FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Gold Coast Small Business Loans
Tell me more about Gold Coast Small Business Loans
Gold Coast unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
What is how is the Unsecured Loan different from an traditional company loan?
You can apply to this Small Business Loan in under 10 minutes by phone. You will receive an instant response and the money could be available in just 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. Our business loan is an upfront priced loan therefore you’ll know ahead of time the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into a daily or weekly installment amount.
What can you use the Small Business Loan be used for?
A Small Business Loan can be used for almost every company need, such as managing cash flows, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
About the Larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
Do I qualify for the Larger Business Loan?
In order to be eligible for a loan in this amount the business needs to have been in operation for at least 3 years with an annual turnover of $700,000. You must be 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 business.
What can I use the funding for?
A large business loan can be used for almost every company purpose including company remodeling, buying inventory or new equipment for general working capital, and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is needed to access funding over $150,000. This can be done as a result of an charge against assets, which could also include registration with the PPSR or making as a caveat.
A director’s or personal ensure is a promise to pay off a credit line that is generally based rather than specifying security over an asset. The person who is signing the ensure is personally accountable if the business borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a security interest was registered.
The caveat can be described as a formal document filed to provide notice of a legal claim to property.
What is a pre-approval without Credit Check?
If you’re applying for a Larger Business Loan of $250K or more we may be able to provide a preliminary pre-approval to help smooth out the process. It is possible to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial health questions. It is not an offer of credit or guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you may receive may be subject to different terms.
The 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 at least 18 years old, have a New Zealand company (with a valid NZBN/IRD)
- must show at least six months’ worth of transactions (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is fast and simple. Simply complete the online form within a couple minutes, and a dedicated business expert in lending will contact you to assist you.
To apply for up to $100,000 you’ll require the right identification documents (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
How fast will I get an answer?
For an unsecured loan ($5K and up) we typically offer an answer within one hour – as long as you make your application at quality business times and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statement, we’ll provide an answer in just one company day.
For the Larger Business Loan ($100K to $500K) we may be capable of offer the conditional pre-approval in around six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest way to apply is to ensure you apply during standard business hours and permit us to use the advanced bank verification system link to instantly confirm your bank details online. If you opt to send us documents from your account accounts, it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K to $100K) we can often provide an answer within an hour – as long as you apply within normal business hours and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements, we are able to provide the decision in as little as 1 business day.
For Larger Business Loans ($100K to $500K) we may be able to offer the conditional pre-approval within six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The fastest method would be to ensure you apply during normal business hours, and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to send us documents from your account accounts, it can take a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 to $500,000. When you submit an application for a specific amount we consider a variety of elements in order to assess what is the well-being of your company and the level of repayments your business is able to afford. The amount you receive from your loan will depend on the specifics the business.
If you apply for a specific amount we take into consideration a variety of aspects to assess how much we can lend you such as health of your business and the extent of the repayments your company is able to afford. The amount you receive from the loan will be determined by the particulars the business.
Fees & repayments
How much do you charge for an company loan?
When you apply for our business financing, we’ll assess the risk assessment of your business and offer you with a customised offer that includes the loan amount, the terms and interest rates. The company loan is an upfront-priced loan therefore you will be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
What is the basis for the rate I pay?
The interest rates on business loans rates depend on a variety of factors like the amount of money of money borrowed, the company assets the funds will be used for and the sector the company operates in, the long the company has been in operation, what percentage of the business has sufficient cash flow to support the loan, and the general health as well as creditworthiness business.
What are the charges?
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount it is that you be required to pay, and when, from day one. There’s no compounding interest and no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You are able to make an application for loans no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent 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 decide to take this route, please talk to one of our helpful business loans professionals. They will offer you with details on repayment and an early payment figure. It will be calculated using the total of the principal balance and the accrued interest up to the time of early payout plus 1.5 percent of the remaining principal and any fees that remain unpaid.
How do you make repayments work?
To make sure you do not miss due dates and also to be in line your cash flow schedule, we offer repayments either daily or weekly. They will be automatically deducted from your business account.
Security & privacy
Will my data be secure?
Security of your data, and making it clear the ways we gather the information we collect, use, share and safeguard your data, is crucial and is a crucial aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to customer security and security. We employ a highly sophisticated bank verification system link to instantly verify your bank account information online. This allows us to provide a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing occurs when the company owner makes use of an asset that they own to obtain the funding. The asset can be a personal asset like the family home or it could be a company asset like a truck or other piece of machinery.
The majority of banks, even the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan, then the asset could be sold by the lender. In essence, it is the process of securing new financing by using the worth of the asset you already have.
Are I require security to secure an company loan?
For loans up to $150K there is no requirement for asset security upfront to access the money but we require a personal guarantee. require the personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract) the security of assets is not needed. For loans that exceed $150,000, generally, there is the option of a personal ensure and security that is in the form an asset charge.