Need more than $25,000? See our Small Business Loan
Managing fluctuations in cash flow
Paying staff wages
Covering unpaid invoices
Buying urgent stock
Managing seasonal fluctuations
Apply for a Line of Credit
for $2,000 to $25,000.
Set up access to your
secure online portal.
Access the funds when
you need them.
To apply for a Line of Credit, you’ll need your ABN/ACN, driver’s licence details, basic details about your business (operating years, structure & turnover) & trading business bank account details.
Your details are protected
With the Prospa revolving Line of Credit there are three different costs:
Every week we will attempt to Direct Debit your business account for the repayment amount owing that week, any unsuccessful attempt will attract a $25 Dishonour Fee, as well as a Late Payment Fee.
Your Line of Credit will be available for a period of 12 months provided you make a draw down within the first 4 weeks. If you wish to extend your Line of Credit beyond this 12–month period, we will need to re-assess your business situation in case anything has changed. This re-assessment and approval can be done easily over the phone.
When you draw down on your Line of Credit, we will set up an automatic repayment schedule with set weekly repayments over 12 months.
The weekly repayment will comprise interest and a portion of principal (1%) as well as any applicable fees.
So that you don’t need to worry about missing a payment, our set weekly repayments will be automatically debited from your nominated business bank account.
You can choose to simply pay the set weekly repayments, or you can make additional payments at any time to reduce your drawn balance, thus reducing the amount of interest you pay. It’s up to you.
A Prospa Line of Credit can be used for almost any business purpose – including activities that help you manage day-to-day cash flow. For example, it could be used for paying staff wages, covering unpaid invoices, buying urgent stock, managing seasonal fluctuations, paying suppliers and much more. The Line of Credit cannot be used for personal purposes.
Prospa’s Line of Credit gives you access to a convenient and flexible source of funds between $2,000 to $25,000 and you only pay interest on what you use.
You can apply for a Prospa Line of Credit if you:
TERMS & CONDITIONS: ¹$0 line activation fee offer applies to new Line of Credit customers only. Line of credit must be approved and an initial drawdown (min. drawdown of $250) made between 8 April and 2 May 2019 (inclusive). Usual line activation fee is $195. Monthly Subscription Fee of $25 applies. Offer only available to customers with connected electronic bank statements. Offer available on Prospa Line of Credit product only. Not valid in conjunction with any other offer; offer may be withdrawn without notice; standard approval criteria and terms and conditions apply.
We want to help you keep your business moving. Unlike traditional lenders, our entire process puts you in control of getting a Business Loan or Line of Credit – so you spend less time applying, and more time realising your dreams.LEARN MORE
Our business loans range from $5,000 to $300,000 and no security is required to access up to $150,000. Terms are between 3 and 24 months and we customise daily or weekly repayments to suit your cash flow. Loans can be used for any business purpose and we lend to almost every industry in Australia.
Join the thousands of small businesses that have received business loans from Prospa. Simply submit your application online or call us on 1300 882 867. One of our friendly lending specialists will work with you to customise a proposal and answer your questions.
Once your application is approved, funding is possible in 24 hours. There is no cost to apply, no obligation to proceed and no hidden fees.
We’re passionate about helping small business owners access the money they need to grow or manage their cash flow. Our founders were small business owners themselves and know the difficulties of running a small business.
Prospa is the leading online lender in Australia, and we have already provided over $1 billion in business loans to over 19,000 customers. We are a 2017 Telstra Business Award winner for Best Medium Business and ranked as the second fastest growing company in the AFR Fast100 for 2017. We also have an Australian Credit Licence, which means we operate under ASIC regulations.
We have a network of over 7,000 partners who help us provide online business loans, including integration partners like Xero and Reckon; as well as brokers, accountants and franchisors around Australia.
There is no cost to apply for our business loans, so why not find out whether you qualify now? Call 1300 882 867 or get started on your application today.