Change of mind policy

Terms and Conditions

 

1. Customers have 14 calendar days, from the loan agreement date, to exercise their right to cancel the loan agreement under this Change of Mind policy.  If the loan agreement is cancelled, then Prospa will not charge interest or fees.  Any security provided for the loan will be released upon successful repayment and cancellation.
2. To exercise the Change of Mind Policy and cancel the loan, the customer must repay the full amount disbursed, and the funds must be received by Prospa within the 14-day period. The customer must contact Prospa on 1300 882 867 (AU) or +64 800 005 797 (NZ), during business hours, to calculate the outstanding disbursement amount to be paid.
3. The Change of Mind Policy only applies to full loan cancellations. Partial repayments are not eligible.
4. If the customers does not repay the full outstanding disbursement amount within the 14-day period, the original loan agreement and associated terms and conditions will apply in full, from the date of the loan agreement.
5. The customer must make the weekly loan repayments to be eligible under this Policy.
6. This Change of Mind Policy applies to first time Prospa customers or hasn’t had a Prospa loan in over 6 months preceding the loan agreement date, who take up a Small Business Loan or a Line of Credit settled between 31 December 2024 and 31 December 2025.  This Policy does not apply to subsequent loan modifications or refinancing agreements.
7. We may suspend or terminate this policy at any time, but will honour the 14-day period for loans disbursed prior to such changes.