Prospa review
Commercial
Best suited for small business owners needing fast unsecured funding up to $150,000 without property security
Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. See our Credit Guide.
Advertised rates
Not published. Each business receives a customised offer; the only figure on site is the loan calculator's 31% APR assumption, which Prospa says is for illustrative purposes only and not an offer of credit.
Approval speed
Decision often in as little as 1 hour during business hours; funding possible within 1 hour of signing - same-day overall
Credit-profile fit
Runs a personal credit check but states it focuses on the health of the business rather than the owner's score alone; its eligibility tables cite a good credit history.
Pros & cons
Pros
- Same-day decisions and funding possible
- No asset security needed up to $150,000
- Origination fee is the only business-loan fee if obligations are met (a property registration fee may apply over $150K)
- Unlimited free extra repayments
- 14-day change-of-mind policy
Cons
- No interest rates published - every offer is customised
- Origination fee of 2 - 3.5% on business loans (3 - 3.5% Small Business Loan, 2 - 3% Business Loan Plus)
- Early payout costs 1.5% of remaining principal
- Terms max out at 5 years, Line of Credit on a 2-year renewable cycle
Key features
- Small business loans $5,000 - $500,000, fixed rate, terms up to 5 years, weekly repayments
- Business Loan Plus $500,000 - $1M with property security
- Line of Credit $2,000 - $500,000, renewable 2-year term, instant drawdowns via app
- No upfront asset security for funding up to $150,000
- 14-day change-of-mind policy - cancel and return funds free
- Credit assessment on 450+ data points; Xero integration, app, business account and debit card
Fees
- Business loans: origination fee 2 - 3.5%, stated as the only fee if loan obligations are met; a registration fee may apply over $150K if Prospa registers a caveat or mortgage over property, and earning Qantas Points adds 1% to the origination fee
- Line of Credit: 0.046% weekly service fee on the facility limit, no origination fee, interest only on drawn funds
- Early payout: 1.5% of remaining principal, offset by an interest discount of at least 25% of remaining interest
- Unlimited extra repayments at no cost
Frequently asked questions
Who is Prospa best suited to?
Based on our review, Prospa is best suited for small business owners needing fast unsecured funding up to $150,000 without property security.
What are Prospa's rates?
Not published. Each business receives a customised offer; the only figure on site is the loan calculator's 31% APR assumption, which Prospa says is for illustrative purposes only and not an offer of credit.. Profile record dated 6 Oct 2026. Rates and fees are subject to change by the lender at any time.
What fees does Prospa charge?
Business loans: origination fee 2 - 3.5%, stated as the only fee if loan obligations are met; a registration fee may apply over $150K if Prospa registers a caveat or mortgage over property, and earning Qantas Points adds 1% to the origination fee. Line of Credit: 0.046% weekly service fee on the facility limit, no origination fee, interest only on drawn funds. Early payout: 1.5% of remaining principal, offset by an interest discount of at least 25% of remaining interest. Unlimited extra repayments at no cost.
How fast is Prospa's approval?
Decision often in as little as 1 hour during business hours; funding possible within 1 hour of signing - same-day overall.
What credit profile does Prospa accept?
Runs a personal credit check but states it focuses on the health of the business rather than the owner's score alone; its eligibility tables cite a good credit history.
How do I apply through Prospa?
Start a Loanseekers enquiry and we compare Prospa against 70+ lenders for your situation. The initial check does not affect your credit score, and our specialists manage the application to settlement.
See if Prospa suits your situation
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This is general information only, not personal advice; we have not considered your objectives, financial situation or needs. Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. Approval is subject to lender criteria. See our Credit Guide.
Profile record dated 6 Oct 2026. Rates and fees are subject to change by the lender at any time.
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