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Prospa sales team do all they can to get you into a product even if it falls short of your needs, and huge interest rates my god, on 40K your paying back 20k in interest. Poor functioning app, always behind and slow to update. No after sales dedicated support, its stated, but never offered in real time. Paid the finance out after just 2 months as didnt want to deal with them anymore. Good riddance and never going back.
Great Approval System, but that is where the customer service ends
I have borrowed money from Prospa twice and the approval process and time to funds is excellent. However, that is where the customer service ended. Trying to get a statement from Prospa is impossible and even more difficult is trying to pay early repayments to clear the account.
Loan Shark Rates - Living in the 80's
Don't waste your time. After being approached from a broker offering cash flow assistance we were then handed over to Prospa who said they were willing to help struggling businesses through COVID-19 with a 6 month holiday on an unsecured loan. Complete waste of our time. Take the time and go to your bank.
Pretty average to deal with
Of course I understand they have a criteria and risk management policies. Though I felt the staff were very inexperienced when "attempting" to understand your business and it's objectives. It felt like I was explaining myself to the work experience kid. The big 4 charge less and have a much higher level of professlism. Within 2 days CBA understood my business,provided options and solutions. Don't deal with amateur fly by nighters, much better options
- Verified customer
Dumped by Prospa!!!
After 3 - 4 years of business with Prospa and multiple loans, without one single default, building our business on the back of these loans.
We have been dumped by Prospa???
Stating the current situation of the Coronavirus as the reason.
We as a business are still prospering (excuse the pun) but it seems when times get tough, the tough (Prospa)get going.
We will remember now and the coming good times.
My gosh. We've applied twice with Prospa. This time was for a small amount of $20K. Our business turns over upwards of $200K per year. Both times a 'no'. Both times we have to harass them for an answer because they don't even tell us. Don't know why I bothered to be suckered in a second time. Thought the first may have been a one off. Nope. I honestly think most of these reviews are garbage, because I can't understand why it's just us that gets screwed. I left a bad review after the first time and they guilted me into removing it. Not this time.
Why who you borrow from is more important than how much you borrow
Bloody minded. Missed a payment so they placed a charge over my company, where their debt was the smallest loan but nearly pushed my into receivership because I couldn't refinance the bigger loans with them first in line. Kept repeating their policies and their stance. Luckily I was able to come through on cash glow or their so called policies were goingto be the end of me then a default on them. Borrow from someone who cares about your business so you can pay them back. Not these gangstas with a shiny website.
- 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.
- Verified customer
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.
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
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 sho...ts 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..
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.
Waste of Time
Complete waste of time. Took my application, promised the world and all I got was a mark on my credit list.
Seriously the interest is extremely high (only found out after as they wouldn't tell me on application)
People need to know what they are getting into and please BEWARE!!!
Business Beware - Exhorbitant interest & Fees
Great if you want to receive a quick and easy loan for your business - the process is fast and you will have your money quickly. HOWEVER, if they are quoting you rates of 9.5% or 10% - this is not the interest rate, it's a factor charge & if you look at the fees and interest over the term of the loan - it will be somewhere in the vicinity of 40-50% interest - A rip off!!! Go elsewhere.
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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