$1 billion: The small business benefits behind Prospa’s loan milestone

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If there was ever any doubt as to the growing popularity of online business loans in Australia, Prospa’s most recent announcement may have put it to rest.     

Last week the online lender reported that it has now delivered over $1 billion in business loans to more than 19,000 small businesses across Australia and New Zealand.  

And according to combined research released in January from Prospa, the RFi Group and the Centre for International Economics, its lending has had a pronounced impact on small businesses.

In 2018 alone, Prospa’s business loans added close to $1.7 billion to Australia’s GDP while also helping maintain over 24,000 full time positions in small businesses across the country.

“We’ve always believed our lending has a positive economic impact and adds real value to small business owners,” said co-founder and joint CEO of Prospa, Greg Moshal.

“The results are greater than we had ever imagined and give us an immense sense of pride in the impact of Prospa on jobs and the wealth of households, local communities and the Australian economy.”

So are you ready to find out why 19,000 small businesses from Australia and New Zealand have taken out loans with Prospa? Read on for an overview of the Prospa business loan, as well as some of the other Australian online lenders.

Prospa Business Loan
  • Loans between $5,000 and $250,000

  • Flexible terms from 3-24 months

  • Same day approvals

Prospa understand that taking out a loan for your small business doesn’t need to be a complicated process, which is why their innovative online application process takes just 10 minutes. Eligible business borrowers with Prospa will be able to take out loans from $5,000 to $250,000, with loan terms from 3-24 months. Sound good? Well Prospa even provide business with the ability to make early repayments on their loans.

Moula Business Loan
  • Unsecured loans from $5,000 to $500,000

  • Rates from 1.00% per fortnight

  • Funding available in as little as 24 hours

Does your small business need a funding injection? With unsecured loans from $5,000 all the way up to $500,000, no upfront fees and rates from just 1.00% per fortnight, a Moula business loan could be the match for you. Moula even offers funding approval in just 24 hours, meaning you won’t be waiting longer than you need to be.

OnDeck Short Term Business Loan
  • Borrow between $10,000 and $250,000

  • Loan terms from 6 - 24 months

  • Simple 10 minute online application

OnDeck are all about providing fast, short-term funding solutions for your small business needs, which is why their online application takes just 10 minutes and funding can be approved as quickly as 24 hours. When it comes to their loans, OnDeck provide borrowers with unsecured loans between $10,000 and $250,000 and flexible loan terms anywhere from 6 - 24 months.

GetCapital Business Loan
  • Unsecured loans between $10,000 and $500,000

  • Loan terms from 6 -12 months

  • Apply in just 10 minutes

Who says a business loan can’t be flexible? Providing unsecured loans from as little as $10,000 all the way up to $500,000, GetCapital also give businesses the flexibility of loan terms between 6 and 12 months. Plus with an easy 10 minute online application process and the ability to receive funding in just a day, businesses will be able to do everything from hiring new staff to upgrading equipment in no time.