How to: Understand your Prospa Statement
If you can’t find the answer to your query below, please email us at [email protected] and one of our friendly customer service team members will contact you.
Terms and Meanings
The Deferral Interest is the amount of interest accrued during any deferral period.
Please note, if the outstanding balance is repaid by the original loan maturity date, this figure is waived.
Deferral Interest is calculated as a percentage of the outstanding principal at the time the deferral was taken, over the period of the extended loan maturity date.
This refers to any accrued and paid during the deferral period and, if applicable, any fees (including late fees or dishonour fees) that may have been incurred during the deferral period. For more details about your fees refer to your contract.
The Disbursed Amount is the amount of funds transferred to your business bank account at the time your loan is settled.
The Excess Application is the sum of any repayments made during the financial year that were different or additional to your scheduled repayments and how this has been allocated to principal, interest and fees.
The Facility Limit is the maximum amount of money that a customer can draw from their Line of Credit facility.
If your statement relates to a Small Business Loan, please refer to the definition for ‘Loan Amount’.
This is the total of any fees paid in the period of the statement.
The Funds Drawn refers to the total amount of funds a customer has drawn down on their Line of Credit as at date of the statement.
The Interest Paid refers to the total amount of the repayments received that have been allocated towards the interest payable within the time period of the statement.
If your statement is for a standard Prospa Small Business Loan, the Loan Amount is the amount of funds transferred to you by Prospa plus the loan origination fee.
If your statement is for a Prospa Back to Business Loan, the Loan Amount is the amount of funds transferred to you by Prospa.
If your statement is for a refinanced Prospa Small Business Loan, the Loan Amount is the outstanding principal from your previous loan plus any new funds transferred plus the loan origination fee.
The Principal Paid refers to the total amount of the repayments received that have been allocated towards the loan principal within the time period of the statement.
If you are refinancing your loan with Prospa, the Refinance adjustment will apply if a pending payment from an old loan is yet to clear on the account and the refinanced loan is settled in the meantime.
In this case, the pending payment will first be applied to any outstanding fees or interest due on the original loan. Any remaining amount of the pending payment will then be applied to the balance of the refinanced loan.
This is the amount of interest from the remaining repayments on the original loan that has been waived.
Non-Servicing Fee is charged when a scheduled direct debit is rejected or declined resulting in a missed repayment. You will be able to find details of the exact fee in your agreement which is dependent on the product you hold.
If you have missed multiple repayments from 15 March to 17 May 2022 (inclusive), it is possible that the Non-Servicing Fees may be charged as multiple transactions which will appear on the same day on your statement or in your Customer portal.
Any questions or concerns about Non-Servicing Fees, please contact our Collections team on 1300 992 698.