FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Glynde Small Business Loans
Tell me how you can avail the Glynde Small Business Loans
Glynde unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
What makes how is the Unsecured Loan different from the traditional business loan?
Apply to get this Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and have the funds available in just 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. This business loan is a cash-based loan and you’ll be aware in advance of the total amount to be paid, including any interest, fees or charges. Then, it is divided into a daily or weekly payment amount.
What can the Small Business Loan be used for?
The Small Business Loan can be used for virtually any company need, such as control of cash flow company remodeling, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used to fund personal expenses.
Concerning Larger Glynde Business Loans
What is the Larger Glynde Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
How is the Origination Fee determined?
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan in this amount the company needs to have been operating for at least three years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
How can the funds be utilised?
A Business Loan of a larger size can be used to fund almost any business need, including company improvements, purchasing new equipment or inventory as well as for general working capital and so much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is required for accessing funds over $150,000. It’s in the form of a charge on assets, which could also be registered in the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is generally based rather than specifying security over a particular asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to repay the debt.
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 which are registered with respect to personal property (including items or assets). The PPSR permits the priority of personal property assigned depending on the date that a registration of a security interest.
The caveat can be described as a formal document lodged to offer notice of a legal claim on a property.
What exactly is a preapproval without Credit Check?
When you’re applying for an enterprise loan that is greater than $250,000 we may be able to provide a preliminary pre-approval to help ease the process. It is possible to make this decision without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial health checks. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you receive could be subject to different terms.
Application process
Are I eligible for funding?
You may be eligible for an business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand company (with a valid NZBN/IRD)
- must show at least six months worth of trade (for a unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and easy. Just complete the online application within a couple minutes, and a dedicated business lending specialist will call you to help you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Information on the application including credit consent and 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K and up) we usually offer an answer within one hour, provided you make your application within quality business timings and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statement, we’ll provide the decision in just an business day.
For the Larger Business Loan ($100K and up) we may be in a position to offer the conditional pre-approval within six hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved in the space of 24 hours.
The quickest way to apply would be to ensure you apply during normal company hours. Also, permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload duplicates of your banking statements it takes a bit longer.
What is the time frame to receive the funds?
For the Small Business Loan ($5K or more) we typically offer an answer in just one hour if you submit your request in standard business time and permit us to use the bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements we can offer the decision in just an business day.
For the Larger Business Loans ($100K to $500K) We may be capable of offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Some deals have been approved within less than 24 hours.
The fastest way is to make sure you apply during normal business hours and permit us to use the sophisticated bank verification link to verify your bank account information online. If you decide to upload the copies of bank statements it may take a bit longer.
How much can I borrow?
We offer loans that range from $5,000 and $500,000. If you apply for a particular amount, we look at a variety of variables that determine the health that is your company and the amount of the repayments your company can afford. The amount you receive from the loan will be determined by the particular circumstances for your company.
When you make an application for a specific amount we take into consideration a variety of aspects to assess how much we can lend you such as health of your company as well as the amount of the repayments your business is able to afford. The total amount of your loan will be determined by the particular circumstances that are unique to your business.
Fees & repayments
How much should you charge for an company loan?
If you decide to apply for business loans with us business loan, we will assess the risk assessment of your company and offer you with a customised offer, including loan amount, term and interest rates. This company loan is a loan that is priced upfront and you’ll know the exact amount you will have to pay, including costs, fees, or interest rates.
What is the factor that determines the price I am charged?
Business loan interest rates vary due to factors such as the amount that is of money borrowed, the company assets the funds are used to purchase and the sector the company is in, how long the company has been running and how long the business has enough cash flow to pay for the loan, and also the general well-being and creditworthiness of the company.
What are the cost?
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you be required to pay, and when, right from the first day. There’s no compounding interest and no additional fees (as long as you make your payments punctually).
We do not charge an Application Fee. You can make an application for loans without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I repay the loan early?
You may choose to pay back all of your advance loan at any time.
If you decide to do this please contact our helpful company loan professionals. They will offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal balance and any accrued interest at the time of the early payout and 1.5% of the remaining principal and any outstanding fees.
How do repayments work?
To ensure you do not miss repayments and to fit in with your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from your nominated company account.
Security & privacy
Will my data be protected?
Making sure that your information is secure, and being clear about the ways we gather the information we collect, use, share and protect your information, is vital and a vital element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We employ an exceptionally sophisticated bank verification system to instantly confirm your bank account information online so we can provide rapid response.
About business loans
What is asset-based borrowing (a secured loan)?
An asset-based loan is when a company owner borrows from the assets they have to obtain the loan. The asset could be an individual property, such as the family home, or it could be a company asset such as a vehicle as well as a piece of machine.
The majority of lenders, even the big banks, tend to secure loans against assets. If you are having difficulty paying back the loan, then the asset could be offered for sale by the lender. In essence it’s a way of securing new financing by using the value of what you already own.
What do I need security to get a company loan?
Up to $150,000 in loans the requirement for asset security is not required prior to the loan’s access However, we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract document) Asset security is not needed. For loans over $150K typically, you will need the option of a personal guarantee and security in the form of an asset charge.