Your selected small business
Funding available up to $500K
5-year terms available for lower weekly repayments
Fast application with minimal paperwork up to $250K
Unlimited extra repayments allowed
Security required for loans above $150K
Minimum $1 million annual turnover required
Prospa's Business Loan Plus offers loans from $150,000 to $500,000 with terms up to 5 years. The longer term options mean lower weekly repayments, and businesses can make unlimited extra repayments to reduce interest costs.
For loans up to $250,000, the application needs minimal paperwork. Meanwhile larger loans above $250,000 can get pre-approval without upfront credit checks, with responses possible within 6 hours of applying. Full approval usually takes 2-3 days. There’s specific criteria to meet however.
Businesses need at least $1 million annual turnover and 3 years of trading history to apply. Security is needed for all Business Loan Plus products, with Prospa taking charge over the business assets through the Personal Property Securities Register (PPSR).
For smaller amounts, Prospa's Small Business Loan provides $5,000 to $150,000 with terms between 3-36 months. These loans have a simpler application process and don't need upfront security, making them more suited for newer businesses with lower turnover.
Interest rates vary based on the loan amount, industry type, trading history, and business performance. Prospa has no hidden fees, but the small business loan has a 1.5% early repayment fee on the remaining principal for early loan payouts.
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Your selected small business
You can apply online in about 10 minutes. You'll need:
To qualify, you must:
For Business Loan Plus applications, pre-approval decisions can be made within 6 hours. Once approved and documents are signed, funds can be received within one business day, Prospa says. Some loans have been approved within 24 hours, though 2-3 days is more typical for final approval.
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