FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Fulham Gardens Small Business Loans
Tell me more about Fulham Gardens Small Business Loans
Fulham Gardens unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from an ordinary business loan?
It is imaginable to apply for this Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and the money could be available in just 24 hours. Traditional business loans refer to an annual rate of interest as well as other fees and charges. This company loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then broken down into either a daily or weekly amount to be paid back.
What could be the Small Business Loan be used for?
The Small Business Loan can be used for almost every company purpose including managing cash flows, company improvements, advertising, to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal reasons.
About the Larger Fulham Gardens Business Loans
What is the Larger Fulham Gardens Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
How’s the Origination Fee calculated?
This 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?
In order to be eligible for a loan in this amount, your business needs to have been operating for at least three years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
What can I use the funds for?
A Business Loan of a larger size is a great option for almost all business purpose including business improvements, purchasing new equipment or inventory, as general working capital, and much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that requires security?
Asset security is required for accessing funds over $150,000. It is usually as a result of an charge on assets, which could also include registering this on the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to repay a loan which is general in nature rather than defining security over a particular asset. The person signing the ensure is personally accountable if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests registered in respect of personal property (including objects or assets). The PPSR allows the priority of personal property granted in accordance with the date on which a security interest has been registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re requesting an enterprise loan of $250K or more, we may offer an initial pre-approval in order to ease the process. It is possible to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering a few financial health questions. This is neither an offer nor a guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you may receive may be subject to different terms.
The application process
Do I have the right to receive funds?
You are eligible to apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, have a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months worth of trade (for for the 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 simple. Just fill out the online application within a few minutes and a dedicated business loan specialist will call you to assist you.
To apply for up $100,000, you’ll require the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables reports.
What speed will I be able to get a decision?
For an unsecured loan ($5K or more) we can often provide a response in one hour if you submit your request at quality company time and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your banking statements we can offer a decision in as little as one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be in a position to offer the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this can be quicker based on the specifics of each application. Some transactions have received approval in less than 24 hours.
The fastest way is to ensure you apply during normal company hours, and allow us to use our advanced bank verification system to instantly confirm your bank details online. If you decide to send us the copies of bank statements , it takes a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour – as long as you submit your request during normal business timings and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll provide an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K and up) We may be capable of provide you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Some deals have been approved within just 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, allow us to use our advance bank verification link to verify your bank account information online. If you choose to send us duplicates of your banking statements it will take a little longer.
How much can I borrow?
We provide the loan amount between $5,000 to $500,000. If you apply for a specific amount we take into consideration a range of elements to determine what is the health of your business and the level of payments your business is able to afford. The amount you receive from your loan will depend on the specifics that are unique to your company.
If you apply for a specific amount we look at a range of factors to assess the well-being that is your business and the amount of payments your company will be able to support. The amount you receive from your loan will be contingent on the particulars of your business.
Fees & repayments
How much should you charge for a company loan?
When you request one of our business loan, we’ll assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of loan, the term and the interest rates. A company loan is a loan that is priced upfront therefore you will know in advance the total amount you will have to pay, including interest rates, fees or charges.
What determines the amount I will be charged?
Interest rates for business loans rates vary due to factors such as the amount that is borrowed, the company assets the funds are used to purchase in addition to the industry that the business operates in, how long the company is in operation as well as how long the business has enough cash flow to cover the loan, and also the general well-being as well as creditworthiness company.
What are the fees?
There are no hidden fees for our business loans, and you’ll know precisely what it is that you be required to pay, and at what time, from the day you sign up. There’s no compounding and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to make an application for loans with no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I repay the loan earlier?
You can choose to repay the entire amount of the loan early at any time.
If you decide to take this route, please speak to our friendly business credit experts. They will offer you with repayment details along with an early payout estimate. This will be calculated as the sum of the principal remaining plus any accrued interest as of the date of early payout and 1.5% of the principal amount remaining as well as any outstanding fees.
What are the repayment methods?
In order to help you avoid missing payments and to work with your cash flow general, we provide repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
Security & privacy
Will my data be protected?
Security of your data, and knowing the ways we gather the information we collect, use, share and protect your information, is vital and an integral part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We utilise a sophisticated banking verification system to immediately verify your bank account information online, allowing us to provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when an company owner borrows from assets they own to obtain a loan. The asset can be a personal asset like the family home, or an company asset like a truck or other piece of machinery.
The majority of lending institutions, including the largest banks, are inclined to make loans secured by assets. If you are having difficulty paying back the loan, your assets could be offered for sale by the lender. In essence it is the process of securing new financing using the value of what you already have.
Should I require security to get a business loan?
For loans of up to $150,000, it is not necessary to secure assets prior to the loan’s access however, we require a personal guarantee. need the personal guarantee. So long as you comply with your loan obligations (as specified in your loan contract document), asset security is not required. For loans over $150,000 generally, there is the option of a personal guarantee and security in the form of the charge of assets.