Focus on your business with a small business loan to cover one-off expenses or invest in your business.
With Prospa’s Small Business Loan you can spend more time focusing on plans to grow your business and less time worrying about how you’ll fund them. We’ll help you make sure you never miss an opportunity again.
Fast & Simple
- Fast application and decision
- Funding possible in 24 hours
- Minimal documentation to apply for up to $150,000
Flexible
- Borrow $5,000 to $300,000
- Pay daily or weekly over 3-24 months
- Repayments that suit your cash flow
Support
- Business lending specialists support
- Mon–Fri 8:30am–7pm (AEST) & Sat 10am–3pm (AEST)
- Stay informed with our Resource Hub
A fixed-term loan to help you grow your business
A Prospa Small Business Loan is a lump sum over a fixed term with a streamlined application process, quick approval and repayments tailored to your cash flow. Apply for $5,000 to $300,000 to cover one-off expenses or to invest in your business to help it grow.
Perfect for…
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
“Apart from the fact it was easy, it was personal. With Prospa, they were really really interested in my business, and that was the big difference.”
Nyoli Scobie
Truly Tea, NSW
How it works
We use an advanced lending platform developed specifically for the Australian small business environment to evaluate the health of your business. Our team will then advise you of the outcome of your application and the daily or weekly repayment schedule that best meets your needs.
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Loan with Prospa.
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Funding possible
in 24 hours.
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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 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.
LEARN MOREFrequently asked questions
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.
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. Traditional business loans reference an interest rate per annum plus other fees and charges. 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.
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.
Prospa considers the health of a business to determine creditworthiness. For loans up to $100,000 no security is required to access funds. If you continually meet your loan obligations (as detailed in your loan contract document), security will never be required. For loans of over $100,000 Prospa takes security in the form of a charge over assets. Prospa does not generally take a mortgage over a borrower’s home.
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).
TERMS & CONDITIONS: ¹Lowest rate is 9.9% p.a. simple interest rate. Prospa 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% p.a. simple interest rate. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings. Eg. a $10,300 12-month loan (comprising a $10,000 disbursement and $300 origination fee) with a simple interest rate of 9.9% p.a. would have total repayment amount of $11,320. Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to Prospa’s small business loan product only. ²Deferred payment offer available to new and existing approved customers on a new Prospa Small Business Loan settled between 10 June and 30 June 2019 inclusive. No loan repayments required from the eligible loan settlement date to 21 July 2019 (inclusive). Loan repayments begin on 22 July 2019. Total loan repayment term will be extended by the time equal to your loan payment deferral period. Offer only available to customers connected to electronic bank statements. Offer only available to businesses established and operating in Australia. Offer not available in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.