Understand your Prospa Statement
We’ve created this page to help you make the most of your statement.
It contains relevant terms and their meanings.
If you can’t find the answer to your query below, please email us at [email protected] and one of our friendly customer service team members will contact you.
Terms and Meanings
The EOFY 2021 Excess Application is the sum of any repayments made during the 2020 financial year (1 April 2020 to 31 March 2021) that were different or additional to your scheduled repayments and how this has been allocated to principal, interest and fees.
This is the amount of interest from the remaining repayments on the original loan that has been waived.
If you have refinanced your loan with Prospa, the Refinance adjustment will apply if a pending payment from an old loan is yet to clear on the account and the refinanced loan is settled in the meantime.
In this case, the pending payment will first be applied to any outstanding fees or interest due on the original loan. Any remaining amount of the pending payment will then be applied to the balance of the refinanced loan.
The Principal Paid refers to the total amount of the repayments received that have been allocated towards the loan principal within the time period of the statement.
If your statement is for a standard Prospa Small Business Loan, the Loan Amount is the amount of funds transferred to you by Prospa plus the loan origination fee.
If your statement is for a refinanced Prospa Small Business Loan, the Loan Amount is the outstanding principal from your previous loan plus any new funds transferred plus the loan origination fee.
The Interest Paid refers to the total amount of the repayments received that have been allocated towards the interest payable within the time period of the statement.
The Funds Drawn refers to the total amount of funds a customer has drawn down on their Line of Credit as at date of the statement.
The Fees Paid refers to the total amount of the repayments received that have been allocated towards the fees payable within the time period of the statement.
The Disbursed Amount is the amount of funds transferred to your business bank account at the time your loan is settled.
This refers to any accrued and paid during the deferral period and, if applicable, any fees (including late fees or dishonour fees) that may have been incurred during the deferral period. For more details about your fees refer to your contract.
The Deferral Interest is the amount of interest accrued during any deferral period.
Please note, if the outstanding balance is repaid by the original loan maturity date, this figure is waived.
Deferral Interest is calculated as a percentage of the outstanding principal at the time the deferral was taken, over the period of the extended loan maturity date.