Qualify

Question 1

Type of residents for application?

Answer 1

Permanent resident or Citizen

Question 2

Time in business

Answer 2

6 months minimum for ABN but trading as well

Question 3

Trading caps

Answer 3

6-12 months = $25,000
1-3 years = $75,000
3+ years = no cap
Taken over a business / change directorship = 3 months $25,000

Question 4

Monthly sales revenue %

Answer 4

Lend from 100% - 300% pending the loan term

Question 5

Bank account history review

Answer 5

• Not more than 10 dishonours
• Payment of ATO Debt
• Not paying ATO debt = Bad
• Regular healthy credits

Question 6

ATO Debt

Answer 6

• 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

Question 7

Director profile

Answer 7

• 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

Question 8

Business profile

Answer 8

• Judgements, trade finance cannot be over $10k or dead

- Administration = No

Question 9

Opportunity questions

Answer 9

• Max loan
• Max term
• Rate / Repayment
• Use of funds (UOF)
• Why Prospa
• Timeframe

Question 10

Prospa Plus Loan

Answer 10

• over $150,000
• Need positive net income
• Management of Debtors / Creditors

Question 11

Prospa Plus documents

Answer 11

• Current statements 12 months
• Current FY and B/s 3 months old
• FY accounts Management format okay

Question 12

Credit declines

Answer 12

• Non PR
• Excluded industry
• Less than 6 months trading
• 10+ dishonours
• Insolvency director
• ATO debt
• large defaults

Question 13

Loan Caps

Answer 13

6-12 months = $25,000
1-3 years = $75,000
3+ years = $150,000

Question 14

Stacking

Answer 14

Cannot stack and Prospa must payout:

• Capify
• Zip/Spotcap
• Ondeck
• Lumi

Question 15

Non acceptable industries

Answer 15

• 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

Question 16

Alpha not acceptable industries

Answer 16

• Building developers
• Commercial developers
• car hire business
• Nightclubs
• Towing services

Question 17

SBL

Answer 17

$150,000 - $300,000
Repayments weekly
Early payout
Annual simple rate

Question 18

Annual simple rate

Answer 18

Rate by the days

Question 19

Application documents

Answer 19

12 months bank statements 
Completed application form 
Last 2 years of financials 
Interim FYs 
Aged payable/ receivables 
ATO portal

Question 20

If not the banks then?

Answer 20

• Redraw from home
• Borrow from family
• Personal savings
• Credit cards

Question 21

Prospa SBL Plus

Answer 21

$150,000 - $300,000

Question 22

SBL Comms

Answer 22

4% new referral

2% repeat

Question 23

SBL express

Answer 23

$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

Question 24

SBL Plus

Answer 24

$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%

Question 25

LOC

Answer 25

$2,000 - $100,000
12 months extendable 
$6k turnover per month
19.99-29.99% 
$0 upfront fee 
0.046% weekly fee on limit