Prospa vs Lumi
Prospa and Lumi are two of Australia's best-known non-bank business lenders, and on paper they look similar: fast, unsecured, online. The differences that actually matter are how big a facility each will write, how they price it, and how they treat your credit file. Prospa is ASX-listed and built for speed on a clean file; Lumi will go larger, up to $1 million, and quotes a total repayment upfront rather than a headline rate.
Prospa
Prospa is an ASX-listed Australian small-business lender offering unsecured business loans ($5,000 to $500,000) and a line of credit ($2,000 to $500,000), priced on simple interest and funded fast.
See Prospa in full
Lumi
Lumi is an Australian non-bank lender offering unsecured business loans and a business line of credit, with funding up to $1 million. It quotes a total repayment amount upfront rather than a headline annual rate.
See Lumi in fullSide by side
| Prospa | Lumi | |
|---|---|---|
| Advertised rate from | Quote-based | Quote-based |
| Loan size | $5,000 – $500,000 | $5,000 – $1,000,000 |
| Typical speed | Funds within an hour of signing | Same business day |
| Products | Term loan, Line of credit or overdraft | Term loan, Line of credit or overdraft |
| AFIA Code signatory | Yes | Yes |
Advertised figures from each lender's own site, indicative only and not a quote. Your rate and limit depend on the lender's assessment of your business.
The verdict
If you want funds fast and have a clean credit history, Prospa is the more natural fit. If you need a larger facility or want the full repayment figure stated upfront before you decide, Lumi is worth the look. Neither is 'better' in the abstract, and one enquiry with us shows which your business plausibly fits.
Check which one fits your business
One short enquiry and a person will tell you which of Prospa, Lumi and the other lenders we compare your business plausibly fits. Free, no documents, and enquiring won't affect your credit score.
If your loan settles, Refer Labs may be paid a share of the broker's commission, or a commission from the lender. This never changes what you pay, and we are not paid to rank one lender above another. How we make money.