Line of Credit2024-01-31T12:04:51+10:00

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 Line of Credit?

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

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.

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

.

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?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
Is there a time limit to use my funds?2023-02-28T12:23:53+10:00
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

What do you need a Line of Credit for?

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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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