Our ProspaPay trial has now ended

Prospa is no longer offering the ProspaPay product.

Despite the disruption of COVID-19, the successful trial provided us with significant amounts of data and insights into the small business payments sector. We see huge opportunity in this space and our trial of ProspaPay will be used to inform the next iteration of our small business cash flow and payments solutions.

Need a cash flow solution for your business?

We’ve helped thousands of small businesses with funds to seize opportunities or to support cash flow. A Prospa Business Line of Credit offers flexible access to funds when you need them.

  • Line of Credit between $2,000 and $150,000
  • Use and reuse as often as you like during the 12 month renewable term
  • Only pay interest on the funds you use, while you use them
  • Pay suppliers and invoices using PayAnyone
  • Apply in 10 minutes with minimal paperwork
  • Fast decision with funding possible in 24 hours
  • Dedicated business lending specialist
  • No asset security required upfront to access Prospa funding up to $150,000

A faster, easier approach to business lending


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Check if you qualify

If your monthly turnover is more than $5,000 and you have over 6 months trading history, you’re ready to go.

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Apply in 10 minutes

You need an active ABN, business bank account details & driver licence details.

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Get back to business

With optional no repayments for the first 8 weeks and 24/7 access via the Prospa Mobile App and Customer Portal.

“When I’m waiting for the next invoice payment to come through, it’s nice to have the Prospa Line of Credit to know I can keep things moving in the meantime.”

Josh Secomb
Broad Reform, NSW

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FAQs about the Prospa Line of Credit

With the Prospa Line of Credit you pay:

  • A Weekly Service Fee is charged weekly from the date of Settlement.
  • Interest, but you only pay interest 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 (i.e. the amount of your facility that has been drawn down and not repaid), and interest is charged weekly. The facility limit of your Line of Credit, and your interest rate, will be based on our assessment of your business.
  • 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.

Tell me about the Prospa Business Line of Credit?

Prospa’s Line of Credit gives you access to a convenient and flexible source of funds between $2,000 to $150,000 and you only pay interest on what you use, while you use it.

How long is a Prospa Business Line of Credit available?

Your Line of Credit will be available for a period of 24 months. If you wish to extend your Line of Credit beyond this 24-month period, we will need to re-assess your business situation in case anything has changed.

What happens at the end of a Prospa Business Line of Credit term?

On or before the end of the 24-month term you can choose from the following options:

  • you can apply to renew your Line of Credit for a further 24-month term; or
  • you can arrange to close your Line of Credit.

If you elect to renew your Line of Credit for a further 24-month term, we will need to complete a new assessment to check whether there have been any changes in your business. If you are approved, you can also review your facility limit based on your business’s current needs.

If you elect to close your Line of Credit at the end of the term, there are two possible options available to you to repay the outstanding balance:

  • you can elect to repay the entire outstanding balance at the end of the term. This can be done in one lump sum payment via BPay.
  • if you are eligible, you may elect to repay your outstanding balance on a 52-week repayment plan. This repayment plan will commence immediately after your Line of Credit term finishes. At this time, your access to the facility will be suspended and the outstanding balance of your Line of Credit will be divided into 52 instalments. These instalments will be direct debited from your bank account each week along with that week’s accrued interest and Weekly Service Fee until your outstanding balance is paid down to $0. Interest will accrue on the outstanding balance throughout the 52 weeks at the same rate as your Line of Credit. To be eligible for the 52-week repayment plan you must not be in arrears at the end of your Line of Credit term.

If you do not select an option on or before the date on which the term ends or you apply for and are not approved for a term extension, your Line of Credit will be closed and, if eligible, you will be placed on the 52-week repayment plan.

How do I pay back a Prospa Business Line of Credit?

We will set up an automatic repayment schedule with set weekly repayments over 24 months. The weekly repayment will comprise interest and a portion of principal as well as any applicable fees, such as the Weekly Service Fee.

So that you don’t need to worry about missing a payment, your 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.

How do I access the Prospa Business Line of Credit?

There are two ways to access and use your Prospa Line of Credit:

  • Via the Prospa online portal
  • Via the Prospa mobile app

Once you have logged in, you will be able to view transactions, draw down funds to your nominated business bank account, directly pay invoices and suppliers and much more.

Visit our getting started page for more details.

What can the Prospa Business 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.

Am I eligible for a Prospa 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 Prospa Business Line of Credit?

Sure thing. Call our friendly team on 1300 882 867.

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