Quick access to a lump sum to cover one-off expenses or invest in your business.
Flexible, ongoing access to funds for working capital to cover unexpected cash flow gaps.
Fast decision and funding possible in 24 hours on flexible funding options up to $300,000.
A dedicated Business Lending Specialist will get to know your business and provide a personalised solution.
Join more than 29,400 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 $300,000.
How do you charge for a Prospa business loan?
When you apply for our 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.
When you take out a business loan with Prospa, 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 Line of Credit has a weekly service fee.
How do repayments work?
To help you avoid missing repayments we offer repayments that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.
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 an advanced 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 Prospa’s Small Business Loans or Business Lines of Credit, no asset security is required upfront to access Prospa funding of up to $100,000.
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 $100,000, or where your combined exposure to our products exceeds $100,000, Prospa takes security in the form of a charge over your assets.
You can apply for a Prospa Small Business Loan or Business Line of Credit if you:
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, 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 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:
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.
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 $150,000, 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 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 up to 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.
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 $100,000 and Small Business Loans from $5,000 to $300,000. No asset security required upfront to access Prospa funding up to $100,000. 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 Australian small businesses with over $1.65 billion lent to more than 29,400 Australian business owners so far. We are Australia’s #1 online lender to small businesses and #1 Best Non-Bank Finance company 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 settled between 5 November and 31 December 2020 (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 in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.