Prospa business loans

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Prospa Business Loan Plus review

Prospa Plus Business Loan

Interest rate
Interest rates vary based on risk.
Upfront fee
3.5%
Funding speed
from 24 hours
Go to site
  • 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

Our verdict

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.

Where do I get it? Visit Prospa's website to apply.
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Last updated 10 December 2024 Important disclosures

Prospa business loans

  • Prospa Plus Business Loan

    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.

    Interest rate
    Upfront fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Go to site
    Details
  • Business Line of Credit

    Interest rate
    Upfront fee
    Funding speed
    On application
    3.5%
    24 hours
    Link not supplied
    Details
  • Small Business Loan

    Interest rate
    Upfront fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Link not supplied
    Details

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Business loan quick links

FAQs

How do I apply for a Prospa Business Loan Plus?

You can apply online in about 10 minutes. You'll need:

  • Driver's licence
  • Business details including ABN and ownership information
  • Basic financial statements (P&L and cashflow)
  • Property ownership details for loans above $150K
What are the minimum requirements for a Prospa Business Loan Plus?

To qualify, you must:

  • Have a minimum annual turnover of $1 million
  • Have been trading for at least 3 years
  • Have an active ABN
  • Own property if borrowing above $150K in total Prospa funding.
How quickly can I receive funds from Prospa?

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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