FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The St Agnes Small Business Loans
Tell me how you are able to avail the St Agnes Small Business Loans
St Agnes unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What makes how is the Unsecured Loan different from an ordinary company loan?
You can apply to this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the funds could be in your account within 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. Our company loan is a cash-based loan so you will be aware in advance of the total amount payable including any fees, charges or charges. Then, it is broken down into a daily or weekly installment amount.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every business reason, such as cash flow management, company remodeling, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal use.
About the Larger St Agnes Business Loans
What is the Larger St Agnes Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are either 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, which is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan that is this large the business needs to have been operating for a minimum of 3 years with an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
How can the funds be used for?
A Larger Business Loan can be used for almost all company purpose including company renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that requires security?
Asset security is needed for accessing funds over $150,000. This can be done by taking a charge over assets, and may include registration through the PPSR or making a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stating security over an asset. The person who signs 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 registry run by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR allows preference over private property assigned depending on the date that a registration of a security interest.
A caveat is a legal form of document to offer the public notice of a legal claim to property.
What is a pre-approval minus Credit Check?
When you’re applying for the Larger Business Loan of more than $250K it is possible to offer an initial pre-approval in order to ease the process. It is possible to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial health checks. It’s in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer you receive could be on different terms.
The 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 at least 18 years old, have a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 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 process for applying is fast and simple. Just fill out the online application in just a few minutes, and a dedicated business expert in lending will contact you to guide you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent twelve month bank accounts, the IRD statement as well as the two most recent years’ financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K and up) We can usually offer an answer in just one hour, provided you apply during quality business times and permit us to use the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statement, we’ll offer the decision within one business day.
For Larger Business Loans ($100K up to $500,000) we may be in a position to provide the conditional pre-approval within six hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain offers have been approved within 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours. Also, permit us to use the advanced bank verification system link to confirm your bank details online. If you opt to send us documents from your account statement, it takes a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K or more) we can often offer an answer within one hour – as long as you submit your request in standard business times and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide an answer in just the span of one business day.
For Larger Business Loans ($100K up to $500,000) we could be likely to offer you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Certain transactions have received approval within the space of 24 hours.
The fastest way is to ensure you apply during normal business hours, and let us use the advanced bank verification system link to instantly verify your bank account information online. If you choose to upload duplicates of your banking accounts, it can take a bit longer.
What’s the minimum amount I can borrow?
We provide loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of factors that determine how much we can lend you health of your company and the level of the repayments your business can afford. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you apply for a certain amount, we look at a range of variables to assess the well-being that is your business and the extent of the repayments your business is able to afford. The total amount of your loan will depend on the specific circumstances of your company.
Fees & repayments
What is the cost for the cost of a business loan?
When you apply for one of our business loan, we will assess the risk assessment of your company and provide you with a customised offer including loan amount, term and interest rates. It is a company loan is an upfront priced loan which means you be aware of the total amount to be paid, including any interest rates, fees or charges.
What determines the amount I pay?
The interest rates on company loans rates depend on a variety of factors such as the amount that is that is borrowed, what company assets the money will be used for in addition to the industry that the business is operating in, how long the company has been running and what percentage of the business has enough cash flow to support the loan, and general health or financial standing of the business.
What are the cost?
There are no hidden costs with our company loans. You’ll know precisely how much you’ll be required to pay and at what time, from day one. There’s no compounding interest, and no extra fees (as as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
Do I have the option of paying off the loan in advance?
You can choose to repay the entire amount of the loan in full at any time.
If you do decide to do this please call our helpful company loan experts. They’ll offer you with details on repayment and an early payout figure. This is calculated as the total of the principal amount remaining plus any accrued interest as of the time of early payout in addition to 1.5% of the remaining principal and any outstanding fees.
How do repayments work?
To help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your designated company account.
Security & privacy
Will my information be protected?
Making sure that your information is secure, and being clear about how we collect, use, exchange and safeguard your data, is crucial and is a crucial element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We use an advanced banking verification system to instantly verify the bank account details online. This allows us to offer an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when a company owner makes use of the assets they have to make the funding. The asset can be either an individual property, such as the family home, or a business asset such as a vehicle or piece or equipment.
The majority of lending institutions, not just the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan then the asset could be sold by the lender. In essence it is a way of securing new funding using the value of what you already own.
What do I need security to secure a company loan?
For loans of up to $150K, it is not necessary to secure assets upfront to access the money however, we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, generally there is an individual guarantee and security is provided in the form of an asset charge.