line of Credit if you:
For a Prospa Plus Business Loan you’ll need to demonstrate 3 years of trading when you apply.
How to get a business loan?
If you need flexible finance for business, we are Australia’s #1 online lender to small business and we may be able to help. Our dedicated customer support team will understand your business and find a finance solution to suit your circumstances. We work with Australian small business owners from NSW to QLD, Victoria to WA and everywhere in between to take the hassle out of business loans.
Unlike traditional lenders, for amounts up to $250K we don’t require the usual pages of reports, financial statements and business plans when you apply. Instead, we offer a quick online application with a fast decision and funding possible in 24 hours. You only need up to 6 months of bank statements, your ABN and a drivers licence to get started. If you’re applying for more than $250K, you’ll need additional documentation.
If you’re concerned about being baffled by banking jargon, we’ve simplified our loan application process so there’s no more complex terminology around cash flow, low interest loans, fixed rate loans versus variable rates, the loan term, terms and conditions and whether you are in a position to refinance in the future. It’s simple and easy to understand with Prospa.
With Prospa you’ll have a clear understanding of what’s expected, how much your set repayments will be, whether they’re daily or weekly, when they’ll be due, the total amount you’ll pay back by the end of your loan, and your payment options.
Call 1300 882 867 to get started on your business loan application today.
What are alternatives to a business loan?
There are a number of options you can explore when you want to compare business financing options. Here are some to think about:
Do you need a deposit for a business loan?
Some commercial loans require a deposit. And while you don’t need a deposit to apply for a business loan with Prospa, it is a good idea to have a clear understanding of all of your finances before you apply. It’s OK if you don’t have pages and pages of financial analysis to reference. We understand that small business operators are up against it and often struggle to keep up with the paperwork. To apply for up to $250,000, you only need up to 6 months of bank statements, an ABN and your drivers licence.
Do business loans rely on personal credit checks?
Like traditional lenders, Prospa conducts credit checks to look at your personal credit score in conjunction with your business’s financial health. Credit reporting bodies will compile a report on your credit worthiness based on a range of factors which include how many loan applications you have already made, your current credit if you have any, any overdue bills, past bankruptcy if applicable and any pending writs or court judgments.
At Prospa, considering your personal credit score is important, but we also focus on evaluating the financial health of your business. We have developed a complex credit assessment tool which takes into account over 450 separate pieces of information. It’s unique to Prospa and allows us to take the time to really understand how your business operates and what loan amount will be the most applicable to your business’s long-term stability.
If you apply for a loan of $5,000 to $250,000, you need to demonstrate at least 6 – 12 months of trading history through bank statements. If you need $250,000 to $500,000, we’ll require additional financials like a P&L statement. If you are ready to find out how much you can borrow and ready to find a better way to finance your business, contact a member of our friendly customer service team today on 1300 882 867 or fill out a quick and hassle-free online form.
We offer a range of finance solutions that provide fast access to funds and repayments tailored to your business cash flow. Our Small Business Lending Specialists will get to know your business and help you find the right finance solution for your needs to put you in control of your business now and in the future.Learn More
We offer a Business Line of Credit of $2,000 to $150,000 and Small Business Loans from $5,000 to $150,000. No asset security required upfront to access Prospa funding up to $150,000. Whatever your business goals, we offer a range of finance solutions to help you achieve them – with interest rates based on your business circumstances and an early repayment option available.
Join the thousands of small businesses that have received business funds from Prospa. Simply submit your application online or call us on 1300 882 867. One of our friendly lending specialists will work with you to customise a proposal and answer your questions.
At Prospa, we specialise in Australian business lending with a fast and easy business loan application process, offering more flexible small business financing options that works with you to grow your business or support it through the current coronavirus pandemic.
Once your application is approved, funding is possible in 24 hours. There is no cost to apply, no obligation to proceed and no hidden fees.
Whether it’s a business overdraft, equipment finance or cash flow support, we’re passionate about helping small business owners access the money they need to maintain the momentum. Our founders were small business owners themselves and know the challenges of running a small business.
Prospa is Trusted by thousands of Australian small businesses. We are Australia’s #1 online lender to small businesses and ranked #1 Non-bank Finance company in AU & NZ on Trustpilot.
We won Fintech lender of the Year at the MFAA Excellence Awards and topped the FT1000 High Growth Company list for the Asia Pacific region in 2018. Prospa is a proud signatory of AFIA’s Online Small Business Lenders Code of Lending Practice.
We have a network of over 10,000+ distribution partners who help us provide online business finance, including integration partners like Xero and Reckon; as well as brokers, accountants and franchisors around Australia.
There is no cost to apply for our business loans or line of credit, so why not find out whether you qualify now? Call 1300 882 867 or get started on your application today.
Things you should know: No repayment period offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan or Prospa Plus Business Loan settled between 26 April and 30 June 2022 (inclusive). Approved customers can elect to take an optional initial no repayment period of between 1 to 8 weeks, during which interest will accrue but no repayments will be required. Total loan repayment term will be extended by the time equal to the selected no repayment period (1 to 8 weeks) and interest will accrue from the loan settlement date until the end of the term. Interest that accrues on the loan during the no repayment period is capitalised and included in the total interest expense, and forms part of the regular fixed daily or weekly principal and interest repayments due on each payment date following the end of the no repayment period. Offer only available to businesses established and operating in Australia. Offer not available to refinance an existing Prospa loan that is within a no repayment period at the time of application, or in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.