FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Gold Coast Small Business Loans
Tell me how you are able to avail the Gold Coast Small Business Loans
Gold Coast unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
What is the Unsecured Loan different from an traditional business loan?
Apply to this Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and funds may be in your account in 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. The company loan is a pre-paid loan which means you know in advance the total amount due, which includes any interest, fees or charges. Then, it is broken down into weekly or daily installment amount.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly every business purpose including the management of cash flow, company improvements, advertising to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available to fund personal expenses.
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 between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
How is the Origination Fee determined?
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the company needs to have been trading for at least 3 years and generate an annual revenue of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
How can the funding be used for?
A larger company loan can be used for nearly any business reason, such as business renovations, to purchase 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 to access funding over $150,000. It’s as a result of an charge on assets, and may include registering this on the PPSR or making as a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is general in nature rather than stipulating the security of a specific asset. The person signing the ensure is personally liable in the event that the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR permits priority over personal property to be granted in accordance with the date on which a registration of a security interest.
An affidavit is an official document filed to offer notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re applying for larger business loans that exceeds $250,000, we may offer an initial pre-approval to make the process. It is possible to apply for this without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial health questions. This is in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you might receive could be subject to different conditions.
The application process
Can I be 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’ worth of transactions (for for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and easy. Complete the online form within a couple minutes, and an experienced business loan specialist will be in touch to help you.
To be eligible for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables reports.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) we can often provide an answer within an hour – as long as you submit your request within standard business times and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we will be able to provide a decision in as little as one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The quickest method is to make sure you apply during standard business hours, and let us use the modern bank verification to instantly check your bank’s information online. If you opt to upload copies of your bank accounts, it takes a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K or more) we usually offer a response in one hour if you make your application during normal business timings and you allow us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements, we will be able to offer a decision within 1 business day.
For Larger Business Loans ($100K to $500K) we could be capable of offer you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Some deals have been approved within just 24 hours.
The fastest way would be to ensure you apply during standard business hours and allow us to use our modern bank verification to instantly check your bank’s information online. If you opt to send us duplicates of your banking statements it takes a bit longer.
How much can I borrow?
We offer loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of variables in order to assess the health of your company as well as the amount of repayments that your company is able to afford. The amount you receive from your loan will depend on the particular circumstances of your business.
When you make an application for a particular amount, we will consider a number of variables to determine how much we can lend you such as well-being of your business and the amount of repayments that your business can afford. The amount you receive from your loan will be contingent on the specifics the business.
Fees & repayments
What is the cost for the cost of a company loan?
When you request one of our company credit, we’ll assess the risk assessment the company and provide you with a customised offer including loan amount, term and interest rates. This business loan is an upfront-priced loan so you will know the exact amount you will have to pay, including charges, interest rates or fees.
What determines the amount I’m charged?
The interest rates on business loans rates depend on several factors like the amount of money borrowed, the company assets the funds will be used for in addition to the industry that the company operates in, how long the business has been operating for, what percentage of the business has sufficient cash flow to pay for the loan, as well as the general well-being or financial standing of the business.
What are the fees?
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you’ll need to pay, and when, from day one. There’s not any compounding interest and there are no additional charges (as long as you make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
Can I repay the loan in advance?
You can decide to repay all of your loan early at any time.
If you choose to do this please call our helpful company lending experts. They will offer you with repayment details and an early payout figure. The figure will be calculated as the total of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5% of the principal balance as well as any outstanding fees.
How do repayments work?
In order to help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments that are either daily or weekly. These are automatically deducted from your nominated company account.
Security & privacy
Will my data be secure?
The security of your personal information, as well as being clear about how we collect data, process, exchange and ensure the security of your information is crucial and is an essential 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 certified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system that allows you to instantly verify the bank account details online to provide quick responses.
About business loans
What is asset-based borrowing (a secured loan)?
The term "asset-based" refers to borrowing where an business owner borrows from an asset that they own to get the loan. The asset can be either a personal asset like the family home or an company asset such as a vehicle or piece or equipment.
The vast majority of banks, including the largest banks, are inclined to guarantee loans against an asset. If you’re struggling to pay back the loan, then the asset might be transferred to the lender. In essence it’s the process of securing additional financing using the worth of the asset you already have.
What do I require security to secure a business loan?
Up to $150K in loans no asset security is required prior to the loan’s access However, we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans that exceed $150K, generally, you are able to get a personal ensure and security in the form of charges on assets.