You consent that we (including any of our overseas associates on our behalf) can do any of the following at any time:
You consent to us sending you notices and other documents in connection with your dealings with us (“Electronic Communication”) by electronic means, including by email, text or by the member log-in area via our web site. You understand that upon the giving this consent:
Thank you for trusting us with your information. We value that trust, and that's why protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you.
This Policy outlines how Prospa (Prospa Advance Pty Ltd, Prospa Pty Ltd and our related companies from time to time) (“we / us / the Group”) collect, disclose, use, store or otherwise handle personal information. It is important to us that we manage your personal information securely and consistently with relevant legislation, including the Australian Privacy Act 1988 (Commonwealth), the New Zealand Privacy Act 1993 and the Credit Reporting Privacy Codes for Australia and New Zealand (as applicable), as amended or replaced from time to time (Privacy Laws).
This Policy explains:
This policy does not limit our rights and obligations under Privacy Laws.
This policy is not limited to current customers or guarantors of customers (where applicable) – it relates to all other individuals who deal with us, whether in relation to the provision of credit or otherwise.
We collect information about you and your interactions with us, for example, when you request or use our products or services, make a card purchase or transfer money, phone us or visit any of our websites. When you use our website or mobile applications, we may collect information about your location or activity including your IP address, telephone number and whether you've accessed third-party sites. Some of this website information we collect using cookies.
This may include information collected directly from you and information that you authorise us to collect from third parties. It is not mandatory for you to provide us with the personal information that we request – however if you do not do so it may affect the products and services that we can provide to you.
We will collect certain personal information about you depending on the circumstances in which the product or service is being provided. This information can include:
We collect information about you from others such as service providers, agents, your bank, advisers, brokers, employers or family members. For example, if you apply for credit, we may need to obtain a credit report from a credit reporting body. We will also obtain bank account information from your bank throughout the term of the loan. We may collect information about you that is publicly available, for example, from public registers or social media, or made available by third parties.
We may use a bank statements and third party account aggregation service provider. By obtaining from you access to your internet banking, our third party service provider will access your personal information for the purpose of providing your personal and business bank account information to us. We will obtain the last six months bank transactions from the relevant bank account on the date you apply for a loan, in addition to further ongoing bank transactions for the term of the loan, for the purpose of assessing any future loan application. We note that your bank's terms may prohibit you from sharing your login, so you agree to appoint our third party service provider as your agent to access your internet banking on your behalf solely for this purposes and you consent to our ongoing access to this information for the term of the loan and the purposes outlined above.
The New Zealand and Australian Privacy Acts both protect your sensitive information, such as health information that’s collected on insurance or hardship applications. If we need to obtain this type of information, we will ask for your consent, except where otherwise permitted by law.
In many circumstances, we will collect the above information primarily from you (or from someone who is representing or assisting you). However, there are certain instances in which we will collect information about you from third parties where it is unreasonable or impracticable to collect it directly from you. For example, even where your application is for credit, we may collect information about you from a business which provides information about commercial credit worthiness for the purpose of assessing your application.
We use your information to:
We may also collect, use and exchange your information in other ways where you have authorised us to do so or where permitted by law.
We may use your information for direct marketing, including by email or other electronic means. If you no longer want to receive direct marketing, you can tell us by using any of the methods set out in section 9.
Improvements in technology enable organisations to collect and use information to get a more integrated view of customers and provide better products and services. We may combine our customer information with information available from a wide variety of external sources (for example census or Australian or New Zealand Bureau of Statistics data). We are able to analyse the data in order to gain useful insights which can be used for any of the purposes mentioned earlier in this policy. In addition, Group members may provide data insights or related reports to others, for example, to help them understand their customers better. These insights and reports are based on aggregated information and do not contain any information that identifies you.
We exchange your information with other members of the Group, so that the Group may adopt an integrated approach to its customers. Group members may use this information for any of the purposes mentioned in this section.
We may exchange your information with third parties where this is permitted or required by law, or for any of the purposes mentioned in section 3.
Third parties include:
Generally, we use customer service teams located within Australia or New Zealand. However we may send your information overseas, including to overseas Group members and to service providers or other third parties who operate or hold data outside Australia and New Zealand. Where we do this, we take reasonable steps to ensure that appropriate data handling and security arrangements are in place. Please note that Australian and New Zealand law may not apply to some of these entities.
We may also send information overseas to complete a particular transaction or where this is required by laws and regulations of Australia, New Zealand or another country.
Where we send your information overseas, it is likely to be one of the following countries:
Where we send your information to overseas Group members or service providers, we take reasonable steps to ensure that appropriate data handling and security arrangements are in place.
When you apply to us for credit or propose to be a guarantor, we need to know if you’re able to meet repayments under your agreement with us. We also want to avoid giving you further credit if this would put you in financial difficulty. One of our checks involves obtaining a credit report about you.
A credit report contains information about your credit history that helps credit providers assess your credit applications, verify your identity and manage accounts you hold with them. Credit reporting bodies collect and exchange this information with credit providers like us and other service providers such as phone companies.
The Australian Privacy Act and the New Zealand Credit Reporting Privacy Code (as applicable) limit the information that credit providers can disclose about you to credit reporting bodies, as well as the ways in which credit providers can use credit reports.
If you are in Australia, the information we can exchange includes:
We also ask the credit reporting body to provide us with an overall assessment score of your creditworthiness.
The credit reporting body we use is Equifax Inc, which may change from time to time at our discretion. . Your personal information will be held by these agencies on their terms. You can access a copy of their respective privacy policies at:
Phone: 138 332
Address: Attention: Equifax Customer Resolutions Team, PO Box 964, North Sydney NSW 2059.
If you are in New Zealand, we may exchange credit information with credit reporters and we also ask the credit reporters to provide us with an overall assessment score of your creditworthiness.
The credit reporting body we use is Equifax Inc, which may change from time to time at our discretion. Your personal information will be held by these agencies on their terms. You can access a copy of their respective privacy policies at:
We use information from credit reporting bodies to confirm your identity, assess applications for credit, manage our relationship with you and collect overdue payments. We also use this information as part of arriving at our own internal assessment of your creditworthiness.
We store credit-related information with your other information. You can access credit-related information we hold about you, request us to correct the information and make a complaint to us about your credit-related information. See sections 8 and 9.
Credit providers may ask credit-reporting bodies to use their credit-related information to pre-screen you for direct marketing. You can ask a credit reporting body not to do this. Also, if you’ve been, or have reason to believe that you’re likely to become, a victim of fraud (including identity fraud), you can ask the credit reporting body not to use or disclose the credit-related information it holds about you.
We store your hard-copy or electronic records on our premises and systems or offsite using trusted third parties. We use reasonable endeavours to keep your personal information secure, however, this security cannot be guaranteed. Our security safeguards include:
We train and remind our staff of their obligations with regard to your information.
When we send information overseas or use third parties that handle or store data, we take reasonable steps to ensure that appropriate data handling and security arrangements are in place.
When you transact with us on the internet via our website or mobile apps we encrypt data sent from your computer to our systems. We have firewalls, intrusion detection systems and virus scanning tools to help to protect against unauthorised persons and viruses accessing our systems. When we send your electronic data outside the Group we use dedicated secure networks or encryption. We limit access by requiring use of passwords and/or smartcards.
We have protection in our buildings against unauthorised access such as alarms, cameras and guards (as required).
Where practical, we keep information only for as long as required (for example, to meet legal requirements or our internal needs).
You are advised to keep your log-in details private and confidential. Your log-in details are your responsibility and we advise you not to share those details with any party. You hereby acknowledge that any party that accesses your account does so as your agent and accordingly you agree to be bound by any transactions effected through their use of your account. We are entitled to rely on any access to or use of your account without making any further enquiries.
You can ask for access to your basic information (for example what transactions you’ve made) by going online or calling us. To obtain a copy of current credit-related information we hold about you, you can call or email us.
There is no fee for making the initial request. However, in some cases, where permitted by law, there may be an access charge to cover the time we spend locating, compiling and explaining the information you ask for. If there is an access charge, we’ll give you an estimate up front and confirm that you’d like us to proceed. Generally, the access charge is based on an hourly rate plus any photocopying costs or other out-of-pocket expenses. You’ll need to make the payment before we start, unless you’ve authorised us to debit your account.
We try to make your information available within 30 days of your request (if you are in New Zealand, we will respond to your request within 20 days). Before we give you the information, we’ll need to confirm your identity.
In certain circumstances we’re allowed to deny your request, or limit the access we provide. For example, we might not provide you access to commercially sensitive information. Whatever the outcome, we’ll write to you explaining our decision.
It’s important that we have your correct details, such as your current address and telephone number. You can check or update your information by going online, emailing or phoning us.
You can ask us to correct any inaccurate information we hold or have provided to others (including credit-related information) by contacting us. If the information that is corrected is information we have provided to others, you can ask us to notify them of the correction. We don’t charge a fee for these requests.
If your request relates to credit-related information provided by others, we may need to consult with credit reporting bodies or other credit providers. We’ll try to correct information within 30 days. If we can’t complete the request within 30 days, we’ll let you know the reason for the delay and try to agree a timeframe with you to extend the period (if you are in New Zealand, we’ll let you know the reason for the delay within 20 days).
If we’re able to correct your information, we’ll inform you when the process is complete.
If we disagree with you that information should be corrected, we’ll let you know in writing our reasons. You can ask us to include a statement with the relevant information, indicating your view that the information is inaccurate, misleading, incomplete, irrelevant or out-of-date. We will take reasonable steps to comply with such a request.
We accept that sometimes we can get things wrong. If you have a concern about your privacy (including credit-related matters), you have a right to make a complaint and we’ll do everything we can to put matters right.
To lodge a complaint, please get in touch with us using your point of contact or one of the customer service teams set out in section 9. We’ll review your situation and try to resolve it straight away. If you’ve raised the matter through your point of contact or through our customer service teams and it hasn’t been resolved to your satisfaction, please contact our Customer Relations team using the details in section 9.
We acknowledge every complaint we receive and provide you with our name, a reference number and contact details of the investigating officer. We keep you updated on the progress we’re making towards fixing the problem.
Usually, it takes only a few days to resolve a complaint. However, if we’re unable to provide a final response within 45 days we’ll contact you to explain why and discuss a timeframe to resolve the complaint.
If your complaint is about our practices relating to credit-related information, then we may need to consult with other organisations, including credit reporting bodies or credit providers.
We will acknowledge receipt of the complaint within seven days. If we can’t resolve the matter within 30 days (or within 20 days if you are in New Zealand), we’ll contact you and explain the reason for the delay, the expected timeframe to resolve the complaint and seek your agreement to extend the period.
If you’re not satisfied with our handling of your matter, you can refer your complaint to external dispute resolution. We suggest you do this only once you’ve first followed our internal complaint processes set out above.
If you are in Australia, Prospa is a member of the Financial Ombudsman Service (FOS). FOS will consider privacy disputes if they’re about the provision of credit, the collection of a debt, credit reporting or the banker-customer relationship, or if the privacy issue is part of a broader dispute with us.
If your complaint is about the way we handle your personal information, you may also contact the Office of the Australian Information Commissioner by calling them at 1300 363 992, online at www.oaic.gov.au or writing to the Office of the Australian Information Commissioner, GPO Box 5218 Sydney NSW 2001.
If you are in New Zealand and your complaint is about the way we handle your personal information, you may contact the Office of the New Zealand Privacy Commissioner by sending them a complaint using the online complaint form, or by writing to the Office of the New Zealand Privacy Commissioner, PO Box 10094, Wellington 6143, New Zealand, using the complaint form available here.
For privacy related queries, access or correction requests, or complaints, or to request a printed version of this policy, please contact us on 1300 882 867 (AU) or 0800 005 834 (NZ) or email email@example.com . Our call centre is open Monday to Friday, 9am-5pm AEST.
We aim to resolve your query or complaint at your first point of contact with us. You can use your usual point of contact or call our customer service team.
You can call us using the number above or email us.
For more information about the Australian Privacy Principles and credit reporting rules visit:
For more information about the New Zealand Privacy Principles and credit reporting rules visit:
Deferred payment offer available for new and existing approved customers on a new Prospa Small Business Loan.
For eligible business loans settled between 3 May and 9 June 2019 inclusive, no loan repayments required from the loan settlement date to 30 June 2019 (inclusive).
Loan repayments begin on Monday 1 July 2019.
For eligible business loans settled between 10 June and 30 June 2019 inclusive, no loan repayments required from the loan settlement date to 21 July 2019 (inclusive).
Loan repayments begin on 22 July 2019.
It is a loan of between $5,000 and $250,000 with no security required to access up to $100,000. The term of the loan is between 3 and 24 months and the cash flow friendly repayments are either daily or weekly.
You can apply for our business loan in under 10 minutes online or over the phone, receive a same day response and the funds could be in your account in 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. Our business loan details the total amount payable upfront including any interest, fees or charges. This is then broken down into either a daily or weekly repayment figure.
Our fast and flexible funding can be used for any worthwhile purpose including business renovations, marketing, to purchase inventory or new equipment, as general working capital and many other purposes. Loans cannot be used for personal purposes.
The application process is easy and fast. Simply complete the online form in 10 minutes. If you are applying for $100,000 or less, you need:
You can apply in ten minutes and may receive same-day approval, if you apply during standard business hours and allow us to use an advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we can usually provide a decision in one business day.
Funding is possible within 24 hours. If you apply before 4pm on a business day, you may have the money in your account that same business day.
The total amount of your loan will depend on the specific circumstances of your business. We consider a variety of factors to determine the health of your business and, based on this information, you may be able to borrow up to $250,000.
The business loan offers a factor rate. A factor rate is expressed as a decimal figure not a percent. It varies based on things like your industry, how long you have been in business, and the health of your cash flow. When a factor rate is used, interest is charged to the principal when the loan is originated, it doesn't compound.
The amount due from day one includes the origination fee. There are no additional fees (excluding any late payment or default fees) and no penalties for early repayment.
There are no additional fees for early repayment and no balloon payment at the end of your loan. Right from the start you will know the total amount due and the date of your final payment. Once you make the final payment your balance will be $0.
To help you avoid missing repayments we offer repayments that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.
Yes. An advanced bank verification system link is used to instantly verify your bank account information online so you can get a fast response. Industry recognised encryption standards are followed to protect your personal, sensitive and financial data and commitment to customer security and privacy is ensured through ISO27001 certification.