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. 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. 

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.