Apply for a business loan

Apply for a business loan

Not sure how to apply for a business loan? We specialise in Australian small business loans between $5K and $300K with funding possible in just 24 hours. Terms range between 3 and 36 months and repayments are fixed either daily or weekly to work with your cash flow, there are also early repayment options that could save you interest.

Here, we have answered some common questions you might have about applying for a Prospa business loan – such as what are the credit criteria for a Prospa small business loan, how hard is it to qualify for a Prospa small business loan and do I need a business plan to get a Prospa small business loan. Hopefully this will stop you wondering: ‘Do I qualify for a business loan?’

What are the criteria for a small business loan?

The lending criteria for a small business loan from Prospa include a trading history of at least 6 months as well as a minimum monthly turnover of $6,000. For business loans of less than $150,000 , no asset security is required upfront. If you are applying for business loans of more than $150,000 then you will also need to provide some business financials at the time of your application. All applications require an active ABN and your business account details.

How hard is it to apply for a small business loan?

The application process including to find out whether you qualify for a business loan from Prospa is quick and easy. For starters, you need to be an Australian business with at least 6 months of trading history and a monthly turnover of no less than $6K. We may also ask about any applicable asset security at the time of your application, if required. You will need to provide business financials like your business financial statements for loans over $150K. We’ll also ask you for some identification documentation, like your drivers licence and you’ll need to provide your ABN.

As a responsible business lender, we do a credit check at the time of your application. When you apply, we’ll talk to you about how business is going and what plans you have. Every application that we receive is carefully reviewed and all details relevant to the financial circumstances of your business are taken into consideration. We will only approve a loan if we believe you have the capacity to repay the loan and that the fixed repayments will work comfortably in your cash flow.

Do I need a business plan to get a small business loan?

Applying for funding from Prospa is quick and easy. We won’t ask you for a business plan at the time of your application. And for loan applications under $150K, we usually won’t even ask for your business financials.

How to get a business loan

Getting a business loan from Prospa can be a quick and hassle-free experience. Our online application form can be completed in less than 10 minutes and we specialise in fast decisions. If your application is approved, we will send you a loan contract. Once you have reviewed the loan contract and chosen to accept the offer, we then release the funds, sometimes almost immediately. In many cases, if all goes to plan funds can be received within just 24 hours or the next business day.

Talk to Australia’s #1 online lender to small business

No more compromising or missed opportunities with Prospa by your side. Apply to access funds for growth and cash flow support in a fraction of the time and without all the fuss. It’s what we do.

Australia’s #1 online lender to small business.

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Flexibility

Fast decision and funding possible in 24 hours on flexible funding options up to $300,000.

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Support

A dedicated Business Lending Specialist will get to know your business and provide a personalised solution.

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Confidence

Join thousands of small businesses who thrive with the support of Australia's #1 online lender to small business.

Or call us at 1300 882 867. Our team is available to support you.

Can I get a business loan to buy a business?

At the moment, Prospa only lends to established businesses. Part of our standard qualifying criteria for a business loan includes being able to demonstrate at least 6 months of business trading history. That means, if you cannot supply details of your business’s trading history and a minimum monthly turnover of at least $6K then unfortunately your business may not yet be eligible for a business loan from us.
How to apply for a business loan

It’s quick and easy to apply for a business loan when you choose Prospa. Using our online application form, it takes just 10 minutes to complete and submit. You’ll need to know how much money you are applying for and how much time you wish repay your loan over. Loan terms from Prospa are available for between 3 and 36 months with either daily or weekly repayment options available. Our client focused approach to business finance means that we tailor our repayment schedules to work with your business cash flow. The result is that we’re proud to maintain our 4.9/5 TrustScore with in excess of 29,400 Australian business customers in our journey so far.

Can you get a small business loan without collateral?

Absolutely. To access Prospa funding (loan amounts) up to $150,000, you don’t need to provide asset security upfront to secure your loan.

How much can I borrow for a small business loan?

We offer loans from between $5,000 and $300,000 and you don’t need to provide upfront asset security to access Prospa funding up to $150,000.

Who is eligible for a small business grant?

Prospa doesn’t provide business grants, but we can help you with small business funding. If you are a small business owner with a business that has at least 6 months’ trading history and a minimum monthly turnover of at least $6,000, then you are eligible to apply for a small business loan or a business line of credit.

Business funding from Prospa can be used for many business purposes, from investing in new equipment to finally launching a nationwide marketing campaign. Whatever you have planned for your business growth and stability, we may be able to help you with the funding you need to achieve your business dreams. When you choose to get business funding with Prospa, you will enjoy cash-flow friendly repayments that work with your business and you can manage and maintain your loan 24/7 using our app.

Apply for a business loan from Prospa in under 10 minutes and enjoy a quick and hassle-free experience. If your application is approved, we will send you a loan contract. Once you have reviewed and accepted the loan contract, your business loan funds are released quickly which means that you could have the money your business needs in as little as 24 hours. If you have any further questions about our business loan or our line of credit, then please feel free to get in contact with our business lending specialists on 1300 882 867 or via our website.

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