Prospa Small Business Loan – loan
Unsecured business loans from $5,000 to $500,000 for Australian small businesses. Apply in 10 minutes, funding possible within hours.
Applying does not commit you to a contract.
Properties of this loan
- Borrow $5,000 to $500,000
- Terms up to 5 years
- No property security up to $150,000
- Weekly repayments
- Apply in 10 minutes online
- Same-day approval possible
Prospa Small Business Loan
Prospa is Australia's largest non-bank small business lender, having lent over $4 billion to Australian businesses since 2012. Their Small Business Loan covers $5,000 to $500,000 with terms up to 5 years. For amounts up to $150,000, no property security is required.
Prospa prices each loan based on the business's revenue, trading history and credit profile. The origination fee is 2% to 3.5% of the loan amount, and there is a 1.5% early payout fee on the remaining principal. Weekly repayments are the standard structure.
Applications take about 10 minutes, and approval decisions can come through the same day. Funds can be disbursed within hours of approval, which makes Prospa a practical option for businesses needing capital quickly.
✓ Pros
- No property security required up to $150,000
- Apply in 10 minutes
- Funding possible within hours
- Unlimited extra repayments
- Optional Qantas Points earning
✗ Cons
- Origination fee of 2-3.5%
- Early payout fee of 1.5%
- Weekly repayments only
- Interest rates not disclosed upfront
Loan requirements
- ✓ At least 6 months trading history
- ✓ Monthly turnover of $6,000 or more
- ✓ Active ABN
- ✓ Business owner 18+ and Australian citizen or permanent resident
- ✓ Valid driver's licence
- ✓ Good credit history
Frequently asked questions
Same day, funding in hours
The minimum loan amount at Prospa Small Business Loan is $5,000.