Business Loans Requirements

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.

Join over 6,600 very happy Prospa customers today.

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 daily or weekly repayments

Apply online now or check out our business loan calculator.

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 6 months of trading for a new business (or 3 months if purchasing an existing business) with a minimum monthly turnover of $5,000?

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

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.

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Flexibility

Fast application and decision, and funding possible in 24 hours on flexible options up to $500,000.

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Support

A dedicated Business Lending Specialist will get to know you and your business and provide a personalised solution.

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Confidence

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

Or call us at 1300 882 867. Our team is available to support you.

FAQs

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.

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