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 at a glance
| Lender — Prospa | Prospa loan details |
|---|---|
| Prospa finance options | Small business loans up to $150K Lines of credit Business loans over $150K |
| Borrowing amounts | From $5,000 up to $500,000 |
| Loan terms | 3 – 36 months |
| Unsecured loans | Unsecured loans up to $150K |
| Interest rate | From 9.99% - 26.50% p.a. Simple interest subject to credit assessment |
| Fees | Origination fee |
| Security (if applicable) | Real estate or other business assets |
| Repayment schedule | Daily or weekly |
| Early repayment | No early repayment fee |
| Approval time | Pre-approval within 24 hours |
Our verdict: Rates on Prospa business loans are competitive. Your final rate will be assessed based on your business credit profile. There’s no compounding interest and no additional fees as long as you make repayments on time, making Prospa finance a safe bet.
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 trading period: Subject to lender requirements
- Good credit score: Required with most finance options
- Financial documents: Bank statements subject to lender requirements
How to apply for finance with Prospa
Here’s how to apply for a Prospa loan in three easy steps:
1. Verify your business details via the online form, select your loan type and amount and provide your identification information — no credit check is required at this point.
2. You can link your business bank account using the proprietary system to instantly verify your trading figures online or upload copies of your bank statements. Your credit check is conducted at this stage.
3. Once your loan is approved, the funds are automatically transferred to your trading bank account the following business day.
Prospa comparison vs other business lenders
| Lender | Product | Terms | Loan range | Interest rate | Fees | security | Repayments |
|---|---|---|---|---|---|---|---|
| Small business loans | 3 - 36 months | $5K – $500K | From 9.99% - 26.50% p.a. | Establishment fee | No security required up to $150K | Flexible |
 | Business loans | 12 - 60 months | $2K – $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $500K | Weekly or monthly |
 | Small business loans | 1 - 36 months | $2K – $1m | From 1.50% per month | No fees | No security required up to $30K | Flexible |
 | Business Finance | 3 - 36 months | $10K – $500K | From 14% p.a. | Upfront fee | Secured | Weekly |
 | Small business loans | 3 - 36 months | $5K – $500K | Percentage rate determined on application | 2.5% - 3.5% establishment fee | Unsecured up to $300K | Weekly or monthly |
 | Business finance | 12 - 24 months | $5K – $250K | From 15.99% p.a. | 2% establishment fee | No security required up to $250K | Flexible |
 | Business loans | 6 - 36 months | $10K – $500K | Percentage rate determined on application | Upfront flat fee & drawdown fee structure | Unsecured up to $200K | Weekly or monthly |
