In this article:
Introducing Prospa PLUS Business Loans up to $500K’
Prospa is excited to announce their NEW Prospa Plus Business Loan, now providing fund amounts of up to $500K.
- Suits businesses with a minimum of 3 years trading and annual turnover $1m
- Pre-approval without credit check available for deals over $250K
- Minimal documentation for deals under $250K
- Dedicated Account Manager from start (lead) to finish (settlement)
Improved service for partners and Prospa Plus customers. Prospa provides their Partners access to a dedicated Customer Credit team specialising in Prospa Plus deals. This allows Partners to gain real-time scenario advice, and application status updates directly from the credit team in charge of the scenario assessments, leaving partners better informed and confident to have conversations with their clients.
See Prospa PLUS matrix for more details.
Offers for partners and their clients until 31 Dec 2021
With the end of the year coming round, Prospa is supporting their partners and their SME clients with business funding solutions to support business opportunities that come around this time of the year.
- PARTNER COMMISSION BOOST: Extra 1% or 2% on top of the normal commission rates for eligible partners on all products (for the first time and new referral customers) during our promotional
- PARTNER LOAN OFFER: Apply for $5,000, $10,000 or $15,000 at a maximum Annual Simple Rate of 15.9% p.a.– subject to standard credit assessment, see below for more
- CLIENT LOAN OFFER: No repayments for the first 8 weeks for approved clients on our business loans. Term will be extended and interest accrues from settlement to the end of the
Contact one of Prospa’s BDMs on 1300 964 808 or visit prospa.com/partners with a scenario today.
Terms and Conditions:
1. PARTNER COMMISSION BOOST OFFERS 25 October – 31 December 2021
Increased New Commission rate offer available on eligible referred customers approved for new Prospa Plus Business Loans, Small Business Loans or Lines of Credit (as applicable) that are approved and settled between 25 October 2021 and 31 December 2021 only (inclusive).
2% increase will apply to eligible referred customers on a new Small Business Loan or Line of Credit (as applicable) settled with a disbursement amount (or facility limit, for Line of Credit) of less than or equal to $150,000. Standard rate “New” commission for first time and new referral Small Business Loan customers will be increased from 4% to 6%; and standard rate “LOC – First Drawdown” commission for first time and new referral Line of Credit customers will be increased from 3% to 5% (offer does not apply to “Refinance – Cross Product (SBL to LOC) First Drawdown” commission).
1% increase will apply to eligible referred customers on a new Prospa Plus Business Loan settled with a disbursement amount of greater than $150,000 (exclusive). Standard rate “New” commission for first time and new referral Prospa Plus Business Loan customers will be increased from 4% to 5%.
All other commission rates and requirements remain unchanged and Prospa’s Lead Management Policy applies. Offer not available in conjunction with any other Partner offer and is available only to Partners registered and accredited with Prospa in Australia who have been contacted by email and invited to participate, subject (where applicable) to their Aggregator’s approval to participate.
Prospa reserves the unrestricted right to withhold commission payments if it reasonably considers Partner has not complied with Prospa’s relevant terms of engagement. Offer only available in connection with referral of businesses established and operating in Australia. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.
2. PARTNER LOAN OFFER FOR ACCREDITED PROSPA PARTNERS 25 October – 31 December 2021
Exclusive Partner Loan offer: Partner loan offer available to eligible approved accredited partners on a new Prospa Small Business Loan that is approved and settled between 25 October 2021 and 31 December 2021 (inclusive). Partners can apply for a loan of $15,000, $10,000 or $5,000 and eligible approved partners will receive an Annual Simple Interest Rate of 14.9% p.a. (connected electronic bank statements are required) or 15.9% p.a. (no requirement to provide connected electronic bank statements) with a 2.5% origination fee.
Offer only available on approved loans to partners registered and accredited with Prospa in Australia who are either (i) new customers or (ii) repeat customers with $0 balance at date of application and clear repayment history on previous Prospa loans. Offer available on Prospa’s Small Business Loan for approved Loan Amounts of $5,000, $10,000 or $15,000 only. Annual Simple Interest Rate of 14.9% p.a. only available to eligible approved partners who provide connected electronic bank statements.
Maximum one loan per partner. No Repayment Period not available to be taken with a loan under this offer. Cannot be used in conjunction with any other offer. No commission earned or payable on this offer. Offer may be withdrawn without notice. Loan eligibility and approval is subject to standard credit approval criteria. Fees, terms and conditions apply.
3. CUSTOMER OFFER: Prospa business loans offer, Australia 25 October – 31 December 2021
No repayment period offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan or Prospa Plus Business Loan settled between 25 October and 31 December 2021 (inclusive). Approved customers can elect to take an optional initial no repayment period of between 1 to 8 weeks, during which interest will accrue but no repayments will be required. Total loan repayment term will be extended by the time equal to the selected no repayment period (1 to 8 weeks) and interest will accrue from the loan settlement date until the end of the term. Interest that accrues on the loan during the no repayment period is capitalised and included in the total interest expense, and forms part of the regular fixed daily or weekly principal and interest repayments due on each payment date following the end of the no repayment period. Offer only available to businesses established and operating in Australia. Offer not available to refinance an existing Prospa loan that is within a no repayment period at the time of application, or in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.