FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Trinity Gardens Small Business Loans
Let me know more about Trinity Gardens Small Business Loans
Trinity Gardens unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What is this Unsecured Loan different from the traditional business loan?
The application to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an immediate response, and the funds could be in your account within 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. This company loan is a cash-based loan therefore you’ll be aware in advance of the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily repayment figure.
What can the Small Business Loan be used for?
The Small Business Loan can be used to fulfill almost any company need, such as cash flow management, business improvements, advertising to purchase inventory or new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
About larger Trinity Gardens Business Loans
What is the Larger Trinity Gardens Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
How is the Origination Fee calculated?
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan that is this large the business needs to have been trading for at least 3 years and have an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
How can the funds be used for?
A large company loan can be used for almost every company use, including business remodeling, buying inventory or new equipment for general working capital, and much more. The loan is not available for personal use.
Is the Larger Business Loan a secured loan?
Asset security is required for funding of more than $150,000. This is by taking a charge over assets, which could also be registered with the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is general in nature rather than defining the security of a specific asset. The person signing the ensure is personally liable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR grants preference over private property assigned according to the date a registration of a security interest.
Caveats are legal document that is filed to offer the legal claim on a property.
What is a pre-approval without Credit Check?
When you’re applying for the Larger Business Loan that exceeds $250K it’s possible to offer an initial pre-approval in order to simplify the process. We might be able to get this done without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial health checks. This is neither an offer nor a guarantee of credit. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you might receive could have different conditions.
The application process
Do I qualify for funds?
You may apply for a company 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 prove at least 6 months of business (for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is simple and simple. Just complete the online application within a couple minutes, and a dedicated business loan specialist will be in touch to help you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s License) as well as a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year such as age-related payables and aged Receivables reports.
How soon will I hear an answer?
For an unsecured loan ($5K and up) we typically provide an answer within one hour – as long as you submit your request in standard business timings and allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statements , we are able to provide an answer in just one company day.
For Larger Business Loans ($100K or more) we could be able to provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved within just 24 hours.
The quickest way to apply can be ensure you apply during normal company hours, and permit us to use the advance bank verification link to check your bank’s information online. If you choose to send us the copies of bank accounts, it will take a little longer.
How fast will I get the money?
For the Small Business Loan ($5K and up) we can often offer an answer within an hour if you apply at standard business times and let us utilise the advanced bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements, we will be able to offer the decision in just an business day.
For Larger Business Loans ($100K or more) we may be able to provide the conditional pre-approval in about six hours. Once you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. You can also permit us to use the modern bank verification to instantly verify your bank information online. If you opt to upload documents from your account statements it will take a little longer.
How much can I borrow?
We provide loans ranging from $5,000 and $500,000. If you apply for a certain amount, we look at a variety of elements to determine your well-being for your company and the level of repayments your business can afford. The total amount of your loan will be contingent on the specifics the business.
If you apply for a particular amount, we take into consideration a variety of variables to determine how much we can lend you such as health of the business and the extent of payments your company can afford. The amount you receive from the loan will be determined by the particulars that are unique to your business.
Fees & repayments
What is the cost for the cost of a business loan?
When you make an application for one of our company financing, we will assess the risk assessment the company and offer you with a customised offer including loan amount, term and the interest rates. A business loan is an upfront cost loan and you’ll know the exact amount to be paid, including any costs, fees, or interest rates.
What is the factor that determines the price I am charged?
Interest rates for business loans rates depend on several variables like the amount to be borrowed, what company assets the money are used to purchase as well as the field the business operates in, the long the business has been operating, in the event that the business has sufficient cash flow to support the loan, and also the overall well-being as well as creditworthiness business.
What are the charges?
There aren’t any hidden costs with our business loans, and you’ll know precisely what you’ll be required to pay, and at what time, from day one. There’s no compounding interest, and no additional fees (as as you make your payments on time).
We don’t charge an application fee. You can request a credit loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Can I pay out the loan early?
You can choose to repay the total amount of your loan in full at any time.
If you choose to do this please contact our helpful business loan specialists. The specialists will provide you with details for repayment and an early payout figure. The figure will be calculated as the sum of the principal balance and any accrued interest at the date of early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
How do you make repayments work?
To make sure you do not miss payment dates and to align your cash flow schedule, we provide repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
Security & privacy
Will my information be protected?
The security of your personal information, as well as being upfront about the ways we gather information, use it, and exchange it, as well as protect your information, is crucial and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We make use of an advanced bank verification system link to immediately verify the bank account details online to provide an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
The term "asset-based" refers to borrowing where a company owner uses an asset that they own to obtain the loan. The asset can be either an asset belonging to the personal, like the family home, or an company property like a truck or other piece of machinery.
The vast majority of lending institutions, not just the major banks, prefer to secure loans against assets. If you are having difficulty paying back the loan then the asset could be taken over by the lender. In essence, it’s a way of securing new financing by taking advantage of the value of what you already have.
Should I require security to get a business loan?
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we require a personal guarantee. require a personal guarantee. If you adhere to the terms of your loan (as detailed in your loan contract document) Asset security is not needed. If you take out loans in excess of $150,000 generally, you are able to get the option of a personal ensure and security in the form the charge of assets.