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Prospa IQ Guide

A resource to help you generate a quote with Prospa IQ.

Client details

Read the below questions and answers for further information on input requirements within the Prospa IQ client details section.

Sharing your client’s contact information means Prospa is able to run a preliminary credit check to provide a more accurate quote (this will not affect your client’s credit score). Your client will receive an email that references Prospa’s Privacy Policy. To view an example of this email, click here.

No. Sharing your client’s contact information means Prospa is able to run a preliminary credit check to provide a more accurate quote (this will not affect your client’s credit score). Any returning credit score is not made available to you or your client.

Client contact information provided for the purpose of generating a quote will not be marketed to or contacted. However, should you submit a quote as a lead, the client contact details provided will then be marketed to and contacted by Prospa.

Funding and business details

Read the below questions and answers for further information on input requirements within the Prospa IQ funding and business details section.

Enter the ABN or simply type the business entity name and select from the drop-down menu.

If your client has ABN continuation (i.e. moves from Sole trader to a Pty Ltd entity), please enter the current ABN and manually adjust the ‘Total time trading’ field using the drop-down menu.

Industry selection is important for quote accuracy.

In addition to asking your client about the nature of their business, reviewing the business website and bank statements can also be helpful when accurately determining industry and category.

In the instance the business has more than one focus, i.e. a fashion designer may sell direct to customers via their website (indicating a retailer) but also sell directly to retailers (indicating a wholesaler). Select the industry and associated category that best represents the larger proportion of sales.

If you choose to share your client’s date of birth and home address, a preliminary credit check will be requested and the customer will be notified via email. 

Running a preliminary credit check increases the accuracy of the quote without impacting your client’s credit score.

You can manually enter your client’s credit score here also. In the event the business has two directors, please enter the lowest Comprehensive Credit score of the two directors.

Please select yes if there’s at minimum 1 director who owns real estate. Prospa can also consider land only. There is no minimum equity position requirement to consider.

Hint: Prospa can lend up to $150,000 without upfront asset security (no requirement for director(s) to own real estate). To apply for between $150,000 to $500,000, a minimum one director must own real estate.

Dishonours will impact eligibility. Please select from the drop-down menu.

ATO payment plans will impact serviceability.

Hint: If you have access to bank statements, check for monthly tax payments for the same amount.

Monthly revenue and expenses

Read the below questions and answers for further information on input requirements within the Prospa IQ monthly revenue and expenses section.

Please only include verified business income deposited into the bank account, for example EFTPOS or invoice transactions, averaged over the last 6 or 12 months.

Government subsidies, PAYG income and director transfers are examples of transactions to be excluded.

Please only include verified business income deposited into the bank account, for example EFTPOS or invoice transactions, averaged over the last 6 or 12 months.

Please include the rental expense associated with the business premises. You may need to ask your client for this data point rather than rely on bank statements.

Please do not include rental expense or mortgage repayments for the director’s personal residence.

Please enter the total of the businesses financial commitments that remain active. These may include asset finance or car loan, cash flow loan, secured loan, overdraft*, and credit card for example.

Please do not include insurance premium funding, directors’ personal financial commitments such as personal loan or Buy Now Pay Later products, or director loan repayments.

*In the example of overdraft, Prospa appreciates the repayments per month can fluctuate. Suggestion to take an average over the latest 3 months.

No. The requested bank statements will be analysed by our bank statement service and pre-fill the Revenue (Monthly avg), Rental or mortgage expenses (Monthly avg), Number of deposits (Monthly avg) and Financial expenses (Monthly avg) fields. We do recommend reviewing the pre-filled inputs and making any manual adjustments where appropriate.

The most common error is that the service we use to analyse bank statement fails to identify the primary bank account. Please enter the revenue and expenses manually or contact your Business Development Manager for assistance.

Quote summary

Read the below questions and answers for further information on input requirements within the Prospa IQ summary section.

No, you cannot. You can submit PDFs and manual documents and create a new lead by navigating to the top right hand corner of your Partner Portal and selecting ‘New lead’

No. Prospa IQ generates an initial quote summary that is a general guide only and does not constitute an offer or credit approval.

Prospa IQ is designed to provide greater transparency on borrowing capacity, pricing and term for a Prospa Business Line of Credit and Prospa Small Business Loan. The initial quote summary is a general guide only and does not constitute an offer or credit approval. The final offer, including potential declines may vary after a comprehensive assessment and is subject to change based on Prospa’s eligibility criteria and credit policies, and factors such as dishonours, defaults and ATO debts.

No. Generating an initial quote is not recognised as a Lead until ‘Submit lead’ is selected. The Prospa Lead Management Policy is available to view in the Prospa Partner Portal.

Not currently, however you could share the quote summary by taking a screenshot.

Yes, you can contact your Business Development Manager via phone or email to discuss a quote. Please have your client’s business name handy or the Prospa IQ URL. Find your locally focused BDMs contact details here.