Prospa Business Loan

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Prospa offers you a convenient online application as well as a flexible loan to meet your business' needs.

If you're looking for financing for your business, you might want to consider this offering from Prospa. You can apply online for an unsecured loan between $5,000 and $100,000, or up to $300,000 if you use an asset as security against the loan.

If you're approved you can receive your funds on the same day. The maximum loan term is two years, but repayments are flexible and you can repay the loan early with no additional fee.

Find out more about the loan in this review.

3% origination fee

Upfront Fee

$300,000

Max. Loan Amount

3 months to 2 years

Loan Term

Details

Product NameProspa Business Loan
Min. Loan Amount$5,000
Max. Loan Amount$300,000
Loan SecuritySecured
Upfront Fee3% origination fee
Loan Term3 months to 2 years

How does the Prospa Business Loan work?

This is an unsecured or secured loan that can be used to finance a number of business purposes. You can borrow up to $100,000 on an unsecured loan, or up to $300,000 on a secured loan. Terms are for between 3 months and 2 years.

You can select either daily or weekly repayment terms, depending on what works best for your business. The payments will be deducted automatically from a nominated business account and you can also repay your loan early without penalty.

The features that come with a Prospa Business Loan

Before applying, it's important to consider all the features to ensure it's the right loan for you:

  • Easy application process. You can apply for the business loan online in about ten minutes and receive a response in as little as one hour. If you are approved before 4pm on a business day, you could receive your funds that same day.
  • Range of loan amounts. The amounts available – $5,000 and $300,000 – make this loan suitable for a range of businesses and purposes. However, the maximum loan amount will vary depending on if you choose a secured or unsecured loan.
  • Short loan terms. Prospa offer loans terms between 3 to 24 months. This means you can have the loan repaid without accumulating too much debt.
  • Flexible repayments. You can choose repayments to best suit your business' cash flow. Both daily and weekly repayments are available.
  • Early repayment. You're able to repay your loan early without penalty.

How much will the loan cost?

The following fees and charges should be considered before you apply for your loan:

  • Interest rate. Prospa uses risk-based pricing to determine your rate, which can range from 9.9% p.a. to 26.5% p.a. Your rate is determined by factors including your industry, years in business, cash flow and creditworthiness. The better your business cash flow, experience and credit rating, the lower the rate you're likely to receive.
  • Establishment fee. This fee will be added onto the amount you owe at the beginning of the loan term.
  • Late payment fees and default fees. These will only be charged if you fail to make repayments on time or do not repay your loan.

Here's how to apply with Prospa

If you're ready to submit your business loan application with Prospa, follow the simple online process to get started.

First, check you meet the following eligibility criteria:

  • Have turnover of more than $5,000 per month
  • Be able to demonstrate 6 months of trading history

If you meet these criteria then you just need the following information on hand to complete your application:

  • Loan details. List how much your business needs, how soon it needs it and why you are applying for the loan.
  • Personal details. Your name, contact information and driver's licence number.
  • Business details. Business name, entity type, business address, estimated annual revenue, how long you've been in business and the amount you pay in rent per month.
  • Bank statements. To verify the business' financials, you will need to upload the last three months of your business' bank statements.

Once you send in your application you can receive a response within an hour. If you're approved before 4pm on a business day, you can receive your funds on the same day.

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8 Comments

  1. Default Gravatar
    Pete
    April 11, 2018

    You don’t say what their interest rates are.

    • AvatarStaff
      Jhez
      April 11, 2018

      Hi Pete,

      Thank you for your comment.

      As per checking, Prospa doesn’t charge an annual interest rate. Since their terms are generally less than one year, you’ll be charged a “factor rate” which is expressed as a decimal figure and not a percent. This is charged to the principal rather than the outstanding balance. So the rates will only be given to you when you send an application and provide you computation or quote. I hope this helps.

      Regards,
      Jhezelyn

  2. Default Gravatar
    Joselito
    December 17, 2017

    I already have an ABN and planning to put up courier business with star track or toll. Need to have a van that I can start with. I’m planning to borrow at least 50k. What are the requirements I need to gather and how much is the interest rate if I’m going to get 24 months? Thanks

    • AvatarStaff
      Rench
      December 20, 2017

      Hi Joselito,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      If you are referring to Prospa Business loan, please click on the ‘Go to site’ button on this page to submit your online application and you may inquire about the requirements. Once you send in your application you can receive a response within an hour. If you’re approved before 4pm on a business day, you can receive your funds on the same day.

      You may also compare other business loans on this page. Please click the name of your preferred lender to find out the details and the minimum eligibility.

      Best regards,
      Rench

  3. Default Gravatar
    jung
    November 9, 2016

    is this the same kind of deal similar to the govt. small business connect money grants?

    • AvatarStaff
      Harold
      November 17, 2016

      Hello Jung,

      Actually this loan is designed to help finance business purposes. You can borrow up to $5,000 and terms are for between three and 12 months. Depending on what works best for your business you can select either daily or weekly repayment terms, which will be deducted automatically from a nominated business account. You can also repay your loan early without penalty.

      You may submit your business loan application with Prospa, follow the simple online process to get started. The first step is checking you have the required information on hand:
      – Loan details. List how much your business needs, how soon it needs it and why you are applying for the loan.
      – Personal details. Your name, contact information and driver’s licence number.
      – Business details. Business name, entity type, business address, estimated annual revenue, how long you’ve been in business and the amount you pay in rent per month.
      – Bank statements. To verify the business’ financials, you will need to upload the last three months of your business’ bank statements.

      Once you send in your application you can receive a response within an hour. If you’re approved before 4pm on a business day, you can receive your funds on the same day.

      I hope this information has helped.

      Cheers,
      Harold

  4. Default Gravatar
    Mark
    October 18, 2016

    Is prospa owned by an
    Insto eg Westpac

    • AvatarStaff
      Elizabeth
      October 18, 2016

      Hi Mark,

      Prospa is independent but it does have a partnership with Westpac, allowing Prospa to service Westpac’s customers that the bank can’t.

      Hope this information helps,

      Elizabeth

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