In small business, trust goes a long way – especially when it comes to relationships. So when you’re dealing with a finance provider, it’s always better to feel comfortable and informed.
Because all businesses are different, rather than messing around with vague figures and standard interest rates, we’d like to give you an accurate business loan quote based on your unique situation and needs. Get started by filling out our free, no-obligation loan application form below – and we’ll be in touch shortly.
To apply for a Business Loan, you’ll need your ABN/ACN, driver’s licence details, basic details about your business (operating years, structure & turnover) & trading business bank account details.
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The application process for Prospa business loans is easy and fast. Simply complete the online form in as little as 10 minutes. If you are applying for $150,000 or less, you need your driver licence number, your ABN and your BSB and account number. For loans over $150,000, you’ll also need some basic financial statements, like a P&L and cash flow.
A decision on a Prospa business loan can happen in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision on your business loan in as little as one business day.
If you apply for a Prospa small business loan before 4pm on a business day and your application is approved, it is possible to have money in your account the next business day.
We provide loan amounts between $5,000 and $300,000. When you make an application for a specific amount we consider a variety of factors to determine the health of your business and the level of repayments your business can support. The total amount of your loan will depend on the specific circumstances of your business. The Prospa loan calculator gives you an idea of repayments for various amounts borrowed, but you won’t know for sure until after you apply and are approved.
This is a common question, but business loan interest rates vary due to many factors. These include the type of facility (business loan, equipment loan, commercial loan, business overdraft, line of credit, credit card etc), the amount borrowed, what business assets the funds will be used for, whether the funds are unsecured or secured, whether it is a fixed or variable interest rate, and factors such as the industry the business operates in, how long the business has been running, whether the business has sufficient cash ﬂow to support the loan, and the overall ‘health’ or creditworthiness of the business.
The Prospa business loan calculator gives you indicative figures based on an average interest rate, but it’s best to talk to our friendly customer service team to see how they can help you get the best business loan interest rate for your business. We’ve helped businesses across the country with funds to grow and for cash flow support – we could help your business too.
There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay, and when, from day one. There’s no compounding interest, no penalties for early repayment and no additional fees (as long as you make your payments on time).
Prospa doesn’t charge an Application Fee. You can apply for a business loan with Prospa with no upfront cost or obligation to proceed.
We do charge an Origination Fee that covers the costs associated with setting up and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the business loan amount.
You can choose to repay the entire amount of your business loan early at any time. If you choose to repay your entire loan early, Prospa may provide you with a discount on the remaining interest that is payable on your loan. The level of discount applied to your repayment amount will depend on how far you are into the loan term and will be at least 25% of the remaining interest payable on your loan.
There are no additional fees for early repayment and no balloon payment at the end of your loan. Any outstanding late fees or default fees will not be waived. Once you make the final payment your balance will be $0. If you wish to repay the entire balance of your loan early, you should ring Prospa on 1300 882 867 to obtain your early repayment figures and relevant payment details.