Get instant capital to grow your business
Get a collateral-free small business loan to meet your business needs.
No additional documents required
Enjoy quick approval and easy repayment options.
Unlock higher loan amounts and lower interest rates
Enjoy tailored solutions designed to fit your financial situation, whether personal or business-related.
Credited to your Prospa account in 24 hours or less
Benefit from fast approval and customised repayment plans.
Build your credit rating and business credibility
Enjoy quick approval and easy repayment options.
Frequently Asked Questions
To qualify for a Prospa loan you need to improve your Prospa Credit Score. You can be eligible for a loan in the 30-60 days if you do the following:
a. Make Prospa your main business account
b. Receive inflow of at least N10,000 or more into your account daily.
c. Maintain a minimum balance in your account of at least N100,000
d. Request for a Prospa POS
e. Send invoices
Here are some actions you can take to improve your rating:
a. Use Prospa as your primary business account
b. Increase you business inflow
c. Have consistent inflow and outflow
d. Use Prospa Invoicing
e. Add your inventory
g. Add your customers
h. Link your other bank accounts
Interest rates are variable depending on your Prospa Credit Score [PCS]. Tap the loan dashboard in the Prospa app for current interest rates.
Prospa Credit Score is an internal metric we use to measure the ability of a member to borrow and repay successfully. To calculate this credit score, we look at a number of factors relating to a member's account usage.
The amount you are to borrow depends on your Prospa Credit Rating (PCR). A loan offer is automatically calculated based on your PCR. If you are eligible to borrow you will see an offered amount on your loan dashboard in the app.
The repayment duration for Prospa loan ranges between 30 - 90 days depending on the loan offer you are applying for.
There are different reasons for why a loan application may be rejected. However, our team will provide you with a specific feedback as to why the application was rejected.
To qualify for a business loan with Prospa, your Prospa credit score must be at least E 26.00. Ensure your credit score meets this requirement to access loan options on your app/account.
Let’s Prospa Together
Prospa is available on iOS, Android and Web. Open an account today!
