Everything you need to know about prospa business account

Everything you need to know about prospa business account


Prospa is one of the most popular business accounts on the market, but it can be difficult for new businesses to understand all of its features. We’ve put together this handy guide to explain everything you need to know about setting up your Prospa Business Account.

What is Prospa Business Account?

Prospa is a business bank account alternative. It’s a financial services company that offers small business loans, including overdrafts and loan refinancing, to help you grow your profits.

To apply for a loan from Prospa, you’ll need to provide them with information about your business such as:

  • Your annual turnover (the amount of money you make)
  • Your personal details such as name, address and date of birth

Once they have this information they will assess whether or not they can offer any funding options that would be suitable for you based on their criteria and affordability guidelines set out in their website.

Who is Prospa Business Account for?

Prospa Business Account is for businesses that need funding for one of the following reasons:

  • To invest in a project that requires working capital, such as buying equipment or land.
  • To borrow money to pay for new premises or expansion, such as opening a new store.
  • To borrow money to pay for a new vehicle if you have an existing business loan from another bank but want more freedom with your finances.
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What does it cost to use Prospa Business Account?

The cost of using the Prospa Business Account depends on your business needs. The interest rate charged is fixed at 8.9% APR, which means it will always be the same regardless of how much you borrow or when you choose to repay your loan.

The minimum loan amount available with this product is £5,000 and there are no fees or charges associated with this product; however if you want access to additional features such as overdraft protection or additional security features then these may be available but they will be subject to an additional charge (see below).

How do I set up a Prospa Business Account?

To set up a Prospa Business Account, you will need to:

  • Open a business bank account with your local bank. This could be an existing personal account or it can be a new business account.
  • Provide the financial institution with some information regarding your business and its structure. This includes information about who owns shares in the company, what their roles are, etc., as well as any other relevant details about their relationship with Prospa (for example, if they’re suppliers).
  • Give them access to documents related to the transaction so they can verify that everything is above board before opening an account for you at Prospa itself!

What can I use Prospa Business Account for?

Prospa Business Account is a great way to manage your finances. Here are some of the things you can do with it:

  • Get business loans and overdrafts. This means that if you need money for an important business expense or investment, like buying new equipment or hiring employees, Prospa Business Account can help.
  • Set up credit cards in your name (and not just as a “business” card). With one of these accounts, you’ll be able to use the funds from it for personal purchases—that means taking out loans and using them at restaurants or stores!
  • Keep savings accounts separate from other kinds of accounts so that only certain people have access when they’re needed most!
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What information do I need to give to open a Prospa Business Account?

When you want to open a Prospa Business Account, you’ll need to provide the following information:

  • Your full name and business address
  • Your business phone number and email address
  • A bank account number (if applicable)

How will I know when my application has been approved?

You will receive an email once your application has been approved.

You will receive a text message when it’s confirmed that your application is being processed, and then again when your account is open!

If you have ever applied for any business account before, we know that sometimes things can take some time. That’s why we’ve made it really easy for you to keep track of what’s going on with your application at all times! When filling out the form below, there are three different options available: Text Message (SMS), Phone Call or Letter/Notification via Email & Text Message (SMS). If none of those options work for you then feel free to contact us directly at [phone number].

Does my business have to be a certain age or size to qualify?

  • The minimum age for a business account is 18.
  • There’s no limit on the number of employees your business can have, as long as you’re under 65 years old.

When will the money be available in my bank account?

Once your application is approved and we start processing your account, the funds are usually available in your bank account within 24 hours. You can ask for it to be transferred earlier than that if you need it.

If there is a problem with one of our partners or something goes wrong with payment processing, we will let you know immediately so that we can fix the issue as soon as possible.

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Can I take out more than one loan at the same time?

You can take out multiple loans at the same time.

You can only take out one loan per business and you have to have enough available capital in your account to cover the loan amount.

What happens if my business address or phone number changes?

  • If your business address or phone number changes, you must notify us of the change.
  • We may not be able to contact you if we do not receive this information from you.

A lot of businesses are choosing the convenience and flexibility of the Prospa business account.

Prospa business account is a good option for businesses. It’s flexible and easy to set up, allowing you to get money in as little as 24 hours. You can use it for any business purpose, including payments, invoicing and other services.

The Prospa business account offers instant access to your funds at any time of day or night with no fee charges associated with using the service. This makes it an ideal tool for small businesses that don’t have time or resources to wait around until their next payday comes along!

It also provides security features like two-factor authentication (2FA), making sure that only authorized users can make withdrawals from the account while keeping track of how much money has been spent on each transaction too – ensuring no fraud goes unnoticed either!


As you can see, the Prospa business account offers a lot of benefits to businesses of all sizes. From easy online ordering and money transfers to flexible payment options and strong customer service, it’s definitely worth considering if your business needs help managing its finances. If you want more information on how this account works or what other features might be right for your business – just give us a call today!

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