Prospa is an online and alternative business loan provider that has been operating since 2011.
It was awarded the 31st position in Fintech’s top 100 for 2016 and has certainly been shaking things up in the Australian lending market.
Lending to micro and small businesses
As a micro or small business owner, you likely know very well just how hard it is to secure any form of business finance solution from a bank.
This is where a tech company like Prospa will come in. They offer small businesses, which cannot generally secure bank finance, flexible credit of, on average, around $25,000 per business.
Awards and innovation
Apart from being one of the fastest growing companies in the country, Prospa has won multiple awards including having won the Australian 2015 Deloitte Asia Tech Fast50 and 3rd in the Asia Deloitte Tech Fast500.
They are one of Australia’s leading alternative credit providers and have won and been nominated for a number of awards in the technology and financial spheres.
Their website is simple and easy to navigate and their products are flexible, affordable and can be applied for online.
What Prospa can offer you
Prospa is an alternative business lender that offers loans to small businesses – particularly those which the large banks overlook and decline.
They offer loans from $5,000 to $150,000 and loan terms which range from 3 months to a year.
Need more than $150,000?
Although their average loan is $25,000 – Prospa’s team is willing to consider loan applications for amounts exceeding their $150,000 loan maxima. All you have to do is simply give them a call or send them an email to discuss your needs.
You can apply online
There are still so many business credit providers that do not have a website and even more that do, but, do not have an online loan application process.
Prospa, as can be expected, has one of the fastest and most streamlined online applications in the country. It will take you only 10 minutes to make your loan application and, you will hear from them almost immediately.
Get your business loan in 24 hours
Prospa is serious about speed and will very likely credit your approved loan to your business bank account the day after you made your initial application.
If you need to seize a good business opportunity and need cash fast – this lender is the best choice.
Prospa Product Details
- Loan Type Business loans
- Interest Rate from 26.5%
- Loan Amount up to $250,000
- Repayment 90 days to 12 months
- Decision 24 hours
With Prospa you can get approved for a business loan within minutes
One of the most unique things about Prospa is that they work with loan brokers and actually invest a lot of time and effort into helping them grow by getting online.
They embrace brokers and have thousands working with them from all over the country.
Apply directly with Prospa
Completing an online loan application is really simple and quick. In addition, for unsecured small business loans you do not need to provide a mountain of supporting documents.
If you want better and faster service than you’ll get from a bank – use Prospa.
Supporting documents for loans under $50,000
If you’re looking for a small business loan of less than $50,000 you need only provide a driving license, your ABN, your BSB and the account details for your main business trading account.
If you’re looking for a loan exceeding $50,000 you will also have to provide financial statements. You can either provide them with PDF’s of your financial documents or provide them with the necessary details to access and verify your bank details online.
Which loan application method if the fastest for your business loan?
All the credit methods that we use are fast. Whether you decide to apply online or via telephone, we will stick fast track your loan application and ensure that you get your response on the same business day.
This now shows that a client can use any credit application of their choosing and we will attend to it as soon as it has been brought to our attention. We are aware that customers usually want to use the money right away so there won’t be any delays on our side.
The delay is usually due to the fact that a customer may be requested to submit certain documentation as part of the verification process.
Why was my loan application process turned down?
When we decline your business loan application, it might be due to your organization not performing financially well or we have seen that your operation has a number of current credit plans.
We will always give you valid reasons for our rejection but this doesn’t mean you shouldn’t apply for credit in future. Please don’t hesitate to apply for a business loan after you have settled some of your other advances and feel financially capable to handle another expense.
Customer Reviews & Testimonials
Prospa made sure that I get a business loan that I can afford to pay.
— Maitland —
Without the assistance of Prospa, I would be still battling to get credit for my business. Thank you for such great help!
— Queensland —