Prospa

I’ve been with Prospa for 5 years and never missed a repayment. Since June 2025, my account has been wrongly flagged as overdue even though payments are up to date. On top of that, Prospa has taken random extra debits from my business account — ranging from $95 to over $1,500 — without any notice or explanation. For a small business, this kind of behaviour creates huge cash flow stress and makes them a risky choice for funding. Show details

STAY AWAY - FAR AWAY. You are better off taking a loan from the mafia or cartel to be honest. HIGH HIGH FEES, HIGH HIGH INTEREST and they come after your assets. From a 14k loan, I ended up paying back 65k. Read the fine print. The fees are ludicrous and should be illegal. Show details

These people are useless. They will run a credit check before going through all your documents and then tell you NO and [Content Removed] your credit score. That so called “loan specialist” [Name Removed] is so unprofessional. STAY AWAY FROM THEM!

Wow, I have read through so many reviews and majority is one star. How does Prospa get away with this? I think I have enough proof to take them to the court. I talked to Tina couple of times from Prospa. She said to me I am going around in circles… Read more

when she was the one saying "it all in your contract". Well I have enough proof to take them to the courts? Over $25 penalty they have been charging hundreds of dollars interest on top of the normal amount they take out. Eventually they sent an email saying that it was a mistake and refunded me and wrote that all penalties are waived as well......guess what they started charging the same thing from the next payment. I called them and they download the app and click on penalties section where it says "get back on track" I did that just to see if what they told me to do works......I paid the amount that would put me back on track........guess what......they are still charging me the same fees and penalties. I am exhausted with them.......I think legal step is my best option. I even told them, if it's just $25 and you guys are taking money out at will so why didn't you take the $25 and make it right........their reply.......you are the guarantor so it's you responsibility......I am really amazed with this Finance company. They don't reply to my emails and tried to charge me $80 when I asked for the phone recording of my conversation. Truly I have met a loan shark of a finance company.

This company are fantastic to deal with when u want money happy to give but the moment you fall on hard times they pounce on you and it doesn’t matter if u call them over and over again they do not want to help at all I asked if I could reduce my payments they said no it’s too bad that’s the contract you signed, I am a single parent and they have… Read more

literally taken food out of my child’s mouth and don’t give a crap about it even when I told them they took my whole pay, the good reviews they get are when they have lent money so people are always happy about that there tune will change once they miss a payment or are in serious financial hardship, even after having the small business debt helpline talk to them they do not budge next step is reporting to ASIC as they have now threatened with a caveat

After the company i work for was liquidated i was left with the bill as the guarantor. No one contacted me directly and when i found out i was being held accountable for the account i was horrified to find that with only around 4k left owing i was charged nearly double that in late fees. I was then ridiculed and threatened by the collections… Read more

department team and was not able to be directed to any one in authority to make a formal complaint against the collection officer in question. I am now engaging the ombudsman for assistance in resolving the issue. What a disgusting caliber of personnel they have don't ever use these guys for finance.

By far worst experience. They are happy to provide finance at ridiculous rates but when you fall on hard times they become loan sharks. Charging you daily late fees dishonour fees even when you tell them not to do random withdrawals on your account if you miss a payment. They will tell you one thing eg they will not charge you late fee but then… Read more

charge you a late fee. There is no compassion when business becomes difficult. Their support people lie to you about what they will do for you. This company cost me a bundle money stress and grieve as they tell you they care and understand your situation and then persue you for all you got so if you are considering business finance DONT use this company you will regret it.

What a disappointment. Have a line of credit with these guys for 2 years. No defaults, no missed or late repayments. After two years they make you reapply to continue using the facility. Silly me, assumed that because everything was in good order it would only be a formality. Wrong. Renewal application was rejected and I'm now being forced to… Read more

double my repayments and pay it out. So much for helping small business. So a weekly repayment will jump from $115 maximum (it reduces depending on balance)to around $200 a week. Id hate to see how they treat customers that are struggling.

Prospa saved my business – Prospa saved my business. Twice. I took out a loan for cashflow, realized 3 weeks later that I did not apply for a large enough amount to get me through the difficult period. Prospa were able to double my initial loan amount. They are great to communicate with, understanding of your business situation & you can chat to them on the phone really… Read more ·  1

quickly & easily. (No ridiculous hold waiting times) The money was in the bank within a couple of hours of my phone call.

My business banks with NAB, and I initially tried applying online with them before hearing about Prospa - NAB said I could not be pre-approved for a loan.

So, thank you Prospa! I would highly recommend to any business!

Stay from Prospa – Horrible Experience with Prospa – Unethical Practices and Predatory Interest I would strongly advise anyone to stay far away from Prospa. I borrowed around $130,000 from them for my business and paid back $65,000 within the first year. Unfortunately, due to significant financial difficulties in the hospitality industry, I couldn’t keep up with… Read more

the payments.

I reached out to Prospa, explaining my situation, and asked for help. They offered me four weeks of reduced payments, but even after that, I struggled to meet the payment schedule. Instead of working with me like they initially promised, they slapped on a staggering $45,000 in additional interest after just three months of missed payments!

Even worse, they placed a caveat on my property after assuring me that they wouldn’t if I made a lump sum payment of $2,000, which I had to gather by selling my wife’s jewelry and other personal belongings. Despite all of this, they ignored my pleas to reduce the unreasonable interest charges, even after I told them I would sell my house to repay the debt. When the house finally sold, they waited until the last minute to demand $150,000 from the settlement in their trust account.

Their practices are beyond unethical, and they’ve caused extreme stress and financial hardship for my family and me. Avoid this company at all costs – they are sharks who will do anything to bleed you dry, with no regard for your circumstances. They made promises they didn’t keep, and their predatory interest rates have left me in an even worse position than when I started.

Prospa is not a company you can trust if you find yourself facing financial difficulties. They are not here to help, only to take advantage of your situation.

Very happy customer – Highly recommended. Thank you Mitch from Prospa for a very professional and excellent service and super quick response.For the first time customer I really happy with Prospa. Show reply

Sharks – Stay well clear nothing but sharks When it comes to finding it difficulty to paying due to unforseen circumstances. 5 stars when it comes to threats with legal action! Show details

Highly Recommended – I am very happy with the professional service that I have received, from initial contact I was guided step by step through the process. The team advised me on what was the best product suited to my needs and explained everything very clearly. The team kept me informed and updated on every step. A special thank you to Jacob from Valiant and Jane from Prospa. Show details ·  1

Do yourself a favor and don’t get caught up – Great when your paying on time (which I did for years), the minute a builder goes into Liqudation and you call for a solution as no income for a while they turn into beasts constantly threatening legal action and charging very high fees. Over $4000 was added to my loans in my already struggling business will not accept to remove these fees,… Read more

instead again threatening legal action. I used to love prospa but that’s all changed. If I can give 0 star I will but please everyone do yourselves a favor and do not sign anything with prospa. All other lenders worked with me and helped me out except prospa. Instead they made my life harder and every time I would try and apply for hardship they talk me out of it. They have a great way of talking people out of things and constantly threatening legal action. I paid them today 2k and offered to pay the remainder over 4 weeks, however they responded with, set up direct debit or face legal action. Really revolting in most of my dealings with these people. I am struggling and so is my business but prospa don’t care. Funny the name prospa. Anything but.

Prospa – as good for about 2 years Was good for about 2 years Then had money for payments going out of my bank, reversing on their end but reversing into thin air , i got the blame for stopping the payments , then when they saw it was a system error on their end and i had 8k missing , i couldnt even get a direct answer as to what happened but suddenly a… Read more

8k cash deposit had been paid , also emails to say i had been denied a application but i didnt apply for anything , call centre staff are rude and talk over you , i will be going elsewhere paying off the remander of the loan and paying the interest to someone else what a nightmare and i have never once missed a payment with prospa the last few years i have been with them

Date of experience: 18 June 2024

Absolutely wonderful service – With 2 directors not located at my business I was worried about how difficult this process would be, however John @ Prospa was absolutely amazing and doing most of the liaising with me and only involving the directors when he needed to for short periods to allow them to get on with their day. The loan was approved and set up in less than 48 hours… Read more

with access to the funds immediately. The break down of the rates was nice and clear & easy to understand. Absolutely thrilled!

DO NOT GO WITH THESE MONEY HUNGRY COCKROACHES – I wish I could leave 0 STARS. Extortionate interest rates (28-29%, and you end up paying 55% of your total loan value in interest. Disgusting service. If you try to pay out your loan early they start charging fees and additional interest so that your early payout figure constantly changes and you can never clear it. Basically a team of great sales… Read more

people selling the illusion of a supportive alternative to bank lending, when in reality they are a bunch of money hungry grubs, that change the goal posts so you can never get out. I took out a $24k loan over two years, and after 10 months of weekly repayments had paid OVER $10k IN INTEREST ALONE and only $3k of the principal. My early payout figure was $21.5k. I paid this and then got told there was an additional $1200 in fees and interest owed, despite the fact I had already paid the balance of the loan out. I then got threatened by their lawyers and bullied into paying this extra fee, deemed "late" despite having paid out the loan, with even more fees accruing on it while I argued my case with them. DO NOT GO WITH THESE GRUBS. Better off with a bank loan - half the interest rate and none of the fees.

THE SAGA ENDS – Have paid prospa out. What a saga. I paused my loan for a month, twice due to cyclonic/monsoonal weather stopping work. The legends slammed me with $6000 interest?!? Wow. So glad it’s all paid & over. They had the audacity to offer me more finance !?! lol No thanks prospa. My wallet looks much better now.…All business owners when you see prospa, RUN the opposite way & you’ll be fine.much love ;) Show details

So easy to deal with – Lynette and her team at Prospa are so easy to deal with. Nothing is too hard for them. One phone is all it takes. Their care and attention to detail is second to none. Show details ·  1

Borrow $16,000 pay back $28,000 in 18 months,miss any payments and it will sail over $30,000!!!! Run the other way – Got approved very quickly,very pushy to get you to sign up and take the loan,they make it sound good but in reality they’re actually loan sharks, extremely high interest, 29% on 16k over 18 months as a first loan to “build a relationship” with prospa, borrow 16k and pay back 28k, be realistic and think really hard about going through these guys,… Read more

if you can afford to pay back what they ask you to pay back then you don’t need this, don’t make the same mistake I did out of desperation for help, it will do more harm than good. This company is absolutely brutal and will send you broke if you are in a position where you need financial assistance to run your business, run the other way and don’t look back!!!!!! If you want proof I can edit this review and show you what you’re in for if you do consider going through these guys.

stay well away – After using prospa numerous times after being hit with the pandemic ,downturn in business and so on prospa were relentless and have worn me down fees are ridiculous and no help what so ever a 4 week break from $1000 per week only after months and months of begging then called the day after the 4th week to be told the whole 4 weeks and this week… Read more

payment had to be made wth? then took monies form my account without authority and continued to debt me account if you are a small business stay well away the do not help you at all not a single bit of help absolute sharks

Wouldn't recommend to my worst enemy! – We got a loan prior to covid and then refinanced as, at first seemed helpful and things were going well for our business. Fast forward to 2022 when our area and therefore our business was heavily effected by flooding, which made us inoperable for almost 3 months, we fell behind and they assisted us with hardship relief for a couple of weeks,… Read more

failing to mention how many fees and charges were being added every day. Slowly we were managing to catch up, 6 months later we had increased to double payments for an agreed 5 week period, they continued this and the next 5 payments bounced back to them, as we were hit with a pretty serious breakdown, attempted to make contact to discuss, call wasn't returned and now recieve a notice to pay $26k in 5 days... how unrealistic and u helpful... trying to bankruptcy small business.

Pure Evil – These guys play on vulnerable businesses. They approve quickly but have a title over your business. I urge everyone not to go down this road, speak to the bank, speak to friends and family or if the inevitable is that you cant afford the high interest and control over you, then downsize or get out, because Prosper will end up taking your business… Read more

anyway. Trying to speak to someone from the Hardship team is impossible. They do not care. I honestly believe that it is only a matter of time before this company gets investigated, they are modern day loan sharks with a sole purpose to actually chew you up and spit you out.