Prospa

Q 1. How can I apply for funding?
Ans 1. <p>The application process is easy and fast. Simply complete the online form in as little as 10 minutes. If you are applying for <span class='token' data-token-key='no-docs-short'>$150K</span> or less, you need:</p> <ul> <li>Your driver licence number</li> <li>Your ABN</li> <li>Your BSB and account number</li> <li>Minimum trading history applies</li> </ul>
Q 2. What are the minimum eligibility requirements?
Ans 2. <p>For a Business Loan or Line of Credit up to <span class='token' data-token-key='sbl-max-loan-amount-short'>$150K</span>, you must have:</p> <ul> <li>From 6 months trading history</li> <li>Monthly turnover of <span class='token' data-token-key='sbl-min-monthly-turnover-short'>$6K</span></li> <li>Business owners must be 18+ years</li> <li>Business owners must be an Australian citizen or permanent resident</li> </ul> <p>For a Business Loan or Line of Credit over <span class='token' data-token-key='sbl-max-loan-amount-short'>$150K</span>, you must have:</p> <ul> <li>Minimum 2 years trading history</li> <li>Annual turnover of <span class='token' data-token-key='pplus-min-annual-turnover'>$1M</span></li> <li>Property or asset ownership</li> <li>Business owners must be 18+ years</li> <li>Business owners must be an Australian citizen or permanent resident</li> </ul>
Q 3. How fast will I get a decision?
Ans 3. <p>We can often provide a response in as little as one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements it may take a little longer.</p>
Q 4. How fast will I get the funds?
Ans 4. <p>Often, you can have the funds in your account in as little as 1 hour after settlement.</p>
Q 5. How much can I borrow?
Ans 5. <p>We offer Business Loans or Line of Credit up to <span class='token' data-token-key='pplus-max-loan-short'>$500K</span>, however the total amount of your loan will depend on the specific circumstances of your business.</p> <p>We consider a variety of factors to determine the health of your business and based on this information we will make an assessment on how much you can borrow.</p> <p>Use our <a href='https://www.prospa.com/loan-calculator'>loan calculator</a> to discover much you could afford to borrow.</p>
Q 6. Do I need to own property or have security to access the funds?
Ans 6. <p>Prospa considers the health of a business to determine creditworthiness. For Small Business Loans or Business Lines of Credit up to <span class='token' data-token-key='no-security-short'>$150K</span>, no asset security is required upfront to access. And provided you continue to meet your loan obligations (as detailed in your contract), asset security won’t be required.</p> <p>For funding over <span class='token' data-token-key='no-security-short'>$150K</span>, or where your combined exposure to our products exceeds <span class='token' data-token-key='no-security-short'>$150K</span>, property ownership required, and asset security may be required.</p>
Q 7. What can the Prospa Small Business Loan be used for?
Ans 7. <p>A <a href='https://www.prospa.com/business-loans-australia/nsw'>Small Business Loan</a> can be used for almost any business purpose – including for growth, to take advantage of an opportunity or to support business cash flow. For example, it could be used for business renovations, marketing, to purchase inventory or new equipment, as general working capital and much more.</p>
Q 8. Do you charge any fees?
Ans 8. <p>For Business Loans we do charge a small establishment fee of 3-3.5%. Provided you continue to meet your loan obligations (as detailed in your contract) this will be the only Prospa fee you will pay.</p> <p>For a Business Line of Credit, we charge a small fee of 0.046% for ongoing access to funds. For a Line of Credit of $40K, this is less than $3 per day (the cost of a cup of coffee). We do not charge an origination or establishment fee.</p> <p>For funding over <span class='token' data-token-key='sbl-max-loan-amount-short'>$150K</span>, a registration fee may apply if we register a caveat or mortgage over real property you own.</p>
Q 9. Can I pay out my loan early or in full?
Ans 9. <p>You can choose to repay the entire amount of your loan early at any time.</p> <p>If you decide to do this please speak to our friendly business loan specialists on 1300 882 867. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.</p>
Q 10. Will my information be protected with Prospa?
Ans 10. <p>Protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you. View our <a href='https://www.prospa.com/privacy-policy'>Privacy Policy.</a></p>
Q 11. Is it safe to link my bank account to the Prospa platform?
Ans 11. <p>Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and are aligned to ISO27001 and NIST CSF, validating our commitment to customer data security and privacy. We use an advanced bank verification system link to instantly verify your bank account information online so we can provide a fast response.</p>
Q 12. Why should I get a loan from Prospa?
Ans 12. <p>We are Australia’s #1 online lender to small business and we can help. Our dedicated customer support team will understand your business and find a finance solution to suit your needs. We work with <a href='https://www.prospa.com/business-loans-australia/nsw'>Australian small business</a> owners from NSW to QLD, Victoria to WA and everywhere in between.</p> <p>Unlike traditional lenders, we don’t require the usual pages of reports, financial statements and business plans when you apply. Instead, we offer a quick online application with a fast decision and funding possible in 24 hours. Minimum trading history applies, your ABN and a drivers licence to get started.</p> <p>If you’re concerned about being baffled by banking jargon, we’ve simplified our loan application process so there’s no more complex terminology around cash flow, low interest loans, fixed rate loans versus variable rates, the loan term, terms and conditions and whether you are in a position to refinance in the future. It’s simple and easy to understand.</p> <p>With Prospa, you’ll have a clear understanding of what’s expected, how much your weekly repayments will be and when they’ll be due.</p> <p>Call 1300 882 867 to get started on your business loan application today.</p>
Q 13. What are alternatives to a business loan?
Ans 13. <p>There are a number of options you can explore when you want to compare business financing options. Here are some to think about:</p> <p>Line of Credit: If you are looking for a better way to streamline or fill cash flow gaps, a Line of Credit may be the right funding solution for you. With a Business Line of Credit, you can get ongoing access to funds and only pay interest on what you use. We offer a Business Line of Credit <span class='token' data-token-key='loc-max-loan-amount-short'>$500K</span>, with a renewable 2 year term.</p> <p>Equipment financing: Equipment loans are a way to finance purchases of equipment for your business. This type of finance is usually secured against the value of the business asset you wish to purchase. This can sometimes help to secure a low rate, although this isn’t always the case. So, if you need to purchase business machinery, IT equipment, tools, or even work vehicles, a <a href='https://www.prospa.com/business-loans'>Prospa Business Loan</a> could be a good alternative to equipment finance.</p> <p>Vehicle finance, Business car loan, Machinery finance: This can be a handy way of updating your fleet vehicles or to cover the cost of large assets like harvesters, excavators or commercial cookers. A Prospa Business Loan may be able to cover these items, talk to us today to find out more.</p> <p>Business overdraft: This handy type of finance can help small businesses cover short-term cash flow gaps. It is often used to cover bills like payroll which can fluctuate if you employ seasonal casuals. It’s also useful to pay suppliers on time if you’re waiting for your own invoices to be paid by your customers. See you can use <a href='https://www.prospa.com/overdraft'>Prospa’s Line of Credit</a> in a similar way.</p>
Q 14. Do you need a deposit for a business loan?
Ans 14. <p>Some commercial loans require a deposit. And while you don’t need a deposit to apply for funding with us, however it is a good idea to have a clear understanding of all of your finances before you apply.</p> <p>It’s OK if you don’t have pages and pages of financial analysis to reference. We understand that small business operators are up against it and often struggle to keep up with the paperwork.</p>
Q 15. To apply, will you need to do a personal credit check?
Ans 15. <p>Like traditional lenders, we conduct credit checks to look at your personal credit score in conjunction with your business health. Credit reporting bodies will compile a report on your credit worthiness based on a range of factors which include how many loan applications you have already made, your current credit if you have any, any overdue bills, past bankruptcy if applicable and any pending writs or court judgments.</p> <p>At Prospa, we don’t rely solely on your personal credit score, we focus on evaluating the health of your business. We have developed a complex credit assessment tool which takes into account over 450 separate pieces of information. It’s unique to Prospa and allows us to take the time to really understand how your business operates and what loan amount will be the most applicable to your business’s long-term stability.</p>
Q 16. What documents do I need to apply?
Ans 16. <p>For funding up to <span class='token' data-token-key='no-docs-short'>$150K</span> you will need 6 months bank statements. And instead of having to submit pages of bank statements, you can connect to your bank account so we can instant assessment your financials.</p> <p>For funding over <span class='token' data-token-key='no-docs-short'>$150K</span> we’ll require additional financials like a P&amp;L statement, as well as your ATO portal.</p> <p>Use our <a href='https://www.prospa.com/loan-calculator'>loan calculator</a> to see how much you can afford to borrow.</p>
Q 17. Does Prospa offer business loans in New Zealand?
Ans 17. <p>Yes. After building a strong presence in Australian, in 2019 Prospa launched in New Zealand. The challenges for business owners in New Zealand wanting to access finance were similar to those in Australia. In fact, <a href='https://www.prospa.co.nz/small-business-loan'>small business loans in New Zealand</a> were previously only available from larger financial institutions, that didn’t seem to offer the products and services that small business owners were looking for. With over half a million small businesses in New Zealand, there are many opportunities to support the growth and cash flow of kiwi small businesses. With applications in under 10 minutes and funding possible in hours, we are now helping to unleash the potential of many kiwi businesses.</p>
Q 18. What if I change my mind and no longer want the funds?
Ans 18. <p>We understand that circumstances can change. That’s why we offer a 14-day <a href='https://www.prospa.com/important-documents/change-of-mind-policy'>Change of Mind Policy.</a> If you decide you no longer want the funds, you can cancel your loan agreement and return the funds free of charge, as long as it’s within 14 days of the loan agreement date.</p> <p>To take advantage of this policy, simply contact one of our lending specialists at 1300 882 867, and we’ll assist you with the process.</p> <p>If it’s been more than 14 days since your loan agreement date, you still have the option to pay off your loan in full to minimise interest costs. However, please note that fees and charges will still apply. For assistance with a full payout, reach out to our lending specialists at 1300 882 867.</p>