The amounts set out in the pricing disclosure tool, including the interest rate, reflect the individual risk profile of the approved business applicant. We provide a loan summary sheet that clearly identifies the annual simple interest rate for the loan and the total interest expense. In addition, as a founding signatory to the AFIA Code of Lending Practice we have committed to provide a pricing disclosure tool (known as a SMART Box) with a number of other metrics to help businesses understand and assess the cost of their small business loan. For example, a $10,300 loan on a 12 month term (comprising of a $10,000 disbursement and $300 origination fee) with a simple interest rate of 9.9% p.a. would have a total repayment amount of $11,320. The annual simple interest percentage rate is used to calculate the total amount of interest expense a business will pay for use of the loan amount. The Total Interest Percentage (TIP) in the pricing disclosure tool is the interest expense expressed as a percentage of the loan amount. Please note, not all amounts, term lengths or rates will be available to all applicants. Interest rates vary due to factors including the amount borrowed, the industry the business operates in, how long the business has been running, whether the business has sufficient cash flow to support the loan, and the overall ‘health’ or creditworthiness of the business. Prospa provides interest rates based on the risk profile of the applicant business. If you wish to apply, you should call on 1300 882 867 or complete our easy online application.