You believe small business makes a big difference, to local communities and to the economy. We believe it too. That’s why we offer flexible small business loans to invest in business growth or for a one-off expense.
Plus, we’re pleased to announce that our Small Business Loans now come standard with the option of no repayments for the first 4 weeks. So borrowers get some breathing space upfront, and we’ll extend the term at the other end (interest will accrue from the settlement date to the end of the term).
If your monthly turnover is more than $6,000 and you have over 6 months trading history, you’re ready to go.
You need an active ABN, business bank account details & driver licence details (plus business financials for loans over $150,000).
With optional no repayments for the first 4 weeks and 24/7 access via the Prospa Mobile App and Customer Portal.
Leave your details below and one of our Business Lending Specialists will get in touch to help you find a solution that matches your needs.
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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:
How fast will I get a decision?
Under normal circumstances, we can often provide a response 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 in as little as one business day.
How fast will I get the money?
Under normal circumstances, if you apply before 4pm on a business day and your application is approved, it is possible to have money in your account the next business day.
How much can I borrow?
The total amount of your loan 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 with funding. Our products offer funding up to $300,000.
Do I need security to access the 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 $150,000.
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 $150,000, or where your combined exposure to our products exceeds $150,000, Prospa takes security in the form of a charge over your assets.
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 business 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.
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 and no additional fees (as long as you make your repayments on time).
Please note, not all amounts, term lengths or rates will be available to all applicants. Interest rates vary due to factors including the amount borrowed, 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.
How does the 4 weeks no repayment option work?
When you are approved for a Prospa Small Business Loan, you can choose to delay your first repayment for between 1 and 4 weeks if you wish. Some businesses find this provides added flexibility. If you do choose to delay your repayments, the loan term will be extended. For example, if you choose the 4 week option, your term will be extended by 4 weeks at the end.
In addition, interest will accrue from the day you settle until the end of the loan term. The interest that accrues during the no repayment period is capitalised and included in the total interest expense. This then forms part of the regular fixed daily or weekly principal and interest repayments that are due once the no repayment period ends.
If you have any questions, please speak to one of our friendly loan specialists.
What is your early repayment policy?
You can choose to repay the entire amount of your loan early at any time.
If you decide to do this please speak to our friendly business loan specialists on 1300 882 867. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.
A different calculation applies for businesses who entered into a loan contract before 1 October 2020. If this is you, 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. Please call us on 1300 882 867 to find out more.
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 $300,000 with terms between 3 – 36 months and cash flow friendly repayments that are either daily or weekly.
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.
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)
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.Learn More
We offer a Small Business Loan. Our Small Business Loans range from $5,000 to $300,000. No asset security required upfront to access Prospa funding up to $150,000. We offer competitive interest rates with terms between 3 – 36 months and we customise daily or weekly repayments to suit your cash flow. Small Business Loans can be used for any business purpose and we lend to almost every industry in Australia.
Join the thousands of small businesses that have received business loans from Prospa. Simply submit your application online or call us on 1300 882 867. One of our friendly lending specialists will work with you to customise a proposal and answer your questions.
Once your application is approved, funding is possible in 24 hours. There is no cost to apply, no obligation to proceed and no hidden fees.
We’re passionate about helping small business owners access the money they need to grow or manage their cash flow. Our founders were small business owners themselves and know the challenges of running a small business.
Prospa is Trusted by thousands of Australian small businesses. We are Australia’s #1 online lender to small businesses and ranked #1 Non-bank Finance company in AU & NZ on Trustpilot.
We won Fintech lender of the Year at the MFAA Excellence Awards and topped the FT1000 High Growth Company list for the Asia Pacific region in 2018. Prospa is a proud signatory of AFIA’s Online Small Business Lenders Code of Lending Practice.
We have a network of over 10,000+ distribution partners who help us provide online business finance, including integration partners like Xero and Reckon; as well as brokers, accountants and franchisors around Australia.
There is no cost to apply for our business loans or line of credit, so why not find out whether you qualify now? Call 1300 882 867 or get started on your application today.
Things you should know: No repayment period available to approved customers who settle a new or refinanced Prospa Small Business Loan. Approved customers can elect to take an optional initial no repayment period of between 1 to 4 weeks from the loan settlement date, during which interest will accrue but no repayments will be required. Total loan repayment term will be extended by the time equal to the selected no repayment period (1 to 4 weeks) and interest will accrue from the loan settlement date until the end of the term. Interest that accrues on the loan during the no repayment period is capitalised and included in the total interest expense, and forms part of the regular fixed daily or weekly principal and interest repayments due on each payment date following the end of the no repayment period. Not available to refinance an existing Prospa loan that is within a no repayment period at the time of application. Product settings may be amended or withdrawn without notice.