Prospa is now open on Saturdays. Call our team between 10am & 4pm to discuss your loan.

Business
Line of Credit

  • Revolving line of credit from $2,000 — $25,000
  • Quick access to working capital when you need it
  • Apply in 10 minutes

Get Started

Business
Line of Credit

  • Revolving line of credit from $2,000 — $25,000
  • Quick access to working capital when you need it
  • Apply in 10 minutes

Get Started

Introductory offer: $0 line activation fee until 2 May 2019 (SAVE $195)¹

Stay in control with a Line of Credit that allows you to confidently manage cash flow fluctuations

With a Prospa Line of Credit you’re always prepared so you can focus on the things you love about your business rather than worrying about cash flow.

Flexible

  • Manage unexpected cash flow gaps
  • Be approved for $2,000 to $25,000
  • Use & reuse as many times as you need throughout the 12-month term

Fast & Simple

  • Access to capital when you need it
  • Funding possible in 24 hours
  • No security and minimal paperwork needed to access the funds

Support

  • Business lending specialists available via phone, email or chat
  • Mon-Fri 8:30am-7pm (AEST) & Sat 10am-3pm (AEST)

Already a customer? Log in to your account

Funds when you
need them

A Prospa Business Line of Credit is a safety net designed to give you the confidence to focus on what you love about your business – without worrying about day-to-day finances. Be approved for up to $25,000, dip in when you need it and pay competitive interest only on what you use, for as long as you use it.

Perfect for…

  Managing fluctuations in cash flow

 

  Paying staff wages

 

  Covering unpaid invoices

 

  Buying urgent stock

 

  Managing seasonal fluctuations

 

  Paying suppliers

 

  BAS payments

Need more than $25,000? See our Small Business Loan

“Our Line of Credit has been brilliant for managing cash flow. It’s quick, easy to use, and I have control over it. I can draw down on my available funds without having to jump through hoops and that gives me peace of mind. It’s simple and flexible, the way it should be”

 

Geoffrey Greenaway — Amore Lighting, NSW

How it works

If you are a small business that needs frequent access to short-term working capital to cover cash flow gaps, take advantage of opportunities, or manage unexpected expenses – a Prospa Business Line of Credit is a great solution.

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Apply for a Line of Credit
with Prospa.

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Be approved
for $2,000 to $25,000.

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Set up access to your
secure online portal.

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Access the funds when
you need them.

Already a customer? Log in to your account

Get started today

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.

seucredYour details are protected

Get ongoing access to funds with a Line of Credit

A Prospa Line of Credit is a safety net designed to give you the confidence to focus on what you love about your business – without worrying about day-to-day finances.

LEARN MORE

Frequently asked questions

What are the costs of borrowing with a line of credit?

With the Prospa revolving Line of Credit there are three different costs: 

  • There is a one-off charge called a Line Activation Fee of $195, which is charged when you first make a draw down.   
  • There is a Monthly Subscription Fee of $25.00 which is charged monthly in arrears from when you first make a draw down. 
  • You pay interest – but only on the funds you have drawn down, and only until you repay those funds. Interest is charged at a fixed rate, calculated daily based on your drawn balance, and charged weekly. The facility limit of your Line of Credit, and your interest rate, will be based on our assessment of your business. Rates for Prospa’s Line of Credit start from an Annual Percentage Rate (APR) of 14.95% p.a. 

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. 

How long is my Line of Credit available?

Your Line of Credit will be available for a period of 12 months provided you make a draw down within the first 4 weeksIf you wish to extend your Line of Credit beyond this 12month 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.

How do I pay back the Line of Credit?

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.

What can the Prospa Line of Credit be used for?

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.

Tell me about the Prospa Line of Credit?

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.

Do I qualify for a Business Line of Credit?

You can apply for a Prospa 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)
Can I speak to someone about a Line of Credit?

Sure thing. Call our friendly team on 1300 220 215.

Our operating hours are Monday – Friday: 8:30am – 7pm (AEST) and Saturday: 10am – 3pm (AEST). Alternatively, you can email us at [email protected].

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.