FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Camden Park Small Business Loans
Tell me more about Camden Park Small Business Loans
Camden Park unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
What makes what makes the Unsecured Loan different from an ordinary business loan?
Apply for this Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and the funds could be in your account within 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. Our business loan is a pre-paid loan which means you be aware of the total amount due, which includes any fees, charges or charges. Then, it is broken down into either a daily or weekly repayment figure.
What can you use the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every company reason, such as control of cash flow company remodels and marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal reasons.
Concerning Larger Camden Park Business Loans
What is the Larger Camden Park Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on your cash flow.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
Am I eligible for the Larger Business Loan?
To be eligible for a credit in this amount the company needs to have been operating for at least three years and generate an annual revenue of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
How can the funding be utilised?
A larger business loan can be used for almost any company need, including company renovations, purchase of new equipment or inventory, as general working capital, and much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is required for accessing funds over $150,000. It is usually by taking a charge on assets and can include the registration of this through the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature rather than defining the security for a particular asset. The person who signs the guarantee is personally liable in the event that the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests registered in respect of personal property (including items or assets). The PPSR grants priority over personal property to be assigned depending on the date that a security interest has been registered.
A caveat is a legal form of document to provide the public notice of a legal claim against a property.
What is a pre-approval without Credit Check?
If you’re applying for an enterprise loan that is greater than $250,000, we may offer a preliminary pre-approval to help make the process. We might be able to make this decision without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health questions. It’s neither an offer nor a guarantee of funds. A conditional approval is subject a full credit assessment and any offer that you might receive could have different conditions.
The application process
Do I qualify for funds?
You can apply for a business loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months worth of trade (for a unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is quick and easy. Just fill out the online application in just a few minutes, and a dedicated company expert in lending will contact you to guide you through the process.
To apply for up $100,000 you’ll need ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll also require:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables Summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K or more) we typically provide an answer in just one hour if you submit your request in quality business times and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements , we’ll be able to provide a decision in as little as an business day.
For the Larger Business Loan ($100K or more) we might be likely to offer the conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Certain offers have been approved within the space of 24 hours.
The fastest way can be ensure you apply during standard business hours, and permit us to use the advanced bank verification system link to verify your bank account information online. If you decide to upload copies of your bank statements , it may take a bit longer.
How soon will I receive the cash?
For the Small Business Loan ($5K to $100K) we usually provide an answer within one hour – as long as you apply in normal business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements, we are able to offer the decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be in a position to offer the conditional pre-approval in around six hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during standard business hours. You can also allow us to use our advanced bank verification system to instantly verify your bank account information online. If you decide to upload documents from your account accounts, it may take a bit longer.
What’s the minimum amount I can borrow?
We provide the loan amount between $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of elements in order to assess what is the well-being of your company as well as the amount of the repayments your business can afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
If you apply for a certain amount, we consider a variety of factors to determine the health for your business as well as the amount of repayments your business is able to afford. The total amount of the loan will be determined by the specific circumstances of your company.
Fees & repayments
How do you charge for a business loan?
If you decide to apply for the company financing, we will assess the risk assessment the business and offer an individualised offer, including the amount of loan, the term and the interest rates. It is a company loan is an upfront-priced loan so you will know in advance the total amount to be paid, including any interest rates, fees or charges.
What is the basis for the rate I’m charged?
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the company assets the funds will be used for in addition to the industry that the company is in, how long the business is in operation, in the event that the business has enough cash flow to fund the loan, as well as the overall well-being or financial standing of the company.
What are the costs?
There aren’t any hidden charges with our business loans, and you’ll know exactly how much you need to pay and when, starting from day one. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
Can I repay the loan in advance?
You may choose to pay back all of your loan at any point in time.
If you choose to do this please contact our helpful company loan experts. They will provide you with repayment details and an early payment figure. It will be calculated using the sum of the principal remaining and accrued interest to the time of the early payout plus 1.5% of the principal balance as well as any outstanding fees.
How do you make repayments work?
To ensure you do not miss payment dates and to align with your cash flow routine, we offer repayments that are either weekly or daily. They will be automatically deducted from the nominated company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as being transparent about how we collect data, process, exchange and safeguard your data, is vital and is an essential part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We employ an exceptionally sophisticated bank verification system that allows you to instantly confirm your bank account information online so we can provide quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
The term "asset-based" refers to borrowing where an company owner utilises the assets they have to get a loan. The asset could be a personal asset like the family home or it could be a company property like a truck as well as a piece of machine.
The vast majority of the lenders including the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan then the asset could be offered for sale by the lender. In essence, it is means of securing new financing using the worth of the asset you already own.
What do I require security to get a business loan?
Up to $150,000 in loans there is no requirement for asset security in advance to gain access to the funds however, we do need an individual guarantee. So long as you comply with the loan terms (as stated in the loan contract) the security of assets is not required. For loans of over $150K generally, you are able to get personal guarantee and security in the form of charges on assets.