Prospa Business Loans Review

Get a personalised quote on Prospa business loan interest rates and compare them to other small business lenders.

Prospa is a specialist online lender for small businesses in Australia. It offers a range of finance products, including business loans, line of credit facilities, and everyday transaction accounts to help small enterprises manage cashflow. Prospa uses advanced technology to assess all loan applications in real time.

What are the interest rates on Prospa business loans?

The interest rates on Prospa loans are calculated based on your application. Prospa interest rates are based on the loan size, the size of your business (revenue etc) and your business credit score.

Prospa’s loans are typically unsecured meaning rates may be higher versus a secured loan, but that is common across the industry. If you are borrowing a higher amount ($150k+) security may be required, in which case a lower rate may be applied to your Prospa finance.

Who’s eligible for a Prospa business loan?

Prospa has flexible eligibility criteria compared to most lenders, including:

- Active ABN or ACN: You must operate a business registered in Australia

- Minimum monthly turnover: $6,000

- Minimum of six months trading history

- Good credit score: Required with most finance options

- Financial documents: Bank statements subject to lender requirements

How to apply for finance with Prospa in three easy steps

Verify your business

Provide details via the online form, select your loan type and amount and provide your identification information — no credit check is required at this point.

Link your business bank account

Using Prospa’s proprietary system to instantly verify your trading figures online or upload copies of your bank statements. Your credit check is conducted at this stage.

Your loan is assessed

If approved, the funds are automatically transferred to your trading bank account the following business day.

Read our reviews of other Australian business lenders

Compare Lenders