Frequent Questions
It’s your job to know your business, it’s okay if you have questions about ours!
About Propell
We do not require you to:
– have been in business for 3 years
– provide us with the last two years of audited financials
– provide us with the two most recent tax returns
– provide us with pages and pages and pages of paper bank statements
– provide your home (or any other collateral) as a guarantee
We don’t take weeks to make a decision.
Propell is an Australian ASX listed fintech offering financial services to small business. We’ve been servicing and delighting small businesses with our lending and payments products for several years.
Lending
The cost structure of our lending is straightforward. We don’t charge any interest. Instead, loan fees are assessed based on the information you provide and data sources you connect.
6 month Line of Credit
Fees are 2% – 9.75% of your selected small business loan amount the first 2 months and 1% for each of the remaining 4 months. Every month, for six months, you pay back 1/6th of the total amount plus the monthly fee. There are no early payment fees. In fact, early repayment will shorten the length of your small business loan and save you on future monthly fees.
12 month Line of Credit
Fees are from less than 2% per month of your selected small business loan amount for the 12 months. Every month, you pay back 1/12th of the total amount plus the monthly fee. If you choose to repay early, you will just pay on month fees additional. In fact, early repayment will shorten the length of your small business loan and save you on future monthly fees.
Propell analyses the health of your business to offer a business line of credit line that is affordable and appropriate for your business. We offer available credit balances of between $5,000 and $250,000.
Any amount that you draw down from your available balance is repaid over a 6, 12 or 24 month period.
An unsecured business business loans or credit is funding that doesn’t require you to put up any of your valuable assets as security or collateral.
The cost structure of our lending is straightforward. We don’t charge any interest. Instead, loan fees are assessed based on the information you provide and data sources you connect.
Fees are from less than 2% per month of your selected small business loan amount for the 12 months. Every month, you pay back 1/12th of the total amount plus the monthly fee. There is an early repayment fee, so if you’re likely to repay early, it might be best to look at our Propell Line of Credit.
There are a range of factors which we consider and you can learn more about these in your Business Pulse – available at the completion of every single application for every customer. Basically our criteria are as follows:
- Business has been operating for 12 months or more
- Your average daily bank balance exceeds $1,000
- Your average monthly deposits exceed $10,000 per month
If you are not sure, we recommend to complete our application form anyway and find out if you are conditionally approved. Finding out if you have a conditional approval will not impact your credit file at all. You’ll be prompted before you take any action that would impact your credit file.
You can access as little as $5,000 each time you draw down. There is no limit to the number of times you can draw down funds.
Apply in 7 minutes, get approved in 24 hours. There’s no paper work required as we look at your real time business data to perform the assessment.
You’ll have access to all products that can help your business, including a Lending services, Customer payments and more coming soon. It’s a more holistic approach to managing cash flow.
If you’re approved for our lending services, you’ll be approved for a total amount, which you can chose to use, when and how you need – either as fixed or flexible loans (or as new options which we’ll be adding to our platform soon).
Propell provides a flexible, no-obligation business credit balance.
Customers can access this balance as either a Flexible Credit or a Fixed Business Loan, or any combination of both, depending on your needs.
Flexible Credit – Rates are slightly higher for the Flexible credit but does not incur any early repayment fee.
Fixed Business Loan – Access lower rates with fixed 12 month repayment period.
There are no upfront or monthly account fees.
Propell analyses the health of your business to offer a business line of credit line that is affordable and appropriate to help your business grow.
We offer funding up to $250,000.
The Business Loan can be taken over 12 or 24 months.
However once repaid, you can access the funds again and again.
No, there are no establishment or monthly accounts.
If you select the Flexible Credit option to access your cash, there are no early repayment fees.
The only fees we charge are for late-payments and a monthly loan fee on amounts, which are drawn down.
Yes.
If you have selected the Flexible Credit option, there are not costs incurred for doing so.
If you have selected the Fixed Business Loan, there is a 4% early repayment fee on the reduced principal amount.
We encourage customers to select the loan which best suits the purpose of the funds in order to avoid the early repayment cost.
Yes, you can. As you repay the loan, the funds become available to redraw, just like an overdraft facility.
There is no time limit to draw down funds.
We do not charge a monthly account fee and there is no obligation to borrow once your application is approved.
Yes, you can put in a request to have your Propell credit limit reviewed at any time.
- Your business’ financial position has improved since you were last assigned a Trade spend limit
- You’ve held your Propell account for longer than 6 months since your first order
- You’re up-to-date with your repayments
To put in a request, call our team on 1300 804 091 or email support@propell.au
Customer Payments
Settlement of payments into your nominated account takes around 2 business days.
There is no charge to send a payment request. When the customer pays either via Phone Payments or via the payment link, there will be a charge of 1.6% + 30c (excl GST) per transaction (Visa and Mastercard transactions). You can chose to accept this charge yourself or pass this onto the customer.
You’ll have access to all products that can help your business, including a Lending services, Customer payments and more coming soon. It’s a more holistic approach to managing cash flow.
If you’re approved for our lending services, you’ll be approved for a total amount, which you can chose to use, when and how you need – either as fixed or flexible loans (or as new options which we’ll be adding to our platform soon).
Business Pulse
Business Pulse is completely free. You can get a snapshot view of your business at no cost.
By linking your bank information to the application, you will receive a much more in depth health check analysis. We can crunch your numbers for you in a way that help you understand your business more deeply.
No. Business Pulse is a check you can do on your business without hitting your credit file.
If you happen to be pre-approved for any of our products, you can opt to complete the application to access these products (such as a Line of Credit or Customer Payments) and that will be noted on your credit file. However, we’ll be really clear at that point that this will occur, and you’ll have the option to proceed or not.
Yes, it is. Firstly, when you start the Business Pulse sign up form, you’ll set a password. This is the first level of security for you.
Secondly, we never see or store passwords. We use a system from an Australian based company called Illion to handle your banking information. Illion is trusted by hundreds of thousands of small businesses each year and have been operating for over 130 year.
We’ll basically show you that real time data that we collect so that you can understand your business better and get a financial health check. It will help you understand all the factors that we, and other financial providers, review when assessing a business for credit.
Eligibility
By law we are required to verify your identity as a part of the business line of credit application process, which requires your consent.
Your business ABN/ACN needs to be active for 12 months.
Any Australian business with a monthly turnover of at least $10,000 and an ABN or ACN which has been active for at least 12 months.
Propell provides lines of credit to small businesses including Pty Ltd companies, sole traders, partnerships and trusts.
Application process
Apply in 7 minutes, get approved in 24 hours. There’s no paper work required as we look at your real time business data to perform the assessment.
With your approval, we conduct a personal credit check as part of the application process to assess your application and determine the value of the business line of credit.
No – our lending platform is online. Without the ability to verify your bank transaction history electronically, we are unable to continue with the assessment.
By providing your online login details, Propell can assess your bank transactions in real-time to determine a line of credit that is affordable for your business.
This information is provided to us in a read-only format, so your information remains protected.
We need your ABN or ACN and personal and business credit information, all of which you can provide via a simple online process.
We will assess your information and provide you with a decision in minutes.
We don’t see your user name or password.
We see your banking transactions in a read-only format. We can’t access or transact from your business bank account.
For more information please call or email us, if you have any questions.
Other questions
Please email us on support@propell.au or call us on 1300 804 091, and we can assist.
If you know you can’t make a scheduled direct debit payment, please contact us via phone on 1300 804 091 or email at support@propell.au.
We will work with you to determine the best possible solution to get you up-to-date.
Our Privacy Policy has been developed to collect, use and store personal information in accordance with the Commonwealth Government’s Privacy Act.
