How it works

How it works2020-11-09T12:52:23+10:00

FREE ONLINE APPLICATION
ONLY PAY IF YOU USE IT

1. Free Online Application

– Apply easily and securely online.
– Link your bank account to your secure platform and we’ll assess your eligibility for a Propell Cash Flow Hero.
– It costs nothing to apply and if you never use it, you’ll never pay


The security of your data is our number 1 priority!
We use bank level encryption, never see or store your passwords and the management of any personal or business information that we collect is governed by our Privacy Policy which is available HERE.

2. Get the thumbs up

We’ll let you know as soon as your application has been approved and you can start using it right away.
Approval can take around 24 hours

3. Download the app

– Available on iOS and Android

Download:

 

4. Your cashflow hero is ready to use when you need it

Once approved:
Your available line of credit balance will be ready to draw down;
Start accepting payments through your smartphone right away

LOC funds

Draw down on your line of credit if you need some extra cash. Draw as little as $1k at a time.

– Pay wages
– Buy materials
– Plug cash flow gaps

What it costs
Fees are 2% – 9.75% of your selected draw down amount for the first 2 months and 1% for each of the remaining 4 months

Payments

Use your smartphone App to accept payments from customers on the spot, via a Payment Link or securely over the phone.

What it costs
When your customer pays via the payment link (or over the phone), there’s a charge of 1.6% + 30c (excl GST) per transaction (Visa and Mastercard).
You can chose to accept this charge yourself or pass this onto the customer.

Dashboard

Use your dashboard to:

– Access your line of credit anywhere, anytime
– Manage your incoming payments

5. Only pay when you use it

It will cost you nothing to have the safety next of the Propell Cash Flow Hero ready for when and if you need it.

– Only pay interest when you draw down funds.
– Only pay per transaction when you accept payments

Trustpilot
Trustpilot

FAQ

How is Propell different to a bank?2020-04-21T12:17:50+10:00

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.

How do I know if I am eligible for CashFlowHero?2020-04-21T12:21:39+10:00

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.

When I login with my online banking details, what does Propell see?2020-04-21T12:25:02+10:00

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.

Who is Propell?2020-04-06T12:56:51+10:00

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

What is a Line of Credit and how is it different to a loan?2020-04-06T12:57:16+10:00

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.

Why do I need to provide my online bank account login details?2020-04-06T12:57:32+10:00

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.

What is the duration of the business loan?2020-04-21T12:26:08+10:00

The loan term is 6 months.

How much can I borrow?2020-04-21T12:26:35+10:00

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.

Once I finalise my small business loan, can I redraw?2020-04-21T12:27:30+10:00

Yes, you can. As you repay the loan, the funds become available to redraw, just like an overdraft facility.

Can I pay my loan out early?2020-04-21T12:28:13+10:00

You can pay out your loan early, and there are no early payment fees.

What is an “unsecured” line of credit?2020-04-21T12:36:41+10:00

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.

How long will it take for payments that I accept to be settled to my bank account?2020-04-21T12:29:12+10:00

Settlement of payments into your nominated account takes around 2 business days.

Is there an establishment, monthly account or annual fee for CashFlow Hero?2020-04-21T12:30:08+10:00

No, Propell CashFlowHero is completely free to sign up for. There are no establishment, monthly account, or early repayment fees. 

How does Propell charge for the business line of credit?2020-04-21T12:30:59+10:00

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.

How does Propell charge for Payments?2020-04-21T12:31:53+10:00

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.

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