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Line of Credit For Small Business2022-04-28T09:25:26+10:00

Line of Credit

Line of Credit For Small Business

  • Borrow up to $250,000

  • Use funds again & again

  • Apply in minutes

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Get On Top Of Your Cash Flow

Keep your business moving with a Propell line of credit. It is completely free to apply online and only takes a few minutes. Propel’s line of credit is completely unsecured, meaning you do not have to put up any assets as security or collateral.

With your line of credit, you will be able to ensure you are able to:

Pay Wages – Buy Stock – Cover For Late Payments – Pay Supplier Invoices

Bank Loan

Average Business Loan

  • Full amount is interest bearing

  • Once only use. Need to reapply for future loans.

  • Small business struggle to get approved, especially by banks.

Line of Credit

Propell Line of Credit

  • Interest only added once balance is drawn.

  • Re-pay loan and the balance is available again.

  • Line of credit designed with small business in mind.

What do you need a Line of Credit for?

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.

Icon Line of Credit Cashflow Off Fill cashflow gaps

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.

100% Online Application

Apply in minutes

No hidden fees

Free to sign up

100% Online Application

Apply in minutes

No hidden fees

Free to sign up

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"Propell was just really transparent about the whole process. It was all quick and easy to sign up online and really refreshing to learn how my business is tracking, rather than a simple Yes / No response you get from most others, with no explanation."

"Propell was just really transparent about the whole process. It was all quick and easy to sign up online and really refreshing to learn how my business is tracking, rather than a simple Yes / No response you get from most others, with no explanation."

Jack – Project Manager, All Trades Limited

Ready to take your business forward?

Our team are here to support you – every step of the way.

How does Propell charge for a business line of credit?2023-02-28T12:45:30+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.

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?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 long do I have to repay?2024-01-31T12:09:42+10:00

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?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 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.

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 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.

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 can we help?

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