Small businesses are the backbone of Australia and our economy, with small businesses making up over 90% of total businesses in Australia and accounting for over 70% of our workforce. That is why at Prospa we’re committed to ensuring our business loans requirements are as accessible as we can make them.
When applying for funding at Prospa, we aim to keep our requirements as simple as possible to reduce unnecessary hassle for small businesses. After you submit an online application, our business lending specialists will assess your unique business circumstances before approving any loan type or amount.
Prospa’s business loans requirements
We pride ourselves on ensuring we provide upfront, clear and relevant information about our low-risk loans while providing the best-value customer service we can.
We’ve helped thousands of small business owners achieve success by making our funding accessible with simple business loans requirements. We know what it’s like to run a small business, that’s why we offer quick decisions and require no upfront asset security for Prospa funding up to $150,000. Check out the basic documents required for business loan applications.
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Prospa can help small businesses like yours
Business loan requirements can often be complicated and tiresome. Business lenders like Prospa can help by making the application process easy and offering fast decision-making with funding possible in 24 hours.
A Prospa Small Business Loan enabled Karinya Diesel Services (KDS) to level up their business in rural Queensland, growing by 60% over 12 months. KDS is an innovative automotive repair business founded in 2015 run by Kim and Frank Malone, a husband and wife team. After experiencing steady growth, Kim and Frank were ready to grow and make their dreams a reality. They needed to cover inventory costs, hire additional staff, and ensure cash flow issues wouldn’t hold them back.
Unable to secure funding from traditional banks because they were seen as earning too little income, they turned to Prospa.
Prospa’s simple business loans requirements enabled Kim and Frank to access the funding they needed to bring their vision to life, and they’ve never looked back. Feeling financially secure has empowered the KDS team to go from strength to strength in their small business journey.
Key features of Prospa’s small business loans
Prospa’s small business loans come with the loan features small businesses are looking for:
- Easy application process with funding possible in 24 hours
- Borrow a lump sum between $5,000 and $300,000
- No upfront asset security required to access up to $150,000 of Prospa funding
- Business loan interest rates based on your business circumstances
- Fixed loan terms between 3 and 36 months
- Fixed weekly repayments
How to use your business loan
Whether you hit an unexpected obstacle or you want to scale, an SME business loan can help you borrow money when you need it most.
Consider applying for a small business loan if you want to do the following:
- Scale your business
- Invest in inventory upfront
- Purchase or upgrade machinery and equipment
- Manage cash flow between invoicing
- Pay staff and suppliers
- Upgrade your digital infrastructure
- Remodel or renovate your premises
- Invest in marketing and communications
With a small business loan, you can ride out any situations that arise and respond to great opportunities with the peace of mind that you have funds if, and when, you need them.
Are you eligible for Prospa’s small business loan?
To apply, you need to meet our eligibility criteria for business loan requests:
✓ Are you an Australian citizen or permanent resident?
✓ Are you over the age of 18 years?
✓ Do you own an Australian business with a valid ABN/ACN?
✓ Can you demonstrate a minimum monthly turnover of $6K?
If you have any questions at any stage, don’t hesitate to connect with our team. Our simple business loan requirements are all we need to complete an initial review of your request for business financing.
Talk to Australia’s #1 online lender to small business
We’re Australia’s #1 online lender to small business.
Fast application and decision, and funding possible in 24 hours on flexible options up to $500K.
Locally focused BDMs backed by a team of dedicated Business Lending Specialists who get to know your client’s business.
We aim to keep business loans requirements to a minimum, but there are a few factors we require before we can make a fair assessment of the lending capacity of your business.
In addition to basic eligibility for a business loan, different loan brackets will require different details.
- Loans under $150,000 will also require a driver’s licence and BSB and account number.
- If your loan is above $150,000, there will be some additional documentation including basic business details like monthly sales and trading time.
A Prospa business loan has no hidden fees so you’ll know exactly what you need to pay and when it needs to be paid. The interest rate for your loan will depend on your business circumstances, and there’s no compounding interest or additional fees if you make your repayments on time. You can make additional repayments when you like, and even save money by paying the loan out early.
This will depend on your circumstances and the type of loan that you are approved for. If you’re approved for a loan with us, your business lending specialist will keep you informed of how often you can make repayments and other terms and conditions of your loan.
Awards, thanks to you
It’s nice to know we’re doing something right
|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|