Business LoansFast, easy, flexible
Compare our business loans
For fast funds
Small Business Loan
- From $5K up to $150K
- Up to 3 year terms
- Easy application and funds available same-day
- No upfront security required
- Unlimited extra repayment to save on interest
For big plans
Business Loan Plus
- From $150K to $500K
- Up to 5 year terms for lower weekly repayments
- Same day approvals on funding up to $250K
- Security may be required for over $150K in Prospa funding
- Unlimited extra repayment to save on interest
How it works
Apply in minutes
Get a fast decision
Access your funds
Or consider a Line of Credit
Why Prospa
About us#1
online lender to small business in Australia
12+
over 12 years of experience
$4B
Small business loans
50K
over 50K business funded
How our customers have put their funds to work
Read customer storiesGetting into the details
Is my business eligible?
At Prospa, your eligibility depends on a few key factors. Your business must meet our minimum criteria:
- For most industries, 12 months trading history
- Minimum monthly turnover of $6K
- Business owner must be 18+ years
- Business owner must be an Australian citizen or permanent resident
We’re here to help, so feel free to get in touch and our team will check if you qualify.
How do I apply?
Simply complete our online form in as little as 10 minutes and get a decision within a business day – often just a few hours. For all applications, you’ll need:
- Your driver’s license
- Your ABN
- Your BSB and account number
- Bank statements
- Some basic financial statements like a P&L and cashflow, for loan amounts above $150K
How much can I borrow?
The amount you can borrow depends on several factors, including the financial health of your business, revenue projections and creditworthiness. Discover which of our products suit your business needs:
- Prospa Small Business Loan – Borrow from $5K to $150K
- Prospa Business Loan Plus – Borrow from $150K to $500K
- Prospa Business Line of Credit – Ongoing access to $2K to $500K
What is the interest rate?
When you apply for our business loan, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate.
Our interest rates are determined based on various factors, including your industry, how long you’ve been in business, your credit history and the health of your cash flow.
Speak to one of our specialists and they will work to find a solution that suits your individual business needs.
Are there any fees?
There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay and when from day one.
You can apply for a loan with Prospa with no upfront cost or obligation to proceed.
When you take out a business loan with Prospa, the only fee you will incur is an origination fee, which covers the costs associated with setting up and managing the loan (as long as you make your payments on time).
Do I need security to access funds?
For our Prospa Small Business Loan and Prospa Business Lines of Credit, no asset security is required upfront to access up to $150K.
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 $150K, Prospa takes security in the form of a charge over your assets.
Can I pay out the loan early?
You can choose to repay the entire amount of your business loan early at any time. You can also choose to make unlimited extra repayments to help pay off your loan faster.
If you choose to repay your entire loan early, Prospa may provide you with a discount on the remaining interest that is payable on your loan.
The level of discount applied to your repayment amount will depend on how far you are into the loan term and will be at least 25% of the remaining interest payable on your loan.
FAQs
Common questions answered
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 $500K.
How do you charge for a Prospa business loan?
When you apply for a Prospa Small Business Loan or a Prospa Plus 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.
With our Small Business loans, 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 Business Line of Credit has a weekly service fee.
How do repayments work?
To help you keep track we provide a fixed weekly repayment schedule. All repayments are automatically deducted from your nominated business account.
Will my information be protected with Prospa?
Protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you. View our Privacy Policy.
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 a secure 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 a Prospa Small Business Loan or a Prospa Business Lines of Credit, no asset security is required upfront to access Prospa funding of up to $150K.
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 $150K (including the Prospa Plus Business Loan), or where your combined exposure to our products exceeds $150,000, Prospa takes security in the form of a charge over your assets.
You can apply for a Prospa Small Business Loan, a Prospa Plus Business Loan or a Prospa Business Line of Credit 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) for a Prospa Small Business Loan or Prospa Business Line of Credit.
For a Prospa Plus Business Loan you’ll need to demonstrate 3 years of trading when you apply.
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, for amounts up to $250K 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 applying for more than $250K, you’ll need additional documentation.
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 $250K, 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’s financial 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, considering your personal credit score is important, but we also focus on evaluating the financial 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 $5K to $250K, you need to demonstrate at least 6 – 12 months of trading history through bank statements. If you need $250K to $500K, 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.