Qualify Flashcards
Type of residents for application?
Permanent resident or Citizen
Time in business
6 months minimum for ABN but trading as well
Trading caps
6-12 months = $25,000
1-3 years = $75,000
3+ years = no cap
Taken over a business / change directorship = 3 months $25,000
Monthly sales revenue %
Lend from 100% - 300% pending the loan term
Bank account history review
- Not more than 10 dishonours
- Payment of ATO Debt
- Not paying ATO debt = Bad
- Regular healthy credits
ATO Debt
- Up to date = Good
- Has a debt = bad, of debt is over 60% of monthly sales must be in payment arrangement
- Debt over 150% regardless of ATO plan = Dead
Director profile
- Strong Credit
- More than $10k defaults = Dead
- No min score
- Propety owner = Good can lend more than $100k up to $150k exception
- No propety Max $100,000
Business profile
- Judgements, trade finance cannot be over $10k or dead
- Administration = No
Opportunity questions
- Max loan
- Max term
- Rate / Repayment
- Use of funds (UOF)
- Why Prospa
- Timeframe
Prospa Plus Loan
- over $150,000
- Need positive net income
- Management of Debtors / Creditors
Prospa Plus documents
- Current statements 12 months
- Current FY and B/s 3 months old
- FY accounts Management format okay
Credit declines
- Non PR
- Excluded industry
- Less than 6 months trading
- 10+ dishonours
- Insolvency director
- ATO debt
- large defaults
Loan Caps
6-12 months = $25,000
1-3 years = $75,000
3+ years = $150,000
Stacking
Cannot stack and Prospa must payout:
- Capify
- Zip/Spotcap
- Ondeck
- Lumi
Non acceptable industries
- Adult services
- Physical auction houses
- Debt collectors
- Direct marketing
- Financial institutions where Prospa is the main source of funds
- Firearms
- FX exchange dealers
- Freight houses
- Gambling
- Non for profit
- Panel beaters
- stockbrokers
- Pawn shops
- taxi / Uber
- vehicle Glass / Wreckers
Alpha not acceptable industries
- Building developers
- Commercial developers
- car hire business
- Nightclubs
- Towing services
SBL
$150,000 - $300,000
Repayments weekly
Early payout
Annual simple rate
Annual simple rate
Rate by the days
Application documents
12 months bank statements Completed application form Last 2 years of financials Interim FYs Aged payable/ receivables ATO portal
If not the banks then?
- Redraw from home
- Borrow from family
- Personal savings
- Credit cards
Prospa SBL Plus
$150,000 - $300,000
SBL Comms
4% new referral
2% repeat
SBL express
$5,000 - $150,000 No security up to $150,000 term 3-24 months $6k per month turnover Origination fee 3% capitalised 9.99-26.5% risk grade
SBL Plus
$15,000 - $300,000 or $500,000 PPSR over $150,000 charge 6-36 months loan 3 years trading $100k per month turnover 9.9-16.9% Origination fee 3%
LOC
$2,000 - $100,000 12 months extendable $6k turnover per month 19.99-29.99% $0 upfront fee 0.046% weekly fee on limit
