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Business Loan2024-01-31T12:03:25+10:00

Fixed Business Loan

Simple and fast access to business funds

  • Access up to $250,000

  • Repay over 12 or 24 months

  • No asset security required

  • Repay and reuse

  • Designed for small business

What is a Propell Fixed Business Loan?

When you are approved for Propell lending services, a Fixed Business Loan is one of the ways that you can access your cash.

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.

Simple monthly repayments

Secure a lower rate with a fixed term and make simple monthly repayments.

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.

Line of Credit

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

.

Get a fixed business loan for

Frequent Questions

Haven’t had a business loan before? No sweat. We’ll help get you up to speed.

How much can I get access to?2023-05-18T12:05:46+10:00

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 do I know if I am eligible?2022-11-08T17:21:50+10:00

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?2023-02-28T12:42:19+10:00

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.

What are all the products I get access to?2022-11-08T17:21:49+10:00

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?2023-02-28T12:13:10+10:00

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?2023-02-28T12:14:46+10:00

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.

What is the duration of the business loan?2024-01-31T12:08:29+10:00

The Business Loan can be taken over 12  or 24 months.

However once repaid, you can access the funds again and again.

Are there ongoing fees?2023-02-28T12:17:27+10:00

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?2024-01-31T12:07:43+10:00

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?2023-02-28T12:20:12+10:00

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?2023-02-28T12:23:53+10:00

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.

However, we do continue to assess the businesses ability to support the given balance and if the position of the business materially changes form the initial assessment, we may re-assess the available balance (either up or down).
Can I request an increase in my available limit?2023-07-20T13:35:16+10:00

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

How long does it take to apply?2023-02-28T13:04:58+10:00

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 is an “unsecured” Business Loan or Line of Credit?2023-02-28T13:00:15+10:00

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 does Propell charge for a business loan?2023-02-28T13:03:45+10:00

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.

What can you do with Propell funds?

Icon Line of Credit Growth Off Grow your business

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.

Icon Line of Credit Products Off Grab opportunities

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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"Great, easy to use service. It seriously could not have been easier to apply. Will be using this service again and again."

"Great, easy to use service. It seriously could not have been easier to apply. Will be using this service again and again."

Mario – AC Markets

How does Propell work?

Propell Application - Apply in less than 10 minutes

1.Apply once for all products. It’s quick and online.

Propell Application - Get feedback on your business health

2. Select the products you need. Use it over and over again.

Propell Application - Access our products

3. It’s all digital but you can speak to a human if you prefer.

  • Propell Application - Apply in less than 10 minutes

    1.Apply once for all products. It’s quick and online.

  • Propell Application - Get feedback on your business health

    2. Select the products you need. Use it over and over again.

  • Propell Application - Access our products

    3. It’s all digital but you can speak to a human if you prefer.

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© 2024 Propell Services Pty Ltd.

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© 2024 Propell Services Pty Ltd.