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

Small Business
Loans

Quick access to a lump sum to cover
one-off expenses or invest in your business.

Get Started

Small Business
Loans

Quick access to a lump sum to cover one-off expenses or invest in your business.

Get Started

A fast decision on up to $300K.
That’s the way it should be!

A Prospa Small Business Loan is a lump sum of between $5,000 and $300,000 with fixed repayments that work with business cash flow. The application process is easy and funding is possible in 24 hours.

 

It’s today’s way to borrow.

A fast decision on up to $300K. That’s the way it should be!

A Prospa Small Business Loan is a lump sum of between $5,000 and $300,000 with fixed repayments that work with business cash flow. The application process is easy and funding is possible in 24 hours.

 

It’s today’s way to borrow.

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Quick

So you never miss
an opportunity.

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Uncomplicated

So you can focus on
growing your business.

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Real

So you have the information
and support you need.

What could your business do with a cash lump sum?

  Purchase equipment or tools

 

  A renovation or fit out

 

  Upgrade equipment or machinery

  Grow or expand your business

 

  Marketing campaigns or promotions

 

  Build a website

  Buy office or café furniture

 

  Pay tax or BAS lump sums

More about the Prospa Small Business Loan

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Quick. So you never miss an opportunity

  • A lump sum between $5,000 and $300,000 over a term of 3 to 36 months
  • Apply in 10 minutes with minimal paperwork required (business financials required for over $150,000)
  • Fast decision with funding possible in 24 hours
  • No asset security required upfront to access up to $100,000
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Uncomplicated. So you can focus on growing your business

  • Set repayments (daily or weekly) to work with your business cash flow
  • Early repayment discounts available
  • Check balance wherever and whenever on the Prospa Mobile App and Customer Portal
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Real. So you have the information and support you need

  • A team of Business Lending Specialists available however suits you - phone, email, chat
  • Business resource hub to help you stay informed
  • Competitive rates tailored to the health of your business
  • Transparent fees: 3% origination fee

How it works

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Check if you qualify

If your monthly turnover is more than $6,000 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 (plus business financials for loans over $150,000).

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Get on with business

With funding possible in 24 hours and 24/7 access via the Prospa Mobile App and Customer Portal.

How do I apply?

The application process 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
  • 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.

 

How fast will I get a decision?

Typically, we can provide a response within an hour when applying during standard business hours and allow us to use the advanced bank verification system link which enables us to instantly verify your bank information online. If you choose to upload copies of your bank statements, we can provide a decision in as little as one business day. 

 

How fast will I get the money?

If you apply before 4pm on a business day and your application is approved, it is possible to have money in your account as early as the next business day. 

 

How much can I borrow?

The total amount you can borrow will depend on the specific circumstances of your business. We consider a variety of factors to determine the health of your business and based on this information, Prospa may be able to provide you a loan amount of up to $300,000. 

What can the Prospa Small Business Loan be used for?

A Prospa Small Business Loan can be used for almost any business purpose – including for growth, to take advantage of an opportunity or to support cash flow. For example, it could be used for business renovations, marketing, to purchase inventory or new equipment, as general working capital and much more. Funds from Prospa’s Small Business Loan cannot be used for personal purposes. 

How is the Prospa Small Business Loan different from a traditional business loan?

You can apply for the Prospa Small Business Loan in as little as 10 minutes online or over the phone. Depending on the time of day you apply, approvals can be achieved “same-day” with funds in your account within 24 hours. The Prospa Small Business Loan details the total amount payable upfront including any interest, fees or charges. This is then broken down into either a daily or weekly repayment figure. 

Tell me about the Prospa Small Business Loan?

Prospa offers Small Business Loans of $5,000 to $5,000 with terms between 336 months and cash flow friendly repayments that are either daily or weekly. 

What are the fees and repayments?

What are the fees?

There are no hidden fees for our Small Business loans, and you’ll know exactly how much and when you need to pay from day one. There’s no compounding interest, no penalties for early repayment and no additional fees (as long as you make your repayments on time). 

 

What is your early repayment policy?

You can choose to repay the entire amount of your loan early at any time. 

If you choose to repay your entire loan early, Prospa will provide you with a discount on the remaining interest payable on your loan. The level of discount applied to your early repayment amount will depend on how far you are into the loan term and, provided you are not in default, 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, and the discount will not be applied in respect of any interest payments that are in arrears. Once your final payment for the full balance outstanding has cleared, your loan 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.

 

How do repayments work?

To help you avoid missing repayments we offer repayments that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.  

See more tips for managing small business loan repayments.

 

What is a Simple Interest Rate per annum?

This is your total interest percentage expressed as an annualised rate. This is the amount of interest expressed as a percentage of the loan amount and does not include the cost of any fees. 

 

What is an Annual Percentage Rate?

The Annual Percentage Rate is the rate that can be used to calculate the cost of the loan taking into account the reducing balance of the Loan Amount, expressed as an annual rate. This does not include the cost of any fees. 

Do I need security to access funds?

Prospa considers the health of a business to determine creditworthiness. For Small Business Loans or Business Lines of Credit, no asset security is required upfront to access up to $100,000.

If you continue to meet your obligations under the facility, such as payment obligations (as detailed in your contract), security will never be required. For facilities over $100,000, Prospa takes security in the form of a charge over your assets.

See more on how to get a small business loan – the easy way.

Can I speak to someone about a Small Business Loan?

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

Our operating hours are Monday – Friday: 8:30am – 7pm (AEST) and Saturday: 10am – 3pm (AEST).

Already a customer? Log in to your account

Why Prospa? It’s today’s way to borrow.

No more missing opportunities or scraping through, Prospa can help you access funds for growth opportunities and cash flow support in a fraction of the time and without all the fuss.
 
We’re Australia’s #1 online lender to small business.

“Prospa has been really good for me. They’ve kept me in business, as opposed to maybe finding it too hard and deciding I was going to give it up or sell.”

Julie Wallace
Verdaflore, NSW

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We take the work out of getting a Small Business Loan

We want to help you keep your business moving. Unlike traditional lenders, our entire process puts you in control of getting a Small Business Loan – so you spend less time applying, and more time realising your dreams.

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