Rating based on 41 reviews


  • Business loans up to $250,000
  • Low-interest starting from 26.5%
  • Repayment up to 12 months

In-page navigation

Prospa homepage
Author Prospa. Screenshot of Prospa website.
[Accessed May 26, 2023]

About Prospa

Prospa is an online and alternative business loan provider that has been operating since 2011.

It was awarded the 31st position in Fintech’s top 100 for 2016 and has certainly been shaking things up in the Australian lending market.

Lending to micro and small businesses

As a micro or small business owner, you likely know very well just how hard it is to secure any form of business finance solution from a bank.

This is where a tech company like Prospa will come in. They offer small businesses, which cannot generally secure bank finance, flexible credit of, on average, around $25,000 per business.

Awards and innovation

Apart from being one of the fastest growing companies in the country, Prospa has won multiple awards including having won the Australian 2015 Deloitte Asia Tech Fast50 and 3rd in the Asia Deloitte Tech Fast500.

They are one of Australia’s leading alternative credit providers and have won and been nominated for a number of awards in the technology and financial spheres.

Their website is simple and easy to navigate and their products are flexible, affordable and can be applied for online.

Prospa Services

Prospa is an alternative business lender that offers loans to small businesses – particularly those which the large banks overlook and decline.

They offer loans from $5,000 to $150,000 and loan terms which range from 3 months to a year.

Need more than $150,000?

Although their average loan is $25,000 – Prospa’s team is willing to consider loan applications for amounts exceeding their $150,000 loan maxima. All you have to do is simply give them a call or send them an email to discuss your needs.

You can apply online

There are still so many business credit providers that do not have a website and even more that do, but, do not have an online loan application process.

Prospa, as can be expected, has one of the fastest and most streamlined online applications in the country. It will take you only 10 minutes to make your loan application and, you will hear from them almost immediately.

Get your business loan in 24 hours

Prospa is serious about speed and will very likely credit your approved loan to your business bank account the day after you made your initial application.

If you need to seize a good business opportunity and need cash fast – this lender is the best choice.

Prospa – Business loan

  • Loan Type Business loans
  • Interest Rate from 26.5%
  • Loan Amount up to $250,000
  • Repayment 90 days to 12 months
  • Decision 24 hours

Benefits of Prospa

  • Business finance up to $250,000
  • Flexible repayment terms up to 12 months
  • Get a loan in 24 hours

Business loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This business loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

With Prospa you can get approved for a business loan within minutes

One of the most unique things about Prospa is that they work with loan brokers and actually invest a lot of time and effort into helping them grow by getting online.

They embrace brokers and have thousands working with them from all over the country.

Apply directly with Prospa

Completing an online loan application is really simple and quick. In addition, for unsecured small business loans you do not need to provide a mountain of supporting documents.

If you want better and faster service than you’ll get from a bank – use Prospa.

Supporting documents for loans under $50,000

If you’re looking for a small business loan of less than $50,000 you need only provide a driving license, your ABN, your BSB and the account details for your main business trading account.

If you’re looking for a loan exceeding $50,000 you will also have to provide financial statements. You can either provide them with PDF’s of your financial documents or provide them with the necessary details to access and verify your bank details online.

Which loan application method if the fastest for your business loan?

Prospa ensures that all credit methods used for business loan applications are fast. Whether you choose to apply online or via telephone, they'll prioritise your application and aim to provide a response on the same business day.

This approach allows you to select the credit application method that suits you best, and Prospa promptly attends to it as soon as it's brought to their attention. Recognising that customers often require immediate access to funds, they strive to minimise any potential delays.

However, delays may occur if you need to submit additional documentation as part of the verification process.

Why was my loan application process turned down?

If your business loan application is declined, it could be due to your organisation's financial performance or the presence of multiple existing loans. Prospa always provides valid reasons for the rejection. However, this should not discourage you from applying for credit in the future. They encourage you to settle some of your existing loans and ensure financial capability before applying for another loan.

man holding thumbs up

Prospa is a trusted & reliable provider of business loans

In our review, Prospa adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.

✅ Prospa is a registered credit provider in Australia: ACL 454782

Customer Reviews & Testimonials

October 2018

Prospa made sure that I get a business loan that I can afford to pay.

Melanie Y
— Maitland —

January 2019

Without the assistance of Prospa, I would be still battling to get credit for my business. Thank you for such great help!

William H
— Queensland —

Prospa Contact

Physical Address

Opening Hours

  • Monday 8.30am – 7.00pm
  • Tuesday 8.30am – 7.00pm
  • Wednesday 8.30am – 7.00pm
  • Thursday 8.30am – 7.00pm
  • Friday 8.30am – 7.00pm
  • Saturday
  • Sunday