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Reckon Business Loan

Borrow from $5,000 up to $500,000 with terms up to 3 years. Loan costs will be determined by the risk profile of your business.

Reckon’s business loan is powered by small business lender Prospa. They offer business loans from $5,000 up to $500,000, with terms from 3 months to 3 years. For funds up to $150,000 no security is required, but you will have to provide security for larger loan amounts. Costs, terms and borrowing amounts will depend on the risk profile of your business. Reckon will take into account your industry, how long you’ve been in business and the overall health of your cashflow. Based on these factors, they will offer you a customised loan. Apart from interest charges, which will be based on your risk profile, they also charge an origination fee, which will be stated on your loan contract.

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upon application

Upfront Fee


Max. Loan Amount

3 months to 3 years

Loan Term

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Product NameReckon Business Loan
Min. Loan Amount$5,000
Max. Loan Amount$500,000
Loan SecuritySecured
Upfront Feeupon application
Loan Term3 months to 3 years

How does the Reckon Business Loan work?

You can apply for a minimum of $5,000 up to a maximum of $500,000. The loan is designed to be repaid over a term from 3 months to 3 years and the repayments are cash flow friendly. You can make the repayments daily or weekly.

After you apply, you can receive a response in as little as an hour if you apply within standard business hours and let Reckon verify your bank information online. If you apply before 4pm, you will receive the funds in your account that business day. However, if you apply later than 4pm, you will receive the funds in your account the next business day.

Features of the Reckon Business Loan

The following are some of the features associated with this business loan:

  • Varied borrowing amounts. You can borrow a minimum of $5,000 up to a maximum of $500,000
  • Flexible repayments offered. You can choose between daily and weekly repayments to suit your cash flow schedule.
  • Early repayments and additional repayments available. You can make additional repayments and early repayments at no extra cost.
  • Short loan terms. Loan terms for this loan run from 3 months to 3 years
  • Factor-rate interest rate. Prospa, which offers the loan through Reckon, uses a factor rate which is expressed as a decimal figure and varies on a number of factors. These factors include your industry, how long you have been in business, the health of your cash flow and other factors. Interest is charged to the principal once the loan is approved.
  • Easy online application. The online application will take up to ten minutes and is easy to follow.
  • Fast response time and money turnover. If you apply within business hours, you will receive a response within the hour. However, if you reply after business hours, you will receive a response the next business day. You will receive your funds the following business day as well if you apply outside business hours.

How much does the loan cost?

You will need to pay the following fees with this loan:

  • An establishment fee, which is due the moment you are approved. You will know how much the establishment fee is once you are approved for your account.
  • Late payment fees and default fees. You will only need to pay these if you fail to make your repayments on time.

There are no additional fees, such as a monthly fee, and there are no penalties for early repayments.

How to apply for the Reckon Business Loan

In order to be eligible for this loan, click on "Go to Site" and provide the following information.

For loans of $250,000, you need the following:

  • Your driver's licence number.
  • Your ABN number.
  • The BSB and account number of your main trading account.

For loans over $250,000, you need the following:

  • Basic financial statements. These include a profit and loss statement as well as details on your business's cash flow. This is needed to evaluate the health of your business and is done to see what kind of repayments your business can manage without any fees.

You also need to enter basic personal information and business information so it can be analysed by Reckon. Upon completing the online application process, you will know whether you are approved by the next business day and will have your funds that same day.

Reckon can help you grow your business to new heights. However, compare business loans and ensure that they meet your needs before making a final decision.

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