Business Loan Requirements
Prospa simplifies funding with unsecured loans up to $150K approved in 24 hours. Manage cash flow, invest, or cover expenses with tailored loans and flexible repayments to suit your business.
- Simple business loan requirements for fast funding
- Unsecured loans up to $150K, approval in 24 hours
- Tailored repayment options to match your cash flow
Eligibility Criteria for a Prospa Business Loan
- Be an Australian citizen or permanent resident.
- Be over the age of 18.
- Own an Australian business with a valid ABN/ACN.
- Have a minimum monthly turnover of $6,000.
For our Plus loans, the requirements are a bit different to ensure we can provide the necessary funding for larger projects. You’ll need to:
- Be trading for at least three years.
- Have an annual turnover of $1 million.
- Own property.
These criteria allow us to offer loans that fit your business’s unique needs so you can get the funding you deserve without any unnecessary red tape. We believe in making this process as easy as possible because you’ve got enough on your plate.
Funding possible within hours
Apply in 10 minutes with minimal paperwork
No need to put your house or other assets down as security to access up to $150K in Prospa funding
Make unlimited extra repayments to save on interest and pay off your loan faster
Required Documentation
We get it—running a small business means you’ve got a lot to juggle. That’s why our documentation requirements are minimal and designed to save you time. For most loans, all you’ll need is:
- Your recent trading figures.
- Your ABN.
If you’re applying for a loan over $150,000, we may also need your last two years of financial reports and 12 months of bank statements. For Plus loans, we’ll also require your ATO portal access.
But don’t stress—there’s no need to prepare a business plan or navigate complex financial hoops. Our goal is to make this process as straightforward as possible for you.
01
Apply in minutes
Apply in minutes
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Get a fast decision
Get a fast decision
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Access your funds
Access your funds
How to Use Your Prospa Business Loan
A Prospa loan can be used for nearly any business purpose. Whether you're looking to expand, purchase new equipment, or just manage cash flow between invoices, a business loan from Prospa can help. Here are just a few ways you can put your loan to work:
- Scale your business by investing in new products or locations.
- Purchase or upgrade essential machinery or equipment.
- Keep your cash flow smooth, even during slow periods.
- Invest in marketing to attract new customers.
- Renovate your premises or enhance your digital infrastructure.
Whatever your business needs, Prospa has a solution that works for you.
Success Stories
We’ve helped thousands of Australian businesses just like yours thrive, grow, and overcome challenges. Here are a few examples:
Angelli Morilla, Tita’s Cakes:
Angelli used her Prospa loan to expand her business during a surge in demand, allowing her to secure a delivery vehicle and open her first store. “Prospa helped me take my business to the next level.”
Donna Skavlos, Donna’s Beauty Cottage:
Donna found the loan process with Prospa seamless and efficient, enabling her to stock up for the busy holiday season and plan for future growth. “It was quick and easy—the support from Prospa made all the difference.”
Sacha Alagich, Escape to Paradise:
Sacha turned to Prospa for help with cash flow gaps, allowing her to meet tax obligations and manage daily operations stress-free. “The flexibility of the loan repayments gave me peace of mind.”
These success stories show how Prospa can help your business seize opportunities, grow, and navigate challenges.
FAQs
FAQs
We aim to keep business loans requirements to a minimum, but there are a few factors we require before we can make a fair assessment of the lending capacity of your business.
In addition to basic eligibility for a business loan, different loan brackets will require different details.
- Loans under $150,000 will also require a driver’s licence and BSB and account number.
- If your loan is above $150,000, there will be some additional documentation including basic business details like monthly sales and trading time.
A Prospa business loan has no hidden fees so you’ll know exactly what you need to pay and when it needs to be paid. The interest rate for your loan will depend on your business circumstances, and there’s no compounding interest or additional fees if you make your repayments on time. You can make additional repayments when you like, and even save money by paying the loan out early.
This will depend on your circumstances and the type of loan that you are approved for. If you’re approved for a loan with us, your business lending specialist will keep you informed of how often you can make repayments and other terms and conditions of your loan.
Other questions?
Awards, thanks to you
It’s nice to know we’re doing something right
| Year | Award | Category |
|---|---|---|
| 2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best short-term loan |
| 2024 | FINNIES Fintech Australia Awards | Finalist, Excellence in Business Lending |
| 2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best SME loans less than $250K |
| 2024 | Great Place to Work | Recognised as one of the Top 10 Best Workplaces in Technology |
| 2024 | Work180 | Recognised by WORK180 as one of Australia’s top 101 workplaces for women |
