Reviewer Photos & Videos
Excellent service and quick response
The customer service was excellent and by far exceeded my expectations. Every stage was explained clearly amd precisely. The rate was reasonable for my current situation. Dev, my consultant was extremely patient and not at all pushy. The process was seamless and surprisingly quick.
No fuss no muss, simple and straightforward..
A complete package, from start to finish. A personal consultant guiding all the way. Required documentation from myself was seamlessly uploaded with speed and efficiency. All rates and charges were clearly explained and a very satisfactory term offered.
Excellent product, fast & doesn't get any easier!
If you require this kind of product it couldn't be any easier than this. Streamlined, fast and all you could expect. The staff are exceptional in their customer service and it was a pleasurable experience. Be prepared to pay a high interest but that comes with the territory and is to be expected.
- Verified customer
Easy to get a loan but a headache to do business with
We took out a small business loan with Prospa for our business. Getting a loan was very easy. However, aftersales service is very poor. I got baited with the 2 week payment holiday, which ended up backfiring in the end. Here are the reasons why I would never do business with them again.
1. Factor-Rate Interest Rate: Prospa does a factor rate type of loan. Meaning, the interest rates charged will not change even if you paid it out early. They will initially say that they would give you a discount if you payout early but you'll only get peanuts ...(I was quoted $183 discount on the interest fees on a $10k - 1yr loan if I paid it off in around 4months. Why would a finance company want you to stay the whole year? See No. 2. 2. Fees...Fees...and more fees: In a year that I was with them, I paid almost $200 in fees on top of their interest and $250 establishment fee. Those are late fees and dishonor fees. Now, a business' bank account goes up and down depending on your expenses so it's not uncommon to get dishonours...but the fees they charge border on extortion. For every dishonoured payment, you pay $35. They also charge you a $10/day late fee. Here's where they make a killing: Our payment comes out on a Thursday. The time varies so you just have to guess. You wont know if the payment comes through by Friday afternoon or even Saturday. If it bounces, you then HAVE to give them a call on Monday to request another autodebit. They will then charge you a $35 dishonour fee, $10 late fee for Friday, and $10 late fee for Monday. It doesn't matter if you call them at 7am on Monday morning, they will still charge you $10 for it. What makes it worse, is that 2 of my dishonours happened while I had funds in my account! (though this can be a bank issue). 3. Misleading advertising - When I initially took out a loan, they were advertising a "payment holiday", which means you won't have to start paying until 2 weeks after you get the money. I even requested a payment schedule which does say so. Halfway through my loan, I got a call from one of their staff stating that I am behind on my payment. I argued and stated that I am just following the payment schedule given to me. I had to email that to them to explain. They didn't call me back within the next couple of days so I assumed all is good. 2 weeks later, I got a call from a different person stating the same line that I am behind on my payments. I explained to them again that I am on a payment holiday and that I am just following the payment schedule. This went on and on and on until the end of my loan. Their explanation was that I was "supposed" to pay it 2 weeks earlier from the due date on the payment schedule that they provided me. I wrote this lengthy review not only to air out but also to warn others. Would I do business with them again? No thanks... Do I recommend you to take out a loan from them? Up to you... but expect all the things I mentioned up here to happen to you. I suggest you read through all the reviews here prior as there are a lot of not-so-real reviewers on here. 5 star review? Look at their profile... Chances are, it's only 1 review left for this business...you be the judge.
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?
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!
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?
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 enquiry. 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, the team at Prospa.
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