A Prospa Small Business Loan can be used for business purposes like renovations or equipment upgrades, new sites and branches, investing in new products or research and development opportunities, as well as helping to maintain healthy cash flow.
We specialise in offering Australian businesses the opportunity to access funding quickly. We have already helped over 29,400 businesses, investing over $1.65 billion into local businesses throughout country.
Can I get a loan the same day?
Yes! Prospa offer fast decisions on our funding products, including possible same day business loans of between $5,000 and $300,000 . Your business can apply for Prospa funding of up to $150,000 without needing upfront asset security to access the funds – and to make the application process super quick you can provide us with secure electronic access to your bank statements. In addition, you don’t even need to provide business financials such as profit and loss statement for loans under $150,000 . If your application is approved, we will send you a loan contract. Once you have reviewed and all parties have signed the loan contract, your new funds will be released. This means that, as long as everything goes to plan, it is possible to have the business funds you apply for within 24 hours of submitting your application.
How to qualify for a business loan
To qualify for a Prospa “same day business loan”, your business will need a minimum monthly turnover of at least $6,000 and at least 6 months of trading history. Our application process takes under 10 minutes to complete and we will require your active ABN and business account details.
As part of our commitment to a hassle-free loan application, we CAN PROVIDE a fast decision so you know where you stand. It’s a process designed to help Australian businesses access the funds they need, as quickly as possible. Once we have received your signed loan contract, we immediately arrange the transfer of your funds. This means that you could receive your funds within 24 hours or on the next business day. Terms and conditions apply.
If you’re the owner of a small Australian business which has been trading for at least 6 months, and you are looking to access funding via a same day business loan, then apply online with Prospa right now and we’ll get the process started.
Why is it that banks don’t lend to small businesses?
As a small business owner, it can sometimes be challenging to get access to finance from traditional lenders like banks. There are several reasons for this, like insufficient collateral to secure the loan or a debt to income ratio that is outside their accepted level – but mostly it comes down to risk. A small business can be seen as too risky for many traditional business lenders.
If you have been searching for ways to boost your cash flow or pay seasonal casuals, turning to traditional lenders for your small business lending may not be your best option. Although they offer business overdrafts, a business line of credit or short-term commercial loans for these situations, you need to ensure you meet all the lending criteria of the financial institution you are applying to – which can be challenging.
Short-term commercial loans or equipment finance can be used to fund the purchase of new equipment, tools, IT or a business vehicle, yet they too can often be difficult to get from the big banks due to many factors, including the size of your business or the length of the loan term that you are seeking.
Some traditional business lenders offer unsecured small business loans, but the loan amounts can be lower and the qualifying criteria are much tighter due to the lack of security. That means this type of business lending can be harder to come by from the big banks.
You could consider using a business credit card as a handy way to inject a bit of funding into your business or a quick way of covering some short-term costs. This can, however be an expensive option in the long term. Many business owners even use personal credit cards, while others prefer to keep business and personal separate.
If you are looking for finance to support your business cash flow, take up an opportunity or move your business to the next level, you should consider a small business lending specialist like Prospa. We offer flexible loan opportunities designed especially for the needs of small business with cash flow friendly repayment options and dedicated support.
Can you get a business loan without collateral?
If you’re looking for unsecured business loans, there are several options available in the market.
We understand small business owners may not want to use their home as security on a business loan. Our finance options are great if you want to expand into new premises, update machinery or equipment, build a new website, do some marketing or add a new product or service to your offering.
Our team is available Monday to Saturday, and you will get support from a team of Business Lending Specialists. We will discuss business lending options that will help you manage the ups and downs of small business cash flow or support business growth.
How much can you get for a small business loan?
Prospa offers small business loans of between $5,000 and $300,000. No asset security required upfront to access Prospa funding up to $150,000. We have already provided over $1.65 billion in funds to more than 29,400 small businesses around Australia. If you want finance from a small business lending specialist, fill out a quick online application. We’ll get in touch and discuss how Prospa could help your business to thrive.