FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Port Noarlunga Small Business Loans
Tell me what you think of the Port Noarlunga Small Business Loans
Port Noarlunga unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
What makes this Unsecured Loan different from an ordinary company loan?
Apply for the Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and the funds could be on your account within 24 hours. Traditional business loans refer to an annual interest rate together with additional fees and charges. This business loan is a pre-paid loan which means you know in advance the total amount due, which includes any fees, charges or charges. Then, it is broken down into weekly or daily amount to be paid back.
What can the Small Business Loan be used for?
A Small Business Loan can be used for almost any company purpose including control of cash flow business renovations, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
About Larger Port Noarlunga Business Loans
What is the Larger Port Noarlunga Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
How is the Origination Fee determined?
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount, your company needs to be operating for a minimum of 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (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 Business Loan of a larger size can be used to fund almost all business use, including company renovations, purchase of inventory or new equipment for general working capital and so much more. The loan is not available for personal use.
Is the Larger Business Loan one that requires security?
Asset security is needed to obtain funding above $150,000. This is by way of charge over assets, which could also be registered in the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally in nature rather than stipulating security over a particular asset. The person who signs the guarantee is personally responsible if the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR grants preference over private property assigned depending on the date that a security interest was registered.
A caveat is a legal document filed to provide the public notice of a legal claim on a property.
What is a pre-approval that does not require Credit Check?
When you’re applying for the Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval that will help simplify the process. It is possible to make this decision without credit checks and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial health questions. It’s not an offer or guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be 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 18 years, have a New Zealand company (with a valid NZBN/IRD)
- must show at least six months of business (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is quick and simple. Complete the online form within a few minutes and an experienced company loan specialist will be in touch to help you.
To apply for up $100,000, you’ll require identification details (valid Driver’s Licence) as well as a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent and 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, and interim financials for the current financial year, Aged 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 offer an answer in just one hour if you make your application at standard company timings and permit us to utilise the bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements , we are able to offer the decision in as little as an business day.
For the Larger Business Loan ($100K to $500K) we might be likely to provide you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Certain agreements have been approved in 24 hours.
The quickest way to apply is to make sure you apply during standard company hours. You can also permit us to use the modern bank verification link to instantly check your bank’s information online. If you send us copies of your bank accounts, it can take a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K and up) we can often offer an answer in just one hour – as long as you apply during normal business timings and allow us to use the advanced 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 an answer in just one business day.
If you are applying for Larger Business Loans ($100K or more) We may be in a position to offer the conditional pre-approval within 6 hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some agreements have been approved within 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system to verify your bank information online. If you opt to upload documents from your account statement, it will take a little longer.
What is the maximum amount I can borrow?
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of elements for determining the health for your company and the amount of payments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances for your business.
When you make an application for a certain amount, we will consider a number of elements to assess how much we can lend you such as well-being of your business and the amount of payments your business can support. The total amount of your loan will be determined by the specifics the company.
Fees & repayments
What is the cost for a company loan?
If you decide to make an application for one of our company loans, we will assess the risk profile for your company and provide you with a customised offer that includes the loan amount, the terms and interest rates. It is a business loan is an upfront cost loan and you’ll be aware in advance of the total amount payable including any charges, interest rates or fees.
What is the factor that determines the price I pay?
Business loan interest rates differ based on various factors like the amount of money borrowed, what business assets the money are used to purchase in addition to the industry that the business is operating in, how long the company is in operation, in the event that the company has sufficient cash flow to support the loan, and the general well-being or financial standing of the company.
What are the charges?
There aren’t any hidden charges for our business loans. You’ll be aware of the amount you’ll be required to pay and when, right from the very first day. There’s no compounding interest, and no extra fees (as long as you make your payments on time).
We do not charge an Application Fee. You are able to make an application for loans with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
Do I have the option of paying off the loan in advance?
You can decide to repay all of your loan early at any time.
If you decide to pursue this option, please speak to our friendly business loans specialists. The specialists will provide you with repayment details and an early payout figure. It will be calculated using the sum of the remaining principal amount and accrued interest to the time of the early payout and 1.5% of the principal amount remaining and any fees that remain unpaid.
How do repayments work?
To make sure you do not miss due dates and also to be in line 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 ensure the security of your information is of huge importance and is a crucial 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 sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We utilise a sophisticated bank verification system that allows you to immediately verify the bank account details online so we can provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when the company owner utilises an asset that they own to make the loan. The asset can be either an asset belonging to the personal, like the family home, or it could be a company asset such as a vehicle or other piece of machinery.
The majority of lending institutions, not just the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could be taken over by the lender. In essence, it is the process of securing new funding using the value of what you already have.
What do I need security to get an business loan?
For loans that exceed $150K, no asset security is required in advance to gain access to the funds However, we require a personal guarantee. require a personal guarantee. As long as you follow the loan terms (as detailed in your loan contract document) Asset security will never be required. For loans that exceed $150,000, generally there is an individual ensure and security is provided in the form of the charge of assets.