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Prospa
4.2 from 157 reviews · View Statistics

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Paul

PaulSydney, NSW

  • 16 reviews
  • 9 likes

Caveat Emptor

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateNovember 2020
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5 comments
Prospa
Angie A.Prospa
Paul
Paul
Prospa
Angie A.Prospa
David M

David M

  • 2 reviews

Great Approval System, but that is where the customer service ends

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeLine of Credit
Loan Start DateMay 2018
See all answers
1 comment
Prospa
Angie A.Prospa
Shane D.

Shane D.Greater Melbourne (Inner), VIC

Loan Shark Rates - Living in the 80's

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
See all answers
1 comment
Prospa
Angie A.Prospa
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Jason D.

Jason D.South East Queensland, QLD

Pretty average to deal with

published

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

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
See all answers
1 comment
Prospa
Angie A.Prospa
Painter

PainterHunter Region, NSW

  • Verified customer

Dumped by Prospa!!!

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateFebruary 2017
See all answers
5 comments
Prospa
Angie A.Prospa
Painter
Painter
Prospa
Angie A.Prospa

Useless

published

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.

Incentivised ReviewNo
1 comment
Prospa
Angie A.Prospa

Why who you borrow from is more important than how much you borrow

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateFebruary 2019
See all answers
1 comment
Prospa
Angie A.Prospa
Francis C.

Francis C.Sydney

  • 4 reviews
  • Verified customer

Easy to get a loan but a headache to do business with

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateJanuary 2018
See all answers
1 comment
Prospa
Angie A.Prospa
Chad

ChadSydney, NSW

  • 3 reviews
  • 1 like
  • Verified customer

Do not use!! They can ruin you.

published

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
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateMay 2019
See all answers
1 comment
Prospa
Angie A.Prospa
Business Loans

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SBurns5994

SBurns5994South East Queensland, QLD

Biggest mistake ever

published

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
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateDecember 2017
See all answers
Charlie

CharlieGreater Melbourne (Outer), VIC

  • 4 reviews
  • 3 likes

Stay Away From PROSPA

published

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.

Luke B

Luke B

  • 2 reviews
  • 1 like

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

published
Geoffrey

GeoffreyBrisbane

  • 4 reviews
  • 3 likes

Don’t waste your time

published

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

Gerald

Gerald

  • 3 reviews
  • 1 like

Don’t waste your time

published

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.

Jack

JackSpringvale

Come up with nothing !

published

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!

Business Loans

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Angela

Angela

  • 4 reviews
  • 2 likes

Overcharged and took 7 days to return my money

published

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

published

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!!!

PAWAN

PAWANToowoomba

ridiculous service

published

I paid my loan earlier they told me that i will get a discount to pay the loan early almost three weeks have been calling the every few days. nothing happened. terrible service very high interest rate. beware

Joz

JozAdelaide

Business Beware - Exhorbitant interest & Fees

published

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.

50% interest for business loan

published

Business loan interest rate is 50%. By the time you put together fee and charges. We were taken for horrible ride. Small businesses are warned. Please sway away from this scam

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Questions & Answers

Leah T

Leah Tasked

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
Prospa
Angie A.Prospa

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!

Will H.
Will H.

Dont go with prospa if you want something low interest.

Maggie

Maggieasked

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?

6 answers
Jack
Jack

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.

Prospa
Angie A.Prospa

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.

John Mauri
John Mauri

hi 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

Get an answer from our members and Prospa representatives

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