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
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 Leaman2022-11-08T17:21:50+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?Sarah Leaman2023-02-28T12:42:19+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).
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.
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.
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.