Purchasing equipment or tools
Renovating or fit-outs
Growing or expanding your business
Marketing campaigns or promotions
Developing a website
Buying office or café furniture
Paying tax or BAS lump sums
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:
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.
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.
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.
Prospa offers Small Business Loans of $5,000 to $300,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
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.
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.
Prospa considers the health of a business to determine creditworthiness. For small business loans or lines of credit up to $100,000 no security is required to access the funds. 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.
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).
Apply for a Business
Loan with Prospa.
Same-day decision on
Review and sign your
in 24 hours.
To apply for a Business Loan, you’ll need your ABN/ACN, driver’s licence details, basic details about your business (operating years, structure & turnover) & trading business bank account details.
Your details are protected
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
Our Small Business Loans range from $5,000 to $300,000 and no security is required to access up to $100,000. We offer competitive interest rates with terms between 3 and 24 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 Australian small businesses with over $1.2 billion lent to more than 20,000+ Australian business owners so far. We are Australia’s #1 online lender to small businesses and #1 Best Non-Bank Finance company 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.
EOY 2019 Terms & Conditions
¹No repayments offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan settled between 1 November and 31 December 2019 (inclusive). Customer may elect when to take one 6 week repayment deferral ("Deferral Period") by providing Prospa with no less than two business days’ notice via email to [email protected] or over the phone to 1300 882 867. The Deferral Period must be taken in one 6-week block and must be initiated by the customer. The Deferral Period cannot be taken whilst the customer is in arrears or in Default (under the terms of the loan agreement). Failure to initiate Deferral Period prior to expiry, refinance or early repayment of the loan will result in forfeiture of right to Deferral Period. Deferral Period cannot be transferred to another customer or another loan. Loan term assumes full 6-week Deferral Period is taken, failure or ineligibility to take Deferral Period will reduce the total loan repayment term by a period equal to the Deferral Period. Offer only available to customers who provide connected electronic bank statements. Offer only available to businesses established and operating in Australia. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.
²T&Cs apply, see https://prospa.com/prizedraw. Open to small businesses operating in Australia. Ends: 11:59pm AEDST on 31/12/19. Permits: NSW LTPS/19/39094. ACT TP19/04440. SA T19/1763. Standard credit approval criteria, fees, terms and conditions apply. Australian Credit Licence 454782.
ºProspa uses a risk-based pricing model to determine applicable rates using factors such as industry, years in business, cash flow and creditworthiness. Rates for small business loans range from 9.9% to 26.5% Annual Simple Interest Rate and equivalent Annual Percentage Rates (APRs) of 17.8% to 47.7%. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings. Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to Prospa’s small business loan product only. Prospa’s Line of Credit product has APRs from 14.95%-29.95%. Quoted rates are current as at date of publication.