Apply for a business loan

Not sure how to apply for a business loan?

We specialise in Australian small business loans between $5K and $150K 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 minimum trading history as well as a minimum monthly turnover of $6K. For business loans of less than $150,000, no asset security is required upfront. For amounts over $150K, your last 2 years financial reporting may be required. 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 minimum trading history and a monthly turnover of no less than $6K. For amounts over $150K, your last 2 years financial reporting may be required. 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. For amounts over $150K, your last 2 years financial reporting may be required.

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. With hassle-free application, this time tomorrow you could have access to funds for growth and cash flow support. It’s just what we do.
We’re Australia’s #1 online lender to small business.

Flexibility

Fast application and decision, and funding possible in 24 hours on flexible options up to $500K.

Support

Locally focused BDMs backed by a team of dedicated Business Lending Specialists who get to know your client’s business.

Confidence

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

FAQs

Frequently asked questions

At the moment, Prospa only lends to established businesses. Part of our standard qualifying criteria for a business loan includes being able to demonstrate minimum 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.

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

We offer loans from between $5,000 and $500,000 and you don’t need to provide upfront asset security to access Prospa funding up to $150,000.

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 a minimum monthly turnover of at least $6K, 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 458 283 or via our website.

Other questions? Talk to a specialist

Awards, thanks to you

It’s nice to know we’re doing something right

Year Award Category
2023 The Adviser Magazine's Product of Choice: Non-Banks Survey Winner, SME under $250K Loan of Choice
2023 The Adviser Magazine's Product of Choice: Non-Banks Survey Winner, SME over $250K Loan of Choice
2023 Contact Centre Magazine Winner, Top 100 Influencers in the Contact Centre Industry
2023 MFAA State Excellence Awards Finalist, Business Development Manager Award – Lender & Support Service Provider
2023 LinkedIn Talent Awards Winner, Best Employer Brand

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