Why we’re different
WE ASSESS USING FINANCIAL STATEMENTS
We review financial statements so we can overlook the other potential issues. We can turn around a fast review if you connect your clients Accounting package HERE.
Financial Statements
Debt
Business Information
WHAT THAT MEANS FOR YOUR CLIENTS
We may be able to overlook poor credit.
We assess based on financial performance and have no formal credit criteria if other key criteria are met.
We can refinance higher risk lenders
We are happy to refinance. We assess your clients capacity for repayments, regardless of their high risk lending history.
We can overlook Dishonours, or even Defaults
Can the Dishonours or Default be reasonably explained? With enough evidence we can overlook them, but it may affect pricing.
We can stack on other loans
We can lend funds along side other loans, as long as the total repayments are deemed affordable.
What are our minimum requirements?
Profitable
The business is profitable.
Affordable debt
The business can afford to take on additional debt based on recent profits.
Trading > 12 months
The business (and ABN) should be at least 12 months old.
Options for your clients to access their available funds
At Propell, we approve businesses for an available balance. It’s their decision how they want to access the it. Depending on the purpose of the funds, they can access as either a fixed loan or a flexible loan, or both. Either way, the client only pays when they access their funds. Plus, once they make a repayment, it’s there to re-use over and over.
Flexible small business loans
Customers are approved for a total balance of revolving credit which they can access how and when they need.
Supporting our broker partners
Brokers get upfront commission and also benefit from ongoing commissions when clients use their revolving facility.
Generous commissions for partners
The process
2 – We’ll provide a preliminary approval
We will review and provide a high level view of the likelihood of this application being approved, along with the potential amount and rate.
3 – Client submits an application
If the customer wishes to proceed, they can do so via our portal using your unique link to ensure the application is tracked back to you.
4 – Client is approved for an available balance
If the client is approved, they will have access to an available balance, which they can draw upon at any time, in any amounts. The balance will be reviewed after 30 days.
Partner Expressions of Interest
FAQ’s
Here are some answers to our most common questions from brokers and partners.
No – our lending platform is online. Without the ability to verify your bank transaction history electronically, we are unable to continue with the assessment.
Commissions are paid when the loan is funded to the client.
Here is an example of a Propell repayment schedule
There are several stages to the assessment
- The preliminary approval when you provide us with the initial scenario to vett, will have no impact the clients credit file.
- Once presented with a conditional approval within our online application form, there will still be no impact to the clients credit file.
- Only if the client ticks our T&C’s to agree to proceed with the application, they will be advised that we are requesting access to their credit file.
Customers are only charged the interest on their loan once drawn down. There are no fees associated with maintaining an available balance.
Once we have offered you a preliminary indication of approval, you can go ahead and request your client to submit an application.
This is done online (using your brokerage unique application link). The client is required to complete just 4 short pages including:
01 – Setting up their secure login
02 – Adding their ABN and business details
03 – Confirming their director ID
04 – Connecting their bank account details so we can undertake a full assessment in real time
To access the funds, the client simply log’s into their Propell account and submits a request to draw down funds as follows:
01 – Go to Get Funds section of dashboard and enter the desired amount
02 – Select the timeframe preferred for the repayment of funds, and if they wish to consolidate with any other external or internal loans
03 – View the repayment schedule and confirm the request.
Repayments are made monthly and paid via automatic direct debit from the clients nominated bank account.
Repayments are due exactly one month from the signing of the contract, and every month there after. (e.g. contract signed on 14th April, first repayment would be due 14th May)
Additional repayments can also be made via the dashboard.
Platform Partners
