FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Gulfview Heights Small Business Loans
Let me know about the Gulfview Heights Small Business Loans
Gulfview Heights unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from the traditional company loan?
You can apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and the money could be available in just 24 hours. Traditional business loans reference an interest rate per annum along with other charges and fees. This business loan is a loan that is priced upfront so you will be aware in advance of the total amount payable including the interest, fees and charges. Then, it is broken down into a daily or weekly repayment figure.
What could the Small Business Loan be used for?
A Small Business Loan can be used for virtually every company use, including cash flow management, business remodels and marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
About the Larger Gulfview Heights Business Loans
What is the Larger Gulfview Heights Business Loan?
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee, 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 of this size the business needs to be operating for at least three years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
How can the funds be utilised?
A Business Loan of a larger size is a great option for almost any company reason, such as company remodeling, buying new equipment or inventory as well as for general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is necessary to obtain funding above $150,000. This is as a result of an charge on assets, which could also include the registration of this with the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally based rather than stipulating security over a particular asset. The person who signs the guarantee is personally liable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned depending on the date that a registration of a security interest.
Caveats are legal form of document to offer the legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re seeking an enterprise loan of more than $250K we can offer an initial pre-approval to smooth out the process. We may be able to apply for this without a credit verification and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering a few financial well-being checks. It’s not an offer of credit or guarantee of credit. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you are offered could be based on different terms.
The application process
Are I eligible for funding?
You can apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and own a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months of business (for for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is fast and easy. Complete the online form in just a few minutes, and a dedicated business credit specialist will be in touch to guide you through the process.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent twelve month bank accounts, the IRD statement, last 2 years finalised financial statements, as well as interim financial statements for the current year such as age-related payables and aged Receivables Summary.
How fast will I get a decision?
For an unsecured loan ($5K up to $100,000) we can often offer an answer within one hour if you apply at standard company timings and permit us to utilise the bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements , we will be able to offer a decision in just one company day.
For the Larger Business Loan ($100K and up) we could be able to provide you with pre-approval conditional to your application in about 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Certain agreements have been approved in just 24 hours.
The fastest way is to ensure you apply during standard business hours, and allow us to use the advance bank verification to confirm your bank details online. If you opt to send us copies of your bank statement, it can take a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K or more) we usually offer an answer within one hour, provided you apply at normal business timings and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements, we are able to offer the decision in as little as an business day.
For Larger Business Loans ($100K and up) we could be in a position to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be faster depending on the circumstances of each application. Certain offers have been approved within just 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. You can also let us use the modern bank verification link to verify your bank information online. If you opt to send us copies of your bank accounts, it takes a bit longer.
What is the maximum amount I can borrow?
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we will consider a number of aspects that determine the health that is your business and the extent of the repayments your business can support. The amount you receive from your loan will be contingent on the specifics the company.
When you submit an application for a specific amount we consider a variety of elements to determine how much we can lend you such as health that is your company and the amount of payments your company is able to afford. The amount you receive from the loan will be determined by the specifics for your company.
Fees & repayments
How much do you charge for an business loan?
If you decide to apply for one of our business financing, we’ll assess the risk profile that you have for your company and offer you with a tailored offer including loan amount, term and interest rates. The company loan is an upfront priced loan and you’ll be aware in advance of the total amount you will have to pay, including charges or interest.
What is the basis for the rate I am charged?
Interest rates for company loans rates differ based on various factors such as the amount that is of money borrowed, the company assets the funds will be used for and the sector the company operates in, how long the company has been running as well as what percentage of the business has enough cash flow to support the loan, as well as the general well-being or financial standing of the company.
What are the charges?
There are no hidden fees for our business loans. You’ll know precisely what you’ll need to pay, and when, starting from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments punctually).
We don’t charge an application fee. You can apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
Do I have the option of paying off the loan earlier?
You can decide to repay the total amount of your loan in full at any time.
If you are deciding to do this please contact our helpful business lending experts. We will offer you with details on repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining and accrued interest to the time of the early payout, plus 1.5 percent of the principal balance as well as any outstanding fees.
How do you make repayments work?
In order to help you avoid missing payment dates and to align with your cash flow general, we provide repayments either daily or weekly. These are automatically deducted from your company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as being clear about the ways we gather information, use it, and exchange it, as well as secure your information, is vital and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and security. We employ an exceptionally sophisticated bank verification system to immediately verify the bank account details online. This allows us to offer quick responses.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when a company owner utilises an asset that they own to get the loan. The asset could be an asset belonging to the personal, like the family home, or an company asset such as a vehicle or other piece of machinery.
The vast majority of lenders, even the largest banks, are inclined to make loans secured by an asset. If you have trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it is the process of securing additional financing taking advantage of the value of what you already have.
Are I require security to get an business loan?
For loans up to $150,000 it is not necessary to secure assets before you are able to access the money However, we require a personal guarantee. need the personal guarantee. As long as you follow the terms of your loan (as stated in your loan contract document), asset security is not required. For loans of over $150,000 typically, you will need personal ensure and security that is in the form charges on assets.