Flexible Line of Credit

Flexible and fast access to business funds

Borrow between $5,000 – $250,000
Up to 24 months to repay
No asset security required
Re-draw again and again
Designed for small business

What is a Propell Flexible Business Loan?

Access up to $250K

You’ll be approved for a total available balance. Access as much or as little as you need at any time. Don’t pay interest on credit you don’t need right now.

No asset security

There’s no asset security required. You don’t need to put your personal assets on the line.

Repay early and save

No penalty to repay early and save. Don’t get locked into a loan that you only need for a few months.

A loan you can re-draw

Repay and reuse. Don’t apply over and over again for loan services. Get an available balance that you can draw on any any time.

Propell offers a smarter way to access small business credit

Small businesses need flexibility. When you sign up to Propell, you get access to an available balance of funds which you can access how you need and when you need.

Up to $250K available

Apply once and secure a total available balance of up to $250,000. Don’t apply multiple times for multiple loans.

Access as flexible loans

Draw down on your balance as a flexible loan with no early repayment fees.

Revolving credit you can re-use

Repayments are returned to your available balance to draw it again and again.

Only pay for funds used

It’s free to have a balance of funds available. Only pay on what you use. Don’t pay interest on the full amount.

How do I apply?

Our application is fast, simple and online.

You must be:

A Director / Owner of the business

You’ll need:

Your ID
Online business banking details

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Get a business loan for

Staff overheads

New equipment

Cover for when customers pay late

Outlay for materials prior to jobs

Frequent Questions

Haven’t used a line of credit before? No sweat. We’ll help get you up to speed.

How does Propell charge for a business line of credit?Sarah Leaman2023-02-28T12:45:30+10:00

How does Propell charge for a business line of credit?

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.

How much can I get access to?Sarah Leaman2023-05-18T12:05:46+10:00

How much can I get access to?

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.

How long do I have to repay?Sarah Leaman2024-01-31T12:09:42+10:00

How long do I have to repay?

Any amount that you draw down from your available balance is repaid over a 6, 12 or 24 month period.

What is an “unsecured” Business Loan or Line of Credit?Sarah Leaman2023-02-28T13:00:15+10:00

What is an “unsecured” Business Loan or Line of Credit?

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.

How do I know if I am eligible?Sarah Leaman2022-11-08T17:21:50+10:00

How do I know if I am eligible?

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.

How much can I access at a time?Sarah Leaman2023-02-28T12:42:19+10:00

How much can I access at a time?

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.

How long does it take to apply?Sarah Leaman2023-02-28T13:04:58+10:00

How long does it take to apply?

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.

What are all the products I get access to?Sarah Leaman2022-11-08T17:21:49+10:00

What are all the products I get access to?

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).

What does it cost?Sarah Leaman2023-02-28T12:13:10+10:00

What does it cost?

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.

How much can I borrow?Sarah Leaman2023-02-28T12:14:46+10:00

How much can I borrow?

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.

Are there ongoing fees?Sarah Leaman2023-02-28T12:17:27+10:00

Are there ongoing fees?

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.

Can I pay my loan out early?Sarah Leaman2024-01-31T12:07:43+10:00

Can I pay my loan out early?

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.

Can I re-draw my funds?Sarah Leaman2023-02-28T12:20:12+10:00

Can I re-draw my funds?

Yes, you can. As you repay the loan, the funds become available to redraw, just like an overdraft facility.

Is there a time limit to use my funds?Sarah Leaman2023-02-28T12:23:53+10:00

Is there a time limit to use my funds?

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.

Can I request an increase in my available limit?Sarah Leaman2023-07-20T13:35:16+10:00

Can I request an increase in my available limit?

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

View all FAQ’s

What do you need a Line of Credit for?

Grow your business

A line of credit can be a really flexible option when it comes to wanting to grow your business, especially if you want to approach growth in stages, and build slowly. You can have access to your full available credit amount, but only draw on what you need, when you need it. And only pay interest in the part you need too. Grow your business on your terms.

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Grab opportunities

You never know when the next opportunity is going to come along, but having an available balance of cash available if you need it, means you don’t need to miss out on them when they do. Perhaps it’s a bond on your new dream premises that’s just become available, or perhaps a big contract you need to outlay for materials in order to accept it.

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Fill cashflow gaps

Every business has its ups and downs when it comes to cash flow. Cash flow gaps don’t usually mean its not a great business, it simply means there is a time difference between when money comes in and when it goes out. Get smarter about how you manage your cash flow and fill those cash flow gaps when they arise with a line of credit.

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