FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Ingle Farm Small Business Loans
Tell me more about Ingle Farm Small Business Loans
Ingle Farm unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
What is the Unsecured Loan different from a traditional company loan?
You can apply to get the Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and the money could be available in just 24 hours. Traditional company loans refer to an annual interest rate plus other fees and charges. The company loan is a cash-based loan and you’ll know ahead of time the total amount payable including any fees, interest or charges. Then, it is broken down into a daily or weekly repayment figure.
What can you use the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any company need, such as cash flow management, company remodeling, marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal reasons.
About Larger Ingle Farm Business Loans
What is the Larger Ingle Farm Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
How is 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?
To be eligible for a credit of this size, your company needs to have been operating for at least three years with an annual turnover of $700,000. The applicant must also be 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 minimum 12 months of continuous trading.
What can I use the funding for?
A large company loan can be used for nearly every business need, including company improvements, purchasing inventory or new equipment for general working capital and much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is needed to access funding over $150,000. This is as a result of an charge on assets and can be registered on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally based rather than specifying the security of a specific asset. The person who is signing the ensure is personally liable in the event that the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a security interest was registered.
Caveats are legal document that is filed to offer the legal claim to a property.
What is a pre-approval that does not require Credit Check?
If you’re seeking larger business loans that exceeds $250K we may be able to provide a preliminary pre-approval to help make the process. It is possible to do this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. It’s in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer that you might receive could be subject to different conditions.
Application process
Can I be eligible for funding?
You may apply for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months’ worth of transactions (for for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is simple and simple. Just fill out the online application in just a few minutes, and a dedicated business credit specialist will call you to guide you through the process.
To apply for up $100,000 you’ll require identification details (valid Driver’s License) as well as an active NZBN/IRD, and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
How soon will I hear an answer?
For an unsecured loan ($5K and up) we usually provide a response in one hour – as long as you submit your request during quality company times and permit us to utilise the bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements , we are able to offer a decision in as little as an company day.
For the Larger Business Loan ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain deals have been approved within just 24 hours.
The quickest way to apply is to ensure you apply during standard business hours. You can also let us use the advanced bank verification system link to verify your bank account information online. If you opt to upload documents from your account statement, it will take a little longer.
How fast will I get the money?
For the Small Business Loan ($5K up to $100,000) we typically offer an answer in just one hour – as long as you apply during standard business hours and permit us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statements we can offer the decision in just 1 business day.
For Larger Business Loans ($100K and up) We may be able to provide you with conditional pre-approval within about six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours, and let us use the modern bank verification link to check your bank’s information online. If you upload documents from your account statement, it takes a bit longer.
What’s the minimum amount I can borrow?
We provide loans that range from $5,000 and $500,000. When you make an application for a specific amount we consider a variety of elements that determine what is the well-being that is your business and the extent of the repayments your business can support. The total amount of your loan will be contingent on the particular circumstances that are unique to your company.
When you make an application for a set amount, we look at a range of variables to determine your health for your business and the amount of payments your business can afford. The total amount of your loan will depend on the particular circumstances that are unique to your company.
Fees & repayments
What is the cost for the cost of a business loan?
If you decide to request our company loan, we will assess the risk profile for your company and offer you with a customised offer including the loan amount, the terms and interest rates. A company loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any costs, fees, or interest rates.
What determines the rate that I will be charged?
Interest rates for company loans rates vary due to variables like the amount to be borrowed, the company assets the funds will be used for, the industry the company operates in, how long the business has been running, what percentage of the company has sufficient cash flow to cover the loan, and also the general well-being and creditworthiness of the business.
What are the fees?
There are no hidden costs for our business loans. You’ll know precisely how much it is that you need to pay, and at what time, from the first day. There’s no compounding interest and no extra fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You are able to get a cash loan without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
Can I pay off the loan early?
You can choose to repay the total amount of your advance loan at any time.
If you do decide to do this please speak to our friendly business credit experts. They’ll provide you with the details of your repayment and an early payment figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of the early payout and 1.5% of the principal amount remaining as well as any outstanding fees.
How do repayments work?
To make sure you do not miss repayments and to fit in with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from your company account.
Security & privacy
Will my data be protected?
Making sure that your information is secure, and being clear about the ways we gather data, process, exchange and secure your information, is vital and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We use an advanced bank verification system to immediately verify your bank account details online. This allows us to provide a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing occurs when a business owner makes use of assets they own to get the funding. The asset could be an individual asset, such as the family home, or an company asset such as a truck or piece of equipment.
The majority of lending institutions, even the banks with the biggest size, prefer to secure loans against an asset. If you’re struggling to pay back the loan then your asset may be taken over by the lender. In essence it is means of securing new financing by making use of the value of what you already own.
Should I need security to get a business loan?
Up to $150,000 in loans there is no requirement for asset security before you are able to access the money, however we require a personal guarantee. require a personal guarantee. So long as you comply with the loan terms (as stated in the loan contract) Asset security is not required. For loans of over $150,000 generally, you can get the option of a personal guarantee and security in the form the charge of assets.