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 $100,000 , 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.