Prospa Reviews – Pros & Cons, Interest Rates & Fees

Prospa Reviews – Pros & Cons, Interest Rates & Fees


I think it would be great if a lender offered you a business loan with no repayments for the first four weeks. We are talking about Prospa. The company offers small business loans and business lines of credit to small business owners across Australia with flexible terms and rates.

Greetings, my name is Mark Twain Jr. today I am going to review Prospa Finance and in this article, I will explain a to z about the online lender. This article will give you an overview of Prospa finance pros and cons, loan programs, interest rates, payment terms, fees, Prospa business loan requirements, reviews, and more.

What is Prospa?

Prospa is one of Australia’s fastest-growing financial companies. Small businesses in Australia are offered small business loans and business loans of credit. The company was founded in December 2012. You can borrow up to $300000 for your small business.

Prospa Loan Programs

At the present time, Prospa offers two types of loan programs: small business loans (working capital loans) and business lines of credit.

  1. Small Business Loan

For the first four weeks, Prospa offers small business loans ranging from 5000 to 300,000. In this loan program, the payback period varies from 3 to 36 months.

Features of Prospa Small Business Loans


Up to the loan amount

5000 to 300000

Loan Term

3 to 36 months

Repayment options

Daily or Weekly

Early Payout


Interest Rate

9.9% to 26.9%

Funding Possible

Within 24 hours

Business Age

More than 6 months

Personal Guarantee




Upfront Fee

3% origination fee


Prospa small business loan details


  1. Business Lines Of Credit

Business lines of credit are available through the financial company with 24 month payback terms, and you can borrow up to 150000.

Prospa Business Line Of Credit Features


Up to Loan amount


Loan Term

24 months

Repayment options

Weekly & Monthly

Early Payout


Interest Rate

Starts from 9.9%

Funding Possible

24 hours

Business Age

6 months or more

Personal Guarantee




Upfront fee

194 dollars

Prospa Business Line Of Credit details

Basic Requirements

Prospa’s minimum requirements are as follows:

  • More than six months in business
  • A business owner must be at least 18 years old
  • An Australian citizen must own the business
  • A monthly turnover of $5000 is required
  • No bankruptcy or default history with other lenders

How to apply for a loan?

You can now apply online for a Prospa business loan. Visit to learn more. Visit their official site and click the Apply Now button. Click on Apply Now and provide some basic information about you and your business, as well as your valid ABN or ACN. Within four minutes, a loan offer will be made. To apply for a loan, follow these steps:

  1. Step 1: Visit the Prospa website and click on the Apply Now button (it will show the requirements).
  2. Step 2: Click Let’s get started
  3. Step 3: Enter the amount you wish to borrow (2000-300000)
  4. Choose the option that best suits your business needs
  5. Step 5: Select why you need the funds
  6. Choose yes, I am an Australian citizen or permanent resident
  7. Step 7: Are you the business owner. Please click on Yes, I am
  8. Step 8: Enter your monthly sales for the last six months
  9. Step 9: Enter your firm’s ABN, ACN, or entity name
  10. Step 10: Enter how long you’ve been in business
  11. Step 11: Choose your business industry
  12. If you have a previous ABN associated with your business, select Yes, I do. If not, I don’t
  13. Enter your full name, date of birth, phone number, and email address. Please check the box if you agree to the terms and conditions.
  14. 14: See if your business is eligible and get a loan offer.
  15. Upload last month’s business checking account statement.

Customer Service

Customer service at Prospa is excellent. Live chat, email, and phone support are available. Email: info[at] Phone: 1300 671 307

Our Reviews On Prospa

There are few online lenders in Australia that offer small business loans with no repayments for the first four weeks. It’s really cool. Furthermore, they have the fastest loan approval ratio compared to other lenders. Prospa’s interest rate and payback terms are competitive with those of other lenders in the market. However, they do not offer monthly repayment options for working capital loans. Besides, they charge an origination fee, which is about 3% of the loan amount and it affects the total cost of capital. We hope the financial company will improve in this area. During our review, we determined that Prospa is an A category lender in Australia.

Reviews On Other Review Sites About Prospa

Review sites

Total Review




4.9 out of 5



3.7 out of 5



3.5 out of 5

Product Review AU


4.4 out of 5

Prospa review on review sites

Prospa Pros And Cons:



Online Process

Not for startups

Fast approval

Few loan programs

A flexible business line of credit

No Monthly Repayment

No collateral needed

No benefit to early payment

No repayment for first 4 week


Greate Customer Support


Prospa Finance Pros and Cons


Prospa could be a great option for small business owners who need quick cash. The interest rate and terms are competitive with other lenders on the market. If you are looking for a monthly repayment option or a startup business loan without collateral, then it is not a good option for you.

In this section, we tried to provide you with a detailed description of Prospa finance. Feel free to contact us if you have any questions.


Who owns Prospa?

Prospa is owned by Greg Moshal & Beau Bertoli. Geg holds a BCom in Accounting from Monash University, while Beau holds a BCom in Economics and Finance from Sydney University.

What is Prospa interest rate?

Interest rates vary from business to business. The Prospa interest rate ranges from 9.9% to 26.9%.

Is Prospa legit or a scam?

Prospa is 100% legitimate, they are not a scam. In 2012, the financial company was founded.

What is the best time to get a business loan?

Business loan specialists advise taking out a loan during the first week of the month. If you are considering taking a loan, ask yourself whether it will benefit your business. If yes, then take it, otherwise do not take it.

What industries are growing in Australia?

Rice, cotton, telehealth, online grocery, home furnishing sales, baby products, and clothing are among the fast-growing industries in Australia.

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