Unsecured Business Finance
At Osinski Finance we have partnered with Prospa to provide small business with options for unsecured finance.
Prospa is Australia’s leading online lender to small businesses. Unlike traditional lenders, Prospa understands small business owners need faster finance solutions – so you can make decisions quickly and seize opportunities with total confidence.
How do I apply?
We’ve made it easy and fast. Simply click the apply button and complete our online form. All you need to have ready is your driver’s licence number and your business ABN. You can choose to allow us to use an advanced bank verification system link to instantly verify your bank information online, in which case – have your main trading bank account details handy. Alternatively, you can choose to upload copies of your bank statements. Please make sure you have six months of statements as PDF documents ready to upload.
Tell me about the Prospa Business Loan?
Prospa offers an unsecured loan of $5,000 to $250,000. The term of the loan is between three and twelve months and the cashflow friendly repayments are either daily or weekly.
How is the Prospa Business Loan different from a traditional business loan?
You can apply for the Prospa Business Loan in under ten minutes and receive a fast response – often as little as one hour. Application is 100% online and funds can usually be provided the same business day. Traditional business loans reference an interest rate per annum plus other fees and charges. The Prospa Business Loan details the total amount payable upfront inclusive of any interest, fees or charges that is then broken down into either a daily or weekly repayment figure.
How fast will I get a response?
We can often provide a response in one hour – if you apply during standard business hours and allow us to use an advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
How fast will I get the money?
We know growing your business is important, so Prospa will work hard to get money to you as soon as possible. If you apply before 4pm on a business day and you application is approved, we can usually have money in your account the same or next business day.
How much can I borrow?
The total amount of your loan will depend on the specific circumstances of your business. The ProspaScore platform looks at a variety of factors to determine the health of your business and based on this information, Prospa may be able to provide you a loan amount up to $250,000.
How do you charge for a Prospa Unsecured Business Loan?
Prospa doesn’t charge interest because terms are usually less than 12 months. Instead we offer a factor rate. A factor rate is expressed as a decimal figure not a percent. It varies based on your industry, how long you have been in business, the health of your cash flow and other factors. When a factor rate is used, interest is charged to the principal when the loan is originated, it doesn’t compound.
What are the fees?
We know fees can be confusing so we made it simple and transparent – there are no hidden fees and the amount due from day one includes the establishment fee. There are no additional fees (excluding any late payment or default fees) and no penalties for early repayment.
What can the Prospa Business Loan be used for?
We’re totally committed to helping small businesses access the funds they need to grow. Our fast flexible funding can be used for business renovations, marketing, to purchase inventory, new equipment, general working capital and much more.
Is there any penalty for early repayment?
There are no fees for early repayment and no balloon payment at the end of your loan. We are totally transparent with our customers about the total amount due and the date of the final payment. Once you make the final payment your balance will be $0.
How do repayments work?
It’s important to offer you easy ways to pay back your loan. To help you avoid missing repayments we offer daily or weekly repayments that are automatically deducted from your nominated business account.
What is a ProspaScore?
Prospa uses a proprietary lending platform developed specifically for Australian small businesses. The platform analyses over 400 data points to assess the health of a business and provides a ProspaScore used to determine approvals, risk and rates.
Is it safe to link my bank account to the ProspaScore platform?
Yes. We are compliant with all applicable Australian quality and security standards. We also encrypt all personal, sensitive and financial data. We use an advanced bank verification system link to instantly verify your bank account information online so we can provide a fast response.
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when a business owner uses an asset they own to secure a loan. The asset can be either a personal asset like the family home, or a business asset like a truck or piece of equipment. The vast majority of lenders, including the big banks, tend to secure loans against an asset. If you have trouble paying back the loan then your asset may be sold by the lender. In essence it’s a way of securing new financing by using the value of what you already have.
What is an unsecured loan?
An unsecured loan is when the health of a business is used to determine creditworthiness, without the business owner needing to secure the loan by putting up an asset as security. Traditional banks tend not to offer these as the arduous paperwork, low returns and higher risks involved don’t make it worthwhile. Many small business owners find themselves having to use an asset to secure a loan, or being declined.