FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Gold Coast Small Business Loans
Tell me more about Gold Coast Small Business Loans
Gold Coast unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
What is how is the Unsecured Loan different from a traditional company loan?
You can apply to the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive a same day response and the money could be in your account within 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. This business loan is a cash-based loan which means you be aware in advance of the total amount payable including any fees, interest or charges. This is then divided into a daily or weekly installment amount.
What could you use the Small Business Loan be used for?
A Small Business Loan can be used for nearly any business purpose including control of cash flow company renovations, marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
About larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit that is this large, your business needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700K. 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 company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
What can I use the funding for?
A Business Loan of a larger size can be used to fund almost any company use, including company renovations, purchase of equipment or inventory for general working capital, and much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. It’s as a result of an charge over assets and can include registration through the PPSR or making as a caveat.
A personal or director’s ensure is a commitment to pay back a loan that is general in nature, rather than stating security over a particular asset. The person who signs the guarantee is personally liable if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including the assets or goods). The PPSR grants preference over private property granted in accordance with the date on which a registration of a security interest.
A caveat is a legal form of document to provide the legal claim on a property.
What exactly is a preapproval without Credit Check?
If you’re seeking the Larger Business Loan that exceeds $250K we can offer a preliminary pre-approval to help make the process. We might be able to get this done without a credit verification and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial health questions. It is not an offer or guarantee of financing. A conditional approval is subject an extensive credit evaluation and any offer that you receive could be based on different terms.
Application process
Can I be eligible for funding?
You can apply for a company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months of trading (for you to qualify for unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is fast and simple. Just fill out the online application within a few minutes and an experienced company loan specialist will contact you to assist you.
To apply for up $100,000 you’ll require the right identification documents (valid Driver’s License) along with an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent twelve months of bank statements, IRD statement, last 2 years finalised financial statements, plus interim financials for the current financial year, Aged Payables and Aged Receivables summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K and up) we usually offer an answer within an hour if you apply within quality business times and allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements we can offer the decision in just 1 company day.
For the Larger Business Loan ($100K or more) we could be likely to offer you with pre-approval conditional to your application in about six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain agreements have been approved in just 24 hours.
The most efficient method would be to make sure you apply during normal company hours, and permit us to use the advanced bank verification system link to instantly check your bank’s information online. If you send us documents from your account accounts, it takes a bit longer.
How fast will I get the money?
For the Small Business Loan ($5K or more) we typically provide a response in one hour – as long as you apply in normal business times and allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statements, we’ll be able to offer a decision in just an business day.
For the Larger Business Loans ($100K up to $500,000) We may be in a position to provide you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The most effective method for you to apply is ensure you apply during normal business hours. You can also permit us to use the advance bank verification link to verify your bank information online. If you send us documents from your account accounts, it may take a bit longer.
How much can I borrow?
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of elements to determine your health of your business and the level of repayments that your company can afford. The amount you receive from the loan will be determined by the specifics for your business.
When you submit an application for a specific amount we look at a range of factors to determine the well-being for your business and the level of repayments your company can support. The amount you receive from your loan will depend on the particulars for your business.
Fees & repayments
How do you charge for the cost of a company loan?
If you decide to request our company financing, we’ll assess the risk assessment the company and provide you with a tailored proposal that includes loan amount, term and the interest rates. This company loan is an upfront priced loan therefore you will be aware in advance of the total amount payable including any interest rates, fees or charges.
What determines the amount I’m charged?
Business loan interest rates vary due to factors including the amount borrowed, what business assets the money will be used for, the industry the business operates in, the long the company has been in operation, whether the company has sufficient cash flow to fund the loan, and also the general health or financial standing of the business.
What are the cost?
There are no hidden costs for our company loans. You’ll know precisely how much you need to pay and at what time, from the day you sign up. There’s not any compounding interest and no additional fees (as as you make your payments in time).
We don’t charge an application fee. You can get a cash loan with without any upfront costs or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
Can I pay out the loan early?
You may choose to pay back the entire amount of your loan in full at any time.
If you decide to take this route, please talk to one of our helpful company lending professionals. They’ll offer you with details for repayment as well as an early payout amount. This is calculated as the total of the principal amount remaining plus any accrued interest as of the date of early payout plus 1.5% of the remaining principal plus any outstanding fees.
What are the repayment methods?
To ensure that you don’t miss payment dates and to align with your cash flow general, we offer repayments that are either daily or weekly. They are automatically deducted from your nominated company account.
Security & privacy
Will my information be protected?
Protecting your information, and being clear about how we collect the information we collect, use, share and ensure the security of your information is vital and a vital part 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 as well as financial data. Our funders are ISO 27001 qualified for our dedication to customer security and privacy. We make use of an advanced bank verification system link to immediately verify your bank account details online so we can provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when a company owner borrows from an asset they own to get the funds for a loan. The asset could be an asset belonging to the personal, like the family home or an business property like a truck or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to guarantee loans against an asset. If you have trouble paying back the loan, your asset may be taken over by the lender. In essence, it’s an opportunity to secure new financing using the worth of the asset you already have.
Are I need security to secure an company loan?
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds, however we do require a personal guarantee. So long as you comply with the loan terms (as stated in your loan contract) Asset security will never be needed. For loans of over $150K generally there is the option of a personal guarantee and security that is in the form charges on assets.