Prospa Small Business Loan

Up to $150K for unexpected expenses or a one-off purchase.

  • Minimum 6 months trading to apply
  • Funding possible in 24 hours
  • No asset security required upfront to access Prospa funding up to $150K

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The stress-free loan for Aussie business owners

Forget all the hassle of traditional lenders, this time tomorrow you could have up to $150K for an unexpected opportunity or to cover working capital. That’s right, quick application, speedy decision and funding is possible in just 24 hours.
Plus, we have fixed rates to give you budgeting confidence.

Learn how a Prospa Small Business Loan works

  • A lump sum between $5,000 and $150,000
  • Terms from 3 to 24 months
  • Daily or weekly repayments
  • Early payout discount available
  • Funding possible in 24 hours
  • Fixed rates so you know where you stand
  • No asset security required upfront to access Prospa funding up to $150,000

Helping eligible small businesses
cover unexpected expenses

Here’s how Aussie small businesses trust Prospa to provide funds to help keep them moving.

  • Support working capital
  • Cover invoice gaps
  • Renovate or refit your premises
  • Purchase urgent stock
  • Repair equipment or machinery
  • Buy office or café furniture
  • Pay staff or suppliers
  • Marketing campaigns or a website
  • Manage late paying customers

A faster, easier approach to business lending

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Check if you qualify

If your monthly turnover is more than $5,000 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 $250,000).

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Get back to business

24/7 access via the Prospa Mobile App and Customer Portal.

“Prospa helped change the course of our business, allowing us to grow at such a critical time and making what seemed impossible, possible.”

Nadine Mackle
The Pool and Yard Man, QLD

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FAQs about Prospa Small Business Loans

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
  • 6 months of bank statements

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. The Prospa Small Business Loan offers amounts up to $150,000 but you can apply for any of our products which offer funding up to $500,000.

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.

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.

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 $150,000 with terms between 324 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 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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