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The ranking on this site is determined by Top Business Lenders at its sole discretion, based upon, inter alia, accessibility of the various sites, scope of the services offered and other factors. The ranking should NOT be relied upon for accuracy purposes. To provide you this service free of charge, we embed links to the provider sites that assign us referral commissions. We guarantee that this arrangement does not cause any bias to the offers we display, although it may impact the ranking structure. Terms of Use

Prospa Review 2019

Established 2011

Address Sydney, Australia

rank Score 4.9

4.9
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Loan Period

3-24 months

Loan Range

$5,000-$300,000

Pros

  • Better business loans
  • Flexible line of credit
  • Fast approval

Cons

  • Not for startups
  • No personal loans

Bottom Line

Prospa is a leading, award-winning business lender offering easy business loans and lines of credit to Australian small businesses.

Check if you Qualify for a Prospa loan

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Who are Prospa?

Founded in 2011, Prospa is now Australia’s leading lender, having lent more than $1.35 billion to over 24,000 Australian businesses. The company has received multiple industry awards and a  4.9/5 customer rating on Trustpilot. 

What we like best

  • Two flexible financing products
  • Up to $300,000 in funding
  • Quick & easy process

Which services does Prospa offer?

  • Type of Loan - Small business loan
  • Repayment Terms - Varies
  • Amount: $5,000- $300,000
  • Rates: Competitive - exact cost varies from business to business 
     
  • Type of Loan - Line of credit
  • Repayment Terms - Varies
  • Amount: $2,000- $100,000
  • Rates: Competitive - exact cost varies from business to business

What do you need to apply?

To apply for business funding through Prospa you need to either link your bank statements or else provide your last 6 months of bank statements in PDF format.

For funding of $150,000 or less Prospa needs:

  • Your driver’s license number
  • Your business ABN
  • The account number and BSB of your main trading account

For loans over $150,000 you’ll need to provide all the above plus:

  • P&L statements
  • Cash flow statements

How does the application process work?

Prospa’s loan application is online and takes just a few minutes to complete. After filling in basic contact information and business details, you’ll be asked to either link your bank statements or provide PDF versions. Although the process is automated and online, customer service representatives are very responsive and able to help you throughout the process.

Is Prospa trustworthy?

Prospa has a customer rating of 4.9 out of 5 on Trustpilot, indicating that the company is well-regarded and has strong credibility.

Customer support

Prospa offers multiple ways to reach their customer support team, via phone, email or an online form available through their website. They also have a live chatbot option, which is available during normal Australian working hours. Customer support is extremely responsive with a quick turnaround time.

Final verdict

Businesses that need quick and easy funding with flexible terms will find that Prospa can fulfill all these requirements. 

 

Please note that all information provided in this review is accurate at the time of publication and is subject to change. The information contained in this review is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The reviewer accepts no responsibility for any consequences whatsoever arising from the use of such information.