FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Fulham Small Business Loans
Tell me more about Fulham Small Business Loans
Fulham unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
What is what makes the Unsecured Loan different from the traditional business loan?
Apply to get this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and the funds could be on your account within 24 hours. Traditional company loans reference an annual interest rate plus other fees and charges. The business loan is a cash-based loan which means you know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then broken down into a daily or weekly installment amount.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used for virtually any company use, including managing cash flows, company renovations, marketing to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal reasons.
About larger Fulham Business Loans
What is the Larger Fulham Business Loan?
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
Can I get the Larger Business Loan?
To be eligible for a credit that is this large, your business needs to have been operating for a minimum of 3 years, and have an annual income of at least $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
What can I use the funds for?
A Larger Business Loan is a great option for almost every company use, including business remodeling, buying equipment or inventory as well as for general working capital, and much more. The loan is not available for personal use.
Is the Larger Business Loan one that is secured?
Asset security is required to access funding over $150,000. This is as a result of an charge over assets, and could include registration on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature, rather than stipulating security over an asset. The person who signs the ensure is personally liable in the event that the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR grants preference over private property granted according to the date a registration of a security interest.
The caveat can be described as a formal form of document to provide notice of a legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re requesting the Larger Business Loan that is greater than $250,000, we may offer an initial pre-approval in order to simplify the process. We could be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial health checks. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may be subject to different terms.
The application process
Can I be eligible for funding?
You can apply for a company 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)
- can demonstrate at least 6 months worth of trade (for you to qualify for unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The process for applying is fast and easy. Just complete the online application within a couple minutes, and an experienced business lending specialist will contact you to guide you.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s License), an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent, 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim current financial year financials, Aged Payables and Aged Receivables summaries.
How quickly will I receive a decision?
For an unsecured loan ($5K up to $100,000) we can often provide an answer within an hour, provided you apply within standard business times and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to submit copies of your bank statements , we are able to offer a decision in as little as an business day.
For Larger Business Loans ($100K up to $500,000) we could be likely to provide you with conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain transactions have received approval in 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours. You can also allow us to use the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank accounts, it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K or more) we typically offer an answer within an hour if you make your application within standard business time and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statement, we’ll offer an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be in a position to offer you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain transactions have received approval in 24 hours.
The most effective method is to make sure you apply during standard business hours. You can also allow us to use the modern bank verification link to instantly confirm your bank details online. If you choose to upload duplicates of your banking statements, it takes a bit longer.
What’s the minimum amount I can borrow?
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we consider a variety of factors in order to assess how much we can lend you health of your business and the amount of repayments that your company is able to afford. The total amount of your loan will be contingent on the specific circumstances for your company.
If you apply for a particular amount, we look at a range of elements to assess the well-being for your company and the extent of payments your company can support. The total amount of your loan will be contingent on the particulars of your company.
Fees & repayments
How much should you charge for the cost of a company loan?
If you decide to apply for the business loan, we will assess the risk profile that you have for your company and offer you with a customised offer including the loan amount, the terms and the interest rates. It is a company loan is a loan that is priced upfront and you’ll know in advance the total amount you will have to pay, including interest rates, fees or charges.
What is the factor that determines the price I pay?
Business loan interest rates depend on several factors like the amount of money borrowed, what business assets the funds are used to purchase as well as the field the business operates in, the long the company is in operation and what percentage of the company has sufficient cash flow to fund the loan, and overall well-being as well as creditworthiness business.
What are the costs?
There aren’t any hidden costs with our company loans, and you’ll know precisely how much you’ll need to pay, and when, from the first day. There’s no compounding interest, and no additional fees (as long as you make your payments in time).
We don’t charge an Application Fee. You can get a cash loan with with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I pay out the loan in advance?
You can decide to repay the total amount of your loan in full at any time.
If you do decide to do this please speak to our friendly business lending experts. We will provide you with repayment details and an early payment figure. It will be calculated using the sum of the principal balance and the accrued interest up to the time of early payment in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
How do you make repayments work?
To help you avoid missing due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Security & privacy
Will my information be secure?
Security of your data, and knowing how we collect the information we collect, use, share and safeguard your data, is vital and is a crucial part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of clients and security. We utilise a sophisticated bank verification system to instantly verify the bank account details online, allowing us to provide rapid response.
About business loans
What exactly is an asset-based loan (a secured loan)?
The term "asset-based" refers to borrowing where an company owner borrows from an asset that they own to obtain a loan. The asset may be an individual property, such as the family home or it could be a business asset such as a truck or other piece of machinery.
The vast majority of lenders, not just the big banks, tend to guarantee loans against an asset. If you are having difficulty paying back the loan, your assets could be taken over by the lender. In essence, it’s an opportunity to secure new financing using the worth of the asset you already own.
What do I need security to secure a company loan?
For loans of up to $150,000, there is no requirement for asset security prior to the loan’s access however, we do need an individual guarantee. So long as you comply with the terms of your loan (as specified in your loan contract document), asset security is not needed. For loans that exceed $150,000, generally there is an individual ensure and security that is in the form the charge of assets.