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Propell unveils new business loan product as user base expands

May 25, 2022

Propell unveils new business loan product as user base expands

Small business financing platform Propell Holdings has launched its latest product, offering small business loans of up to $250,000 to help entrepreneurs invest in their enterprises.

Small business financing platform Propell Holdings has launched its latest product, offering small business loans of up to $250,000 to help entrepreneurs invest in their enterprises.

The new loan products are available to customers looking to borrow at least $5000, up to a maximum of a quarter of a million, over a fixed 12-month term.

These fixed amount loans differ from Propell’s existing credit line products, which customers can use to access between $2000 and $250,000 over six or 12 months and only pay interest on the capital actually used.

The new fixed sum loans also offer more competitive rates than the credit line products, and while Propell is only offering unsecured loans at the present the company has signalled plans to introduce a secured product in time.

Although these business loans represent a new product for Propell, the company noted it will leverage the same proprietary technology that underpins its other products to guide credit approvals and decision making.

Additionally, Propell said the investments the company has already made into its platform to ensure flexibility have enabled the rapid rollout of this new product to consumers, with all existing users able to access these loans immediately through their accounts.

Propell CEO Michael Davidson said the new product had been developed in response to “overwhelmingly positive feedback” from the company’s 2000 clients.

“We are excited to be able to provide even more financial flexibility for businesses,” he said.

“We were able to develop and launch this product quickly by leveraging our existing system, made possible by extensive platform developments in the first half of FY22 and enabling further product launches at low cost.

“The product provides new revenue opportunities that we expect to contribute materially to Propell and we are optimistic about the uptake and flexibility it will provide for our customers.”

Propell CEO Michael Davidson will be holding an investor briefing tomorrow, Thursday 26th May at 12pm (AEST), where he will discuss how the company is successfully disrupting the banks with its innovative lending model and how it has exponentially grown its user base and revenues in the past year. Click here to book in.

Reach Corporate provides Corporate Advisory Services to Propell Holdings Ltd and has been engaged by them to manage their investor communications and may receive fees for its services.

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