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FAQ’s2021-10-21T10:14:40+10:00

Frequent Questions

It’s your job to know your business, it’s okay if you have questions about ours!

About Propell

How is Propell different to a bank?2021-10-11T10:46:42+10:00

We do not require you to:

– have been in business for 3 years

– provide us with the last two years of audited financials

– provide us with the two most recent tax returns

– provide us with pages and pages and pages of paper bank statements

– provide your home (or any other collateral) as a guarantee

We don’t take weeks to make a decision.

Business Insights

How much does it cost?2021-11-15T21:47:59+10:00

Business Pulse is completely free. You can get a snapshot view of your business at no cost.

Why do you need my bank details?2021-10-11T11:22:08+10:00

By linking your bank information to the application, you will receive a much more in depth health check analysis. We can crunch your numbers for you in a way that help you understand your business more deeply.

Will Business Pulse impact my credit file?2021-11-11T08:37:22+10:00

No. Business Pulse is a check you can do on your business without hitting your credit file.

If you happen to be pre-approved for any of our products, you can opt to complete the application to access these products (such as a Line of Credit or Customer Payments) and that will be noted on your credit file. However, we’ll be really clear at that point that this will occur, and you’ll have the option to proceed or not.

Is it safe to connect my bank account?2021-11-11T08:43:52+10:00

Yes, it is. Firstly, when you start the Business Pulse sign up form, you’ll set a password. This is the first level of security for you.
Secondly, we never see or store passwords. We use a system from an Australian based company called Illion to handle your banking information. Illion is trusted by hundreds of thousands of small businesses each year and have been operating for over 130 year.

 

Who is Propell?2021-11-11T08:47:46+10:00

Propell is an Australian ASX listed fintech offering financial services to small business. We’ve been servicing and delighting small businesses with our lending and payments products for several years.

 

Line of Credit

What is a Line of Credit and how is it different to a loan?2021-10-05T06:26:54+10:00

The key difference between a small business line of credit and a small business loan is that, as you repay the line of credit, the funds you’ve repaid are available to redraw again up to the credit limit. Additionally, you only pay interest on the funds you draw down on the line of credit, rather than paying interest on the full amount at time of approval.

How much cash can I access?2021-10-12T10:48:44+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 a line of credit between $2,000 and $100,000.

How does Propell charge for a business line of credit?2021-10-05T06:27:57+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 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.

What is an “unsecured” line of credit?2021-10-05T06:27:15+10:00

An unsecured business line of credit is funding that doesn’t require you to put up any of your valuable assets as security or collateral.

How long do I have to repay?2021-10-12T10:50:18+10:00

Any amount that you draw down from your available balance is repaid over a 6 month period (we have a 12 month loan coming soon too).

Customer Payments

How long will it take for payments that I accept to be settled to my bank account?2021-10-11T11:35:32+10:00

Settlement of payments into your nominated account takes around 2 business days.

How does Propell charge for Payments?2021-10-11T11:35:49+10:00

There is no charge to send a payment request. When the customer pays either via Phone Payments or via the payment link, there will be a charge of 1.6% + 30c (excl GST) per transaction (Visa and Mastercard transactions). You can chose to accept this charge yourself or pass this onto the customer.

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