Prospa Business Loans Review
Get a personalised quote on Prospa business loan interest rates and compare them to other small business lenders.
$50000
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Prospa is a specialist online lender for small businesses in Australia. It offers a range of finance products, including business loans, line of credit facilities, and everyday transaction accounts to help small enterprises manage cashflow. Prospa uses advanced technology to assess all loan applications in real time.
Prospa business finance at a glance
Prospa loan details | |
|---|---|
Finance options | Small Business Loan up to $150K Business Loan Plus from $150K - $500k Lines of credit up to $500k |
Borrowing amounts | From $5,000 up to $500,000 |
Loan terms | 3 – 60 months |
Unsecured loans | Unsecured loans up to $500K |
Interest rate | Quoted on application |
Fees | Origination fee of 3-3.5% |
Security (if applicable) | Real estate or other business assets may be required for loans of $150k+ |
Repayment schedule | Weekly |
Early repayment | No early repayment fee |
Approval time | Within hours |
What are the interest rates on Prospa business loans?
The interest rates on Prospa loans are calculated based on your application. Prospa interest rates are based on the loan size, the size of your business (revenue etc) and your business credit score.
Prospa’s loans are typically unsecured meaning rates may be higher versus a secured loan, but that is common across the industry. If you are borrowing a higher amount ($150k+) security may be required, in which case a lower rate may be applied to your Prospa finance.
Who’s eligible for a Prospa business loan?
Prospa has flexible eligibility criteria compared to most lenders, including:
- Active ABN or ACN: You must operate a business registered in Australia
- Minimum monthly turnover: $6,000
- Minimum of six months trading history
- Good credit score: Required with most finance options
- Financial documents: Bank statements subject to lender requirements
How to apply for finance with Prospa in three easy steps
Prospa loans comparison vs other business lenders
Lender | Product | Terms | Loan range | Interest rates | Fees | Security |
|---|---|---|---|---|---|---|
Prospa | Small business loans | 3 - 60 months | $5K – $500K | Quoted on application | 3-3.5% establishment fee | No security required up to $150K |
OnDeck | Small business loans | 6 – 24 months | $10K – $250K | Determined on application | 3% (of loan amount) establishment fee & 2% fee for loan renewals | Unsecured up to $250K |
Moula | Business finance | 12 - 36 months | $10K – $250K | From 15.99% p.a. | Up to 4% establishment fee | No security required up to $250K |
Shift | Business loans | 12 - 60 months | $2K – $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $500K |
Business Fuel | Business loans | 6 - 36 months | $10K – $500K | Percentage rate determined on application | Upfront flat fee & drawdown fee structure | Unsecured up to $200K |
Shift | Business loans and credit lines | 12 - 72 months | Up to $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $200K |
Max Funding | Small business loans | 1 - 60 months | $3K – $1m | From 1.25% per month | No fees | No security required up to $500K |
Spotcap | Business finance | 3 - 36 months | $10K – $500K | Quoted on application | Upfront fee | Secured |
Lumi | Small business loans | 3 - 36 months | $10K – $750K | Quoted on application | 2.5% - 3.5% establishment fee | Unsecured up to $300K |