Business loans
made easy

You can apply for a Business Loan or Business Line of Credit funding with Prospa if you:

• are an  Australian Citizen (or permanent resident)
• are over 18 years, own an Australian business (with a valid ABN/ACN)
• can demonstrate 6 months of trading for a new business (or 3 months if you have purchased an existing business)

If you need flexible finance for business, we are Australia’s #1 online lender to small business and we can help. Our dedicated customer support team will understand your business and find a finance solution to suit your needs. 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, 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 six months of bank statements, your ABN and a drivers licence to get started.

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.

There are a number of options you can explore when you want to compare business financing options. Here are some to think about:

Invoice factoring: This type of finance is also known as invoice finance. It allows small businesses to receive part of their outstanding invoices immediately to help cover costs. It is usually used to maintain cash flow short-term. Prospa doesn’t offer invoice factoring, however if you do need help with your cash flow or a way to boost working capital, then a Prospa loan could be just what you need.

Equipment financing: Equipment loans are a way to finance purchases of equipment for your business. This type of finance is usually secured against the value of the business asset you wish to purchase. This can sometimes help to secure a low rate, although this isn’t always the case. So, if you need to purchase business machinery, IT equipment, tools, or even work vehicles, a Prospa business loan could be a good alternative to equipment finance.

Vehicle finance, Business car loan, Machinery finance: This can be a handy way of updating your fleet vehicles or to cover the cost of large assets like harvesters, excavators, commercial cookers, etc. A Prospa small business loan may be able to cover these items, talk to us today to find out more.

Business overdraft: Also known as a business line of credit, this handy type of finance can help small businesses cover short-term cash flow gaps. It is often used to cover bills like payroll which can fluctuate if you employ seasonal casuals. It’s also useful to pay suppliers on time if you’re waiting for your own invoices to be paid by your customers.

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 $150,000, you only need 6 months of bank statements, an ABN and your drivers licence

Like traditional lenders, Prospa conducts credit checks to look at your personal credit score in conjunction with your business 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, we don’t rely solely on your personal credit score, we focus on evaluating the 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 $150,000, you need to demonstrate 6 months of trading history through bank statements. If you need $150,000 to $300,000 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.