Benefits of a Prospa Small Business Loan

Written by productops

Prospa offers small business owners a short-term lending option to cover emergencies and opportunities to scale their business that require no exorbitant upfront payments, lengthy approval waiting times, or collateral. 

At Prospa we are on a mission to empower African businesses toward an industrialization revolution that we believe holds the future for our great continent and believe that adequate financing is an accelerant 🚀

To do this, we partner with small businesses by supporting their goals and aspirations, no questions asked. This way, businesses with access to finance of up to ₦1,000,000 can decide how to steer their company toward a bright future.

With so many new lenders on the market, it’s natural to question where the catch is or the best ways to look out for your business. Below are 5 reasons why small businesses continue to trust and use loans from Prospa

1. Next day funding

Eligible first-time borrowers can get funding in their Prospa account within 24 hours after submitting an application. We only require you to supply 2 guarantors and sufficient account history to ensure that our members have access to funds when they need them.

2. Business Credit Building 

It takes a bit of time and some effort on your part but the benefits of building business credit far exceed the drawbacks. A strong company credit history may help you get better loan terms, attract more investors or better negotiate with suppliers. Help build your business’ credit by making on-time payments which we report to the CRC credit bureau. 

3. Automatic repayments

Remembering important details sometimes get lost in the hustle and bustle of being a small business owner. Between managing the daily needs of the business, fulfilling orders, and growing the business, it’s easy to put things on the back burner and forget that they are there. 

With our auto repayment option, you can assign a percentage of your inflows to go towards servicing the repayment balance on your loan with zero effort. This way, you can focus on the things that matter without compromising your financial health or integrity. 

4. Transparent Pricing

We are partners with several small business owners across Africa. We build partnerships founded on trust and mutual respect and our lending option is no exception. Get a comprehensive breakdown of your loan before you commit and choose what works best for your business and current situation.  

5. Predictable fixed payments

Depending on the tenure of your loan, you get to decide how much you pay back with our loan calculator tool. Our rates are fixed and you can pay the same amount from the beginning to the end of your repayment term. This way, you can manage your cash flow without surprises or large upfront costs. 

Loans are a great way to level up or calm brewing storms but who we partner with is important. You want to benefit from everything that your loan partner has to offer, not just the money. Compare your options and go with the one that centres on you and your business’ success.

#TogetherWeProspa 💜

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