Prospa

Who are Prospa?

Founded in 2011, Prospa is now Australia’s leading lender, having lent more than $1.35 billion to over 24,000 Australian businesses. The company has received multiple industry awards and a 4.9/5 customer rating on Trustpilot.

What we like best

• Two flexible financing products
• Up to $300,000 in funding
• Quick & easy process

Which services does Prospa offer?

• Type of Loan – Small business loan
• Repayment Terms – Varies
• Amount: $5,000- $300,000
• Rates: Competitive – exact cost varies from business to business 
   
• Type of Loan – Line of credit
• Repayment Terms – Varies
• Amount: $2,000- $100,000
• Rates: Competitive – exact cost varies from business to business

What do you need to apply?

To apply for business funding through Prospa you need to either link your bank statements or else provide your last 6 months of bank statements in PDF format.

For funding of $150,000 or less Prospa needs:

• Your driver’s license number
• Your business ABN
• The account number and BSB of your main trading account

For loans over $150,000 you’ll need to provide all the above plus:

• P&L statements
• Cash flow statements

How does the application process work?

Prospa’s loan application is online and takes just a few minutes to complete. After filling in basic contact information and business details, you’ll be asked to either link your bank statements or provide PDF versions. Although the process is automated and online, customer service representatives are very responsive and able to help you throughout the process.

Is Prospa trustworthy?

Prospa has a customer rating of 4.9 out of 5 on Trustpilot, indicating that the company is well-regarded and has strong credibility.

Customer support

Prospa offers multiple ways to reach their customer support team, via phone, email or an online form available through their website. They also have a live chatbot option, which is available during normal Australian working hours. Customer support is extremely responsive with a quick turnaround time.

Final verdict

Businesses that need quick and easy funding with flexible terms will find that Prospa can fulfill all these requirements.