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.
Any Australian business with an ABN or ACN which has been active for at least 12 months is eligible to apply. Propell provides payment tools and lines of credit to small businesses including Pty Ltd companies, sole traders, partnerships and trusts.
We don’t see your login details. We see your banking transactions in a read only format. We can’t access or transact from your business bank account. For more information please call 1300 804 091 or email support@propellme.com.
Propell is an Australian based fintech, helping SME’s to run and grow their business with payments, lending and cash flow products. You can find out more about our company at www.propellholdings.com
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.
By providing your online login details, Propell can assess your bank transactions in real time to assess your application and determine a line of credit that is affordable for your business. This information is provided to us in a read-only format, so your information remains protected.
The loan term is 6 months.
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.
Yes, you can. As you repay the loan, the funds become available to redraw, just like an overdraft facility.
You can pay out your loan early, and there are no early payment fees.
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.
Settlement of payments into your nominated account takes around 2 business days.
No, Propell CashFlowHero is completely free to sign up for. There are no establishment, monthly account, or early repayment fees.
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.
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.