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.
