Prospa offers you a convenient online application as well as a flexible loan to meet your business' needs.
If you're in the market for business financing, you might want to consider this offering from Prospa. You can apply online for a loan between $5,000 and $250,000, and if you're approved you can receive your funds on the same day. The loan is unsecured and repayments are flexible. Find out more about the loan in this review.
How does the Prospa business loan work?
This is an unsecured loan that is designed to help finance business purposes. You can borrow up to $5,000 and terms are for between 0.25 year(s) and 1 year(s). 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.
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 $250,000 – make this loan suitable for a range of businesses and purposes.
- Short loan terms. Prospa offer loans terms between 3-12 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 doesn't charge an annual interest rate because terms are generally less than one year. You'll instead be charged a "factor rate" which is expressed as a decimal figure and not a percent. This figure differs but it is charged to the principal rather than the outstanding balance.
- 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. 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.