The new Prospa marketing campaign launched last week, and we wanted to make sure you were aware of some of the key features and how they will be supporting you to make the most of these season-relevant offers.
Customer focus - At the highest level, they feature customer benefits focused on repayment flexibility (both early and deferrals), and simplified pricing for loans greater than $150k.
Broker focus - The campaign also offers additional commission and personal access to the sharpest price point in their Line of Credit product. You will additionally be provided with education, insights and resources to support their sales function.
The following sections provide greater detail on each of these focus areas.
The theme will be 'flexibility' leading with the 'option of no repayments for the first eight weeks', available for a limited time to give small business owners a bit of breathing space as they dive into 2021. This offer will extend the Prospa Small Business Loan term with interest accruing from the settlement date to the end of the term.
- Product enhancement - 1.5% early payback. For loans settled on or after 1 October 2020, early repayments are calculated as the total of the outstanding principal amount and any accrued interest at the date of payout, plus 1.5% of the remaining principal and any outstanding fees.
- Product enhancement - Prospa Plus ($150K+ deals). Features three possible pricing outcomes (ASR 9.90%, 12.90% and 14.50%) and a 36-month term.
- Commission - During the end of year period (5 November to 31 December 2020), accredited partners will also earn an extra +1% commission above the usual rates for all new customers referred and settled by 31 December 2020.
- Small Business Loan - Earn 5% commission for the first time & new referral customers.
- Line of Credit - Earn 4% First Drawdown commission for the first time & new referral customers.
Terms and conditions apply - see here.
- Exclusive Partner Line of Credit Offer - Accredited Prospa partners can apply for a Line of Credit with either a $10K or $20K facility limit. If approved, they'll receive our lowest rate currently available to eligible customers, and they only pay interest on the funds they use.
- $10,000 Facility Limit - Fixed APR of 19.99% over 12 months with $0 origination fee and weekly service fee of 0.046% of the facility limit. A quick credit check only is required. No bank statements required.
- $20,000 Facility Limit - Fixed APR of 14.95% over 12 months with $0 origination fee and weekly service fee of 0.046% of the facility limit. Standard credit assessment and 12 months of connected electronic bank statements are required.
The Prospa partner must settle the Line of Credit and make an initial minimum drawdown of $10 between 5 November and 31 December 2020 (inclusive). Credit assessment, fees, terms, and conditions apply - see here.
- Education, insights and resources - Brokers will be provided with a toolkit of insights and resources to help them support small businesses over the course.
For any questions or queries, please get in touch with your BDM.
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.