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Prospa

Prospa

3.8 from 70 reviews

See the Best Business Loans in 2019 as rated by Australians on ProductReview.com.au.


Do not use!! They can ruin you.

Used them for a loan and paid it out in 3 months.
Got a second loan and a work contract got dropped and a builder is not paying me for 20k and I was suffering and unable to pay the full repayment each week.
They now have a caveat on my house which is for sale so I can keep my business running.
They will not give you a inch in hard times. They will take whatever you have and screw you.

I know it’s easy and fast funds but if your plans change, you will lose it all and that’s how they role.

Stay away from them! The best advice you will get.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateMay 2019
1 comment
Hi Chad, thanks for the feedback. Our Customer Solutions Team is empowered to work with our customers, to come to a solution together. We offer things like "one off payment deferrals" and reduced payments in certain circumstances. I understand you are not happy with how your situation was handled. We will be looking into this to see if there is anything else that could have been done, and will reach out to you.

Thank you.

Mona was swift and honest with our application. There were no unexpected costs or issues with the loan. Overall I am very satisfied and happy with this arrangement. Thank you.

Transparency
Customer Service
1 comment
Thanks Lee, transparency is the key to a good business relationship. Thanks for choosing Prospa again!

Helpful alternative to banks

We have been using Prospa for three years now. They have been most helpful in assisting us when required. Speedy resolution, friendly and knowledgeable staff. They listened to our needs.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Thanks John. Wow 3 years already Happy Anniversary! Looking forward to working with you for many more years to come.

Good that a sole trader can get a loan.

Unfortunately it's interest rates are high.
But a lot easier to deal with than a bank.
Communication was good and quick response.
No hidden fees it's all explained you know what you're getting.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Thanks for the feedback Craig, we aim for speed, simplicity and transparency.

Helpful and Handy

Our account manager Mitch has been extremely helpful and efficient.

When a quick cash flow solution is needed Prospa has been a fantastic solution to get this done and would definitely use them again.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Thanks for choosing us again! We work as one with our customers to keep their business moving.

Amazing service and products

Very satisfied and happy with the service and advice. Met all my needs and thankful for there speedy help.

Who’s use again and happy to prefer to friends and family.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
1 comment
Thanks for your recommendation Courtney, we celebrate outcomes not processes.

Excellent

Lester was amazing from first contact to the end
He was very helpful and kept us in the loop at all times and funds dispersed very quickly
Great rates , and customer service

Transparency
Customer Service
Application Process
Timeliness
1 comment
Thanks so much for your incredible feedback, we have a very dedicated team!

Quick response

Service was good. Would be good to have a monthly loan repayment option. Its a useful service for short term funding. The funding was in the bank account within 24 hours.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJuly 2019
1 comment
Thanks for your kind words. Please let us know if there is anything else we could do to make your service a 5 star experience.

Biggest mistake ever

Due to unforseen circumstances my company downsized. Props does not have a hardship or refinance facility. I managed to get my payment halved for 8 weeks. Now I recieve a letter demanding payment. Completely unsatisfied...I wish I had never heard of them

Transparency
Customer Service
Application Process
Loan TypeFixed Rate
Loan Start DateDecember 2017

Quick response and good service but interest rates are high

Customer service was very good and friendly.

However, an indicative quote was provided with the following details
Loan amount: $15,375 – 12 months
Origination Fee: $375
Weekly Repayments: $365 to $385 (depending on the strength of your business)
This means that the total repayment would be respectively $18,980 and 20,020 This means that the interest rate would be 23.4% (strong business) and 30.2% (weak business) over the full amount. As the full amount reduces over the year the actual interest rates are even higher. So shortly, this may work for very short and quick coverage of A/P gaps or WCR dips but please do your calculations. There are far better offers out there.

Transparency
Customer Service
Application Process
Timeliness
1 comment
Thanks for your feedback Ben. Our annual simple interest rates range from 9.9% to 26.5% and we use a risk-based pricing model to determine the rate for each individual customer using data such as industry, years in business and cash flow. We can’t provide an accurate rate without being able to access this data, which is why you need to complete an application (though there is no cost to apply and no obligation to proceed). With any offer we provide a range of pricing metrics to help you understand the cost of borrowing. along with an early payback schedule should you wish to repay your loan early. We would love to clarify if there has been any misunderstanding. Kind regards, the team at Prospa.

great service!!!

fantastic company ! highly recommended!!! it's a yes from me!
needed a small business loan quickly and was approved within 48 hours. can't get better than that! thank you guys!
very easy to deal with

1 comment
Thanks for your feedback Mandy, we celebrate outcomes not process.

Stay Away From PROSPA

Caveat, city do not trust them, solicitor places a caveat on your property with a loan as small as $10000
Very unprofessional, I settled the account could not supply a statement for payout amount.
They sit behind their solicitor if you fall behind in repayments and need their help lookout.
Look elsewhere, not even their money investors they are just the middleman.
Pro spa hahahahahahaha what a experience worst ever.
Terrible fees and charges should be looked at prior to applying they pray on business.
Will never use this lender again, asic should look at the way they run their business.


Did you know that they secretly have a caveat clause ???

Did you know that they secretly have a caveat clause ???

Thats right they never discuss it with you but its there!!

No only did they not disclose this they actually made an error when setting up my account of which they were trying to bill an old business account, I brought this to their attention twice before it was actioned.. I then was told that the over dues would be wiped.. they weren't! and a civet was put on my house without any warning...

They then emailed me about the over dues of which I responded with the above info, screen shots of the email and said I would pay close to $1000 more in monthly repayments in one lump sum.. they then moved to legal and I am stilling battling to have the caveat removed.. They WONT answer my calls...

Be careful..

Before this I would have sung there praises but this is now a crap show..


Easier than banks by far!

Excellent help from all staff and especially Stiven K. Who was prompt, courteous and professional. Given interest rates 12.5 but if you need to go for funding I would recommend.

1 comment
Wow thanks Dianne, our team are dedicated in supporting businesses. We will pass along your kind words.

Maddie Frome

Maddie Frome and all the team I have dealt with over the years have been true and straight shooters very professional and have your needs as there first priority and not there own priorities.
I recommend anyone thinking of expanding there business without the hassle that comes from major banks to pick up the phone and dial Prospa.
If you want your business to Prospa then the team at Prospa will make sure that happens.

1 comment
Wow Steve, thank you for the kind words. We're happy you had such a great experience with our team and look forward to working with you again in the future.

Pleasure doing business with them. Very impressed

From Toni. Applied on 26 February 2019. Approved the same day. Signed documents and received funds in 24 hours.
Very impressive . Couldn't have been more helpful.
Highly recommend them to any business owner requiring short term funds.


Don’t waste your time

Tried twice now for business finance unless you have huge turnover of profits and secured contract they won’t help must be for high end business owners to gain anything morons


Don’t waste your time

Advertise everywhere that they help small business unless you have contracts and huge turnover they won’t help you yet they check all your banking records regardless all these places are a joke.


Come up with nothing !

Advertise on radio good.. looks good.. profile on website not bad.. talk on the phone not bad.. discussion no problem.. in the end of discussion is come up with nothing!


Overcharged and took 7 days to return my money

They keep processing payments even though my loan was finished when I told them they had taken out too many payments they said their systems weren't sophisticated enough to calculate when the loan should be finished. Took 7 days to get my money back after numerous calls to them NEVER AGAIN stick to the banks.


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Questions & Answers

I only want a small loan to help start my business off but I really don't want any huge interest fees...how high on average is the interest rate on small loans?
2 answers
Hi Leah, Prospa’s rate varies based on your industry, how long you have been in business, the health of your cash flow and other factors. As such, we are unable to confirm your rate until you have been through the application process. But feel free to call us on 1300 882 867 and one of our loan specialists can talk you through how it works. Thanks!Dont go with prospa if you want something low interest.

Just a small enquirey. I am looking at a possible loan of around $40,000.00. Can you tell me what interest rate this would be over 12 months?
5 answers
No idea sorry, it takes about 10 - 15 mins on the phone to have a complete offer ready for you. You should just give them a call.Hi Maggie, Thank you for your inquiry. Could you please provide me with your phone number or email address and I'll ask one of our loan consultants to give you a call this morning. If you would rather call, our number is 1300 882 867. Kind regards Taniahi Maggie, I don't want to lead you down the garden path,But what i can tell you is depends on your credit score that will detemine the actual interest rate.It can very from 1-3 per cent. I hope that answers your question

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