FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Gold Coast Small Business Loans
Tell me what you think of the Gold Coast Small Business Loans
Gold Coast unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
How is the Unsecured Loan different from an traditional business loan?
Apply to get the Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and funds may be in your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. We offer a business loan is an upfront priced loan therefore you’ll know ahead of time the total amount to be paid, including any fees, charges or charges. Then, it is divided into a daily or weekly payment amount.
What can the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually any company reason, such as cash flow management, business remodeling, marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan is not available for personal purposes.
Concerning 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 business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
How is the Origination Fee determined?
A Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
Can I get the Larger Business Loan?
To qualify for a loan of this size, your company needs to be trading for at least 3 years and generate an annual revenue of at least $700,000. You must be 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 continuous trading.
What can the funds be used for?
A larger company loan is a great option for almost any business reason, such as business renovations, to purchase equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is necessary to obtain funding above $150,000. It’s in the form of a charge over assets, and may include registering this on the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is general in nature rather than defining the security of a specific asset. The person who signs the ensure is personally liable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR gives the priority of personal property granted according to the date the registration of a security interest.
An affidavit is an official document that is filed to provide the legal claim to property.
What is a pre-approval minus Credit Check?
If you’re requesting an enterprise loan of $250,000 or more it’s possible to offer a preliminary pre-approval to help smooth out the process. We could be able to apply for this without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial well-being questions. This is in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an assessment of your creditworthiness and any offer you are offered could be based on different conditions.
Application process
Do I qualify for funds?
You are eligible to apply for an 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)
- you must demonstrate at minimum 6 months of business (for 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 quick and easy. Just fill out the online application within a couple minutes, and a dedicated business loan specialist will contact you to guide you through the process.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank statements, IRD statement, last 2 years finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables reports.
How fast will I get an answer?
For an unsecured loan ($5K and up) we can often provide an answer within an hour, provided you submit your request during standard business times and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements , we will be able to provide the decision within the span of one company day.
For Larger Business Loans ($100K or more) we may be able to provide you with a conditional pre-approval in around six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this can be quicker based upon the circumstances for each application. Certain deals have been approved in just 24 hours.
The quickest way to apply can be make sure you apply during normal company hours. You can also allow us to use our modern bank verification link to instantly check your bank’s information online. If you opt to send us documents from your account statement, it takes a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we usually offer a response in one hour – as long as you submit your request in standard business times and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statements, we are able to provide a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to provide the conditional pre-approval in about six hours. After you’ve signed the pre-approval form, it will take 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 just 24 hours.
The most efficient method for you to apply is make sure you apply during normal business hours, and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you opt to send us the copies of bank statements it will take a little longer.
What’s the minimum amount I can borrow?
We offer loans ranging from $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of elements that determine your health for your business and the amount of payments your business can afford. The amount you receive from your loan will depend on the specific circumstances the business.
When you submit an application for a particular amount, we will consider a number of aspects to assess how much we can lend you such as health that is your company and the level of the repayments your business is able to afford. The amount you receive from your loan will be determined by the specific circumstances of your company.
Fees & repayments
How much do you charge for a company loan?
If you decide to apply for our business credit, we will assess the risk profile the company and offer an individualised proposal that includes the amount of the loan, the duration and interest rates. The business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount payable including any charges or interest.
What determines the amount I pay?
Interest rates for company loans rates depend on a variety of factors including the amount borrowed, the business assets the funds will be used for in addition to the industry that the business operates in, the long the company has been operating for, in the event that the business has enough cash flow to support the loan, and overall well-being or creditworthiness of the company.
What are the fees?
There aren’t any hidden costs for our company loans. You’ll be aware of the amount it is that you be required to pay and at what time, from the first day. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We don’t charge an application fee. You are able to apply for a loan with without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
Can I pay out the loan earlier?
You can repay the total amount of your loan early at any time.
If you choose to pursue this option, please talk to one of our helpful business lending specialists. We will offer you with details on repayment along with an early payout estimate. This is calculated as the total of the principal balance and any accrued interest at the time of early payment, plus 1.5 percent of the remaining principal plus any outstanding fees.
How do you make repayments work?
To make sure that you don’t miss repayments and to fit in with your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from the nominated business account.
Security & privacy
Will my data be protected?
Security of your data, and knowing how we collect information, use it, and exchange it, as well as safeguard your data, is vital and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We use an advanced banking verification system to instantly verify your bank account information online. This allows us to provide rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when the company owner makes use of an asset they own to make the funds for a loan. The asset can be either a personal asset like the family home or a business property like a truck or piece or equipment.
The vast majority of lenders, even the major banks, prefer to secure loans against an asset. If you’re struggling to pay back the loan then your assets could be offered for sale by the lender. In essence, it is means of securing new financing using the value of what you already have.
Do I require security to secure an business loan?
Up to $150K in loans there is no requirement for asset security before you can access the money However, we do require the personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract) Asset security will never be required. For loans that exceed $150,000, generally there is an individual guarantee and security in the form of an asset charge.