Unsecured term
Prospa Small Business Loan
- Unsecured
- Decisions in 24-48 hours
- Daily or weekly repayments
Fast unsecured SME term lending up to $500k
Current rate: published on Prospa's own rate card
Specialist
Prospa
SydneyFounded 2012Australian Credit Licence 454782
Prospa at a glance
Prospa is a specialist non-bank lender. It offers business loans.
- Lender type
- Specialist
- Bank or non-bank
- Non-bank lender (not an ADI)
- Credit licence
- ACL 454782, Prospa Advance Pty Ltd
- Lends
- Business loans
- Headquarters
- Sydney
Strengths
- Fast SME term loans (24-48 hour decisions)
- Listed on ASX
- Unsecured up to $500,000
- Strong broker channel relationship
Watch out for
- Pricing reflects unsecured SME risk premium
- Daily/weekly debit structures common
- Effective annual rate higher than headline
Prospa loans and products
What Prospa offers in each category, with the features, eligibility and trade-offs we note. For the current rate on each product, follow the link to Prospa’s own rate card.
Prospa business loans
Compare business loans lenders →Line of credit
Prospa Line of Credit
- Draw and repay flexibility
- Pay interest only on drawn balance
Current rate: published on Prospa's own rate card
Alternatives to Prospa
Other lenders in our directory that offer business loans, starting with other specialist lenders.
More on Prospa
- Prospa review
Who they suit, who should look elsewhere, and the verdict.
Prospa: frequently asked questions
Is Prospa a bank?
No. Prospa is a non-bank lender: it is not on APRA’s register of authorised deposit-taking institutions (ADIs), the list of banks, building societies and credit unions licensed under the Banking Act 1959. Its Australian Credit Licence is 454782, held by Prospa Advance Pty Ltd, and lending to consumers under a credit licence is regulated by ASIC under the National Consumer Credit Protection Act 2009.
What is Prospa’s credit licence number?
Prospa Advance Pty Ltd holds Australian Credit Licence 454782. You can check a licence on ASIC’s Professional Registers before you apply.