Business Loan Requirements
Prospa simplifies funding with unsecured loans up to $150K approved in 24 hours. Manage cash flow, invest, or cover expenses with tailored loans and flexible repayments to suit your business.
- Simple business loan requirements for fast funding
- Unsecured loans up to $150K, approval in 24 hours
- Tailored repayment options to match your cash flow

Eligibility Criteria for a Prospa Business Loan
We know you don’t want to jump through hoops to get the funding you need. That’s why we’ve kept our eligibility criteria simple and straightforward:
- Be an Australian citizen or permanent resident.
- Be over the age of 18.
- Own an Australian business with a valid ABN/ACN.
- Have a minimum monthly turnover of $6K.
For our Plus loans, the requirements are a bit different to ensure we can provide the necessary funding for larger projects. You’ll need to:
- Be trading for at least three years.
- Have an annual turnover of $1 million.
- Own property.
These criteria allow us to offer loans that fit your business’s unique needs so you can get the funding you deserve without any unnecessary red tape. We believe in making this process as easy as possible because you’ve got enough on your plate.
Borrow from $5K up to $150K
Funding possible within hours
Easy application
Apply in 10 minutes with minimal paperwork
No upfront security
No need to put your house or other assets down as security to access up to $150K in Prospa funding
Flexible terms
Make unlimited extra repayments to save on interest and pay off your loan faster
Required Documentation
We get it—running a small business means you’ve got a lot to juggle. That’s why our documentation requirements are minimal and designed to save you time. For most loans, all you’ll need is:
- Your recent trading figures.
- Your ABN.
If you’re applying for a loan over $150K, we may also need your last two years of financial reports and 12 months of bank statements. For Plus loans, we’ll also require your ATO portal access.
But don’t stress—there’s no need to prepare a business plan or navigate complex financial hoops. Our goal is to make this process as straightforward as possible for you.



01
Apply in minutes
Apply in minutes

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Get a fast decision
Get a fast decision

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Access your funds
Access your funds
How to Use Your Prospa Business Loan
A Prospa loan can be used for nearly any business purpose. Whether you're looking to expand, purchase new equipment, or just manage cash flow between invoices, a business loan from Prospa can help. Here are just a few ways you can put your loan to work:
- Scale your business by investing in new products or locations.
- Purchase or upgrade essential machinery or equipment.
- Keep your cash flow smooth, even during slow periods.
- Invest in marketing to attract new customers.
- Renovate your premises or enhance your digital infrastructure.
Whatever your business needs, Prospa has a solution that works for you.

Success Stories
We’ve helped thousands of Australian businesses just like yours thrive, grow, and overcome challenges. Here are a few examples:
Angelli Morilla, Tita’s Cakes:
Angelli used her Prospa loan to expand her business during a surge in demand, allowing her to secure a delivery vehicle and open her first store. “Prospa helped me take my business to the next level.”
Donna Skavlos, Donna’s Beauty Cottage:
Donna found the loan process with Prospa seamless and efficient, enabling her to stock up for the busy holiday season and plan for future growth. “It was quick and easy—the support from Prospa made all the difference.”
Sacha Alagich, Escape to Paradise:
Sacha turned to Prospa for help with cash flow gaps, allowing her to meet tax obligations and manage daily operations stress-free. “The flexibility of the loan repayments gave me peace of mind.”
These success stories show how Prospa can help your business seize opportunities, grow, and navigate challenges.
FAQs
FAQs
For a Business Loan or Line of Credit up to $150K, you must have:
- From 6 months trading history
- Monthly turnover of $6K
- Business owners must be 18+ years
- Business owners must be an Australian citizen or permanent resident
For a Business Loan or Line of Credit over $150K, you must have:
- Minimum 2 years trading history
- Annual turnover of $1M
- Property or asset ownership
- Business owners must be 18+ years
- Business owners must be an Australian citizen or permanent resident
For Business Loans we do charge a small establishment fee of 3-3.5%. Provided you continue to meet your loan obligations (as detailed in your contract) this will be the only Prospa fee you will pay.
For a Business Line of Credit, we charge a small fee of 0.046% for ongoing access to funds. For a Line of Credit of $40K, this is less than $3 per day (the cost of a cup of coffee). We do not charge an origination or establishment fee.
A lodgement fee may apply if your loan is secured with collateral.
You can choose to repay the entire amount of your loan early at any time.
If you decide to do this please speak to our friendly business loan specialists on 1300 882 867. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.
Other questions?
Awards, thanks to you
It’s nice to know we’re doing something right
Year | Award | Category |
---|---|---|
2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best short-term loan |
2024 | FINNIES Fintech Australia Awards | Finalist, Excellence in Business Lending |
2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best SME loans less than $250K |
2024 | Great Place to Work | Recognised as one of the Top 10 Best Workplaces in Technology |
2024 | Work180 | Recognised by WORK180 as one of Australia’s top 101 workplaces for women |