FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Westbourne Park Small Business Loans
Tell me about the Westbourne Park Small Business Loans
Westbourne Park unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
What makes how is the Unsecured Loan different from an ordinary company loan?
It is imaginable to apply to get this Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and funds may be on your account within 24 hours. Traditional company loans have an annual interest rate together with additional fees and charges. We offer a company loan is a cash-based loan and you’ll be aware in advance of the amount you will have to pay, including any interest, fees or charges. This is then broken down into weekly or daily repayment figure.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually any company need, such as the management of cash flow, 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 larger Westbourne Park Business Loans
What is the Larger Westbourne Park Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly depending on you cashflow.
How is the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
Do I qualify for the Larger Business Loan?
To be eligible for a credit in this amount the company needs to have been operating for a minimum of 3 years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have 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 any business use, including company remodeling, buying equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Is the Larger Business Loan one that requires security?
Asset security is required for funding of more than $150,000. It’s by way of charge over assets, and could be registered with the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to repay credit that is general in nature, rather than specifying the security of a specific asset. The person who is signing the guarantee is personally responsible if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR gives preference over private property assigned according to the date the security interest has been registered.
A caveat is a legal form of document to provide the legal claim on a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for larger company loans of $250K or more we may be able to provide a preliminary pre-approval to help ease the process. We could be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being questions. It is not an offer or guarantee of financing. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could have different terms.
The application process
Are I 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, have a New Zealand business (with a valid NZBN/IRD)
- must show at least six months of business (for 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 easy. Just complete the online application in just a few minutes, and a dedicated business loan specialist will call you to assist you.
To apply for up to $100,000 you’ll need identification details (valid Driver’s License) as well as a valid NZBN/IRD as well as at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent twelve months of bank records, IRD statements as well as the two most recent years’ financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables reports.
How quickly will I receive a decision?
For an unsecured loan ($5K and up) we usually offer an answer in just one hour if you apply within standard company time and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statements , we’ll be able to provide the decision in as little as one business day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to provide the conditional pre-approval in around six hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Certain agreements have been approved within 24 hours.
The quickest method can be ensure you apply during standard business hours. Also, allow us to use our modern bank verification to instantly verify your bank information online. If you opt to upload documents from your account accounts, it may take a bit longer.
How soon will I receive the cash?
For the Small Business Loan ($5K or more) we usually provide an answer within an hour, provided you submit your request during normal business times and permit us to use the bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements, we’ll be able to provide an answer in as little as an business day.
For Larger Business Loans ($100K up to $500,000) we may be able to offer you with conditional pre-approval within about 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 offers have been approved in 24 hours.
The fastest method is to ensure you apply during standard business hours. You can also allow us to use our sophisticated bank verification link to instantly check your bank’s information online. If you send us the copies of bank statement, it may take a bit longer.
What’s the minimum amount I can borrow?
We provide loan amounts between $5,000 and $500,000. When you make an application for a specific amount we will consider a number of aspects that determine the well-being that is your business and the extent of payments your company will be able to support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
When you apply for a set amount, we look at a range of variables to determine how much we can lend you such as well-being that is your business as well as the amount of the repayments your company can afford. The amount you receive from your loan will be contingent on the specifics of your company.
Fees & repayments
How do you charge for an business loan?
If you decide to make an application for the business loan, we will assess the risk assessment the business and offer you with a customised offer, including the amount of loan, the term and the interest rates. A business loan is an upfront priced loan and you’ll know the exact amount to be paid, including any charges or interest.
What determines the rate that I’m charged?
Business loan interest rates vary due to variables like the amount to be borrowed, what business assets the money will be used for and the sector the business operates in, how long the business has been in operation and in the event that the company has sufficient cash flow to fund the loan, and general well-being or financial standing of the business.
What are the costs?
There are no hidden costs for our business loans. You’ll be aware of the amount it is that you need to pay, and when, right from day one. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5% of the amount of loan.
Can I repay the loan early?
You can repay the total amount of your loan in full at any time.
If you decide to do this please contact our helpful business loan specialists. They’ll offer you with repayment details and an early payout figure. This will be calculated as the sum of the principal remaining and the accrued interest up to the time of early payout plus 1.5 percent of the principal remaining and any fees that remain unpaid.
How do you make repayments work?
To help you avoid missing payments and to work with your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from your designated business account.
Security & privacy
Will my information be secure?
Protecting your information, and knowing how we collect the information we collect, use, share and safeguard your data, is of huge importance and is a crucial element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We employ an exceptionally sophisticated bank verification system to instantly verify the bank account details online so we can offer a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing is when a company owner uses assets they own to obtain the loan. The asset can be either an asset belonging to the personal, like the family home, or a business asset like a truck or piece of equipment.
The majority of banks, not just the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset could be taken over by the lender. In essence it is the process of securing new funding making use of the value of what you already own.
Are I need security to secure a business loan?
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds but we require a personal guarantee. need an individual guarantee. So long as you comply with the loan terms (as stipulated in your loan contract document) the security of assets is not needed. For loans that exceed $150,000, generally, there is personal ensure and security in the form of an asset charge.