Fast, easy access
to finance

Xero partners with Prospa
to help your business grow

Get started

Fast, easy access
to finance

Xero partners with Prospa to
help your business grow

Get started

Loans that keep your business moving

Xero and Prospa have partnered to help your business grow. Growth opportunities and unexpected challenges pop up when you’re running a business.

And when it comes to having access to extra funds, timing makes all the difference. That’s why we offer loans of $5,000 to $300,000 with rates from 9.9% p.a¹, fast turnaround and flexible, cash flow friendly repayments.

Check our qualifying criteria

If your business has a turnover of more than $6,000 per month and can demonstrate 6 months of trading for a new business, or 3 months if you’ve purchased an existing business, we can help you.

Why Prospa?

Trusted and secure small business loans

Advanced security

We use industry-recognised encryption standards and we’re ISO 27001 certified for our commitment to customer privacy.

Trusted by over 19,000 businesses

We’ve already helped thousands of small businesses access the funds they need to grow.

World-class customer satisfaction

We’re backed by a Net Promoter Score of +77, and we have an Australian Credit Licence issued by ASIC.

Over $1 billion in small business loans

We’ve supported Australian businesses with more than $1 billion and counting.

No assets? No worries.

There’s no security required
to access up to $100,000.

Flexible

Borrow between $5,000 and $300,000 with loan terms from 3 to 24 months and cash flow friendly repayments.

Fast

Apply online in 10 minutes with funding possible in 24 hours.

Helpful

Deal with a dedicated Prospa loan specialist from application until funds hit your account.

How it works

We take the work out of getting a business loan in three simple steps

Easy application

Apply online in
10 minutes with
no paperwork.

Fast decision

Get a decision in
hours with funding
possible in 24 hours.

Keep the momentum

Enjoy cash flow friendly
repayments with no
penalties for early payback

What you need to have ready

For loans up to $150,000

– Your Driver Licence number
– Business ABN
– BSB and account number of your main trading account

Need more than $150,000?

You’ll also need some basic financial statements so we can evaluate the health of your business and see what kind of repayments your business can manage without stress.

Ready to apply?

Get started below, or call one of our friendly team today on 1300 975 415. We’re there to help.

Get Started

“It was completely different from dealing with a bank. The very next day I got a phone call saying ‘I’ve got good news, you’ve got your money!’, and that led to my export deal!”

Nyoli Scobie, Owner
Truly Tea, NSW

Watch Video

“It was completely different from dealing with a bank. The very next day I got a phone call saying ‘I’ve got good news, you’ve got your money!’, and that led to my export deal!”

 

Nyoli Scobie, Owner
Truly Tea, NSW

Watch Video

Nyoli of Truly Tea used a small business loan to grow

Get started with a Prospa
small business loan

We use real-time business data to get you qualified in minutes. There is no obligation to proceed.

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Frequently asked questions

How do I apply?

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. 

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.

How do you charge for a Prospa business loan?

When you apply for our business loan, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate. Our interest rates range from 9.9% to 26.5% per annum simple interest rate and offers vary based on things like your industry, how long you’ve been in business, and the health of your cash flow.

When you take out a business loan with Prospa, the only fee you will incur is an origination fee. There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay and when from day one. There’s no compounding interest, no additional costs for early repayment and no additional fees (as long as you make your payments on time).

If you wish to receive your individual rate from Prospa, you should call on 1300 882 867 or complete our easy online application.

How fast will I get a decision?

Xero’s partnership with Prospa means you can connect your Xero data for a smoother experience. When you apply, you’ll need to provide your bank statements – either through our advanced bank verification system or by uploading PDFs of your last 6 months’ of transactions.

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 the next business day.

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. 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. 

How much can I borrow?

The total amount of your loan will depend on the specific circumstances of your business. Our platform looks at a variety of factors to determine the health of your business – including your Xero data. Based on this information, Prospa may be able to offer you a loan amount up to $300,000.

Is it safe to link my bank account to the Prospa platform?

Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and are ISO27001 certified, validating our commitment to customer data security and privacy. We use an advanced bank verification system link to instantly verify your bank account information online so we can provide a fast response.

What are the fees and repayments?

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. 

What can the Prospa Small Business Loan be used for?

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. 

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 that is payable on your loan. The level of discount applied to your 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 you make the final payment your 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.

Will my information be protected with Prospa?

Protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you. View our Privacy Policy.

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.

Prospa Head Office: Level 1 / 4-16 Yurong Street SYDNEY, NSW 2000