Business Loans

No repayments for 6 weeks
when it suits you¹

Offer ends 31 Dec

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We know your time is valuable. Simply complete the form below, for a quick obligation free discussion with a lending specialist.

Thank you for your interest in Prospa.

Fast, easy access to finance

Xero partners with Prospa
to help your business grow

Stock. Staff. Purchases. Promotions. How about this great offer on Small Business Loans to set you up for the busy period.

At Prospa we’ve got your back with a Small Business Loan to cover great opportunities or one-off business expenses. All loans funded by 31 December 2019 come with no repayments for 6 weeks¹, to use when it suits you. It could be now, in the new year or in the months to come. Don’t forget, you’ll also go into the draw to win $6,000².

Fast & Simple

  • Fast application and decision
  • Funding possible in 24 hours
  • Minimal documentation to apply for up to $150,000

Flexible

  • Borrow from $5,000 to $300,000
  • Pay daily or weekly over 3-24 months
  • Rates from 9.9%-26.5% Annual Simple Interest Rate°

Support

  • Business lending specialists support
  • Mon–Fri 8:30am–7pm (AEST) & Sat 10am–3pm (AEST)

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 fast turnaround and flexible, cash flow friendly repayments.

 

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.

Easy application

Apply online in 10 minutes with no paperwork.

Fast decisions

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.

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 24,000+ 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 $1.35 billion in small business loans

We’ve supported Australian businesses with more than $1.35 billion and counting.

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

Get Started

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.

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%-26.5% Annual Simple Interest Rateº 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. 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.

EOY 2019 Terms & Conditions

¹No repayments offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan settled between 1 November and 31 December 2019 (inclusive). Customer may elect when to take one 6 week repayment deferral ("Deferral Period") by providing Prospa with no less than two business days’ notice via email to [email protected] or over the phone to 1300 882 867. The Deferral Period must be taken in one 6-week block and must be initiated by the customer. The Deferral Period cannot be taken whilst the customer is in arrears or in Default (under the terms of the loan agreement). Failure to initiate Deferral Period prior to expiry, refinance or early repayment of the loan will result in forfeiture of right to Deferral Period. Deferral Period cannot be transferred to another customer or another loan. Loan term assumes full 6-week Deferral Period is taken, failure or ineligibility to take Deferral Period will reduce the total loan repayment term by a period equal to the Deferral Period. Offer only available to customers who provide connected electronic bank statements. Offer only available to businesses established and operating in Australia. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.

²T&Cs apply, see https://prospa.com/prizedraw. Open to small businesses operating in Australia. Ends: 11:59pm AEDST on 31/12/19. Permits: NSW LTPS/19/39094. ACT TP19/04440. SA T19/1763. Standard credit approval criteria, fees, terms and conditions apply. Australian Credit Licence 454782.

ºProspa 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% Annual Simple Interest Rate and equivalent Annual Percentage Rates (APRs) of 17.8% to 47.7%. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings. Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to Prospa’s small business loan product only. Prospa’s Line of Credit product has APRs from 14.95%-29.95%. Quoted rates are current as at date of publication.