FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Gold Coast Small Business Loans
Tell me more about Gold Coast Small Business Loans
Gold Coast unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What makes this Unsecured Loan different from the traditional company loan?
It is imaginable to apply for this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the funds could be in your account within 24 hours. Traditional business loans have an annual rate of interest together with additional fees and charges. We offer a business loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount to be paid, including any fees, charges or charges. This is then broken down into a daily or weekly repayment figure.
What could be the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any company use, including the management of cash flow, business improvements, advertising, to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
About Larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
How is the Origination Fee calculated?
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan in this amount the company needs to be in operation for at least 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
How can the funding be utilised?
A Business Loan of a larger size can be used to fund almost all company reason, such as business remodeling, buying inventory or new equipment for general working capital, and much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan one that requires security?
Asset security is necessary to obtain funding above $150,000. This can be done by way of charge on assets and can include registering this in the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is general in nature, rather than defining security over an asset. The person signing the guarantee is personally liable if the business creditor is unable to re-pay 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 registered in respect of personal property (including objects or assets). The PPSR gives prioritisation over property that is personal to be assigned depending on the date that a registration of a security interest.
Caveats are legal document filed to offer the legal claim on a property.
What is a pre-approval without Credit Check?
If you’re applying for larger company loans that is greater than $250,000 it’s possible to offer an initial pre-approval that will help smooth out the process. It is possible to apply for this without a credit verification and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. It’s neither an offer nor a guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer you receive could be subject to different conditions.
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 at least 18 years old, own a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months worth of trade (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The process for applying is fast and simple. Simply complete the online form within a couple minutes, and a dedicated company loan specialist will call you to help you.
To apply for up $100,000, you’ll need ID details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables reports.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) we typically provide an answer in just one hour – as long as you submit your request at quality company hours and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statements , we’ll be able to provide the decision in as little as an business day.
For Larger Business Loans ($100K to $500K) we might be likely to offer you with conditional pre-approval in about six hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Certain deals have been approved in the space of 24 hours.
The fastest way can be ensure you apply during normal business hours. Also, allow us to use our modern bank verification to instantly verify your bank account information online. If you send us copies of your bank accounts, it can take a bit longer.
How soon will I receive the cash?
For the Small Business Loan ($5K and up) We can usually offer a response in one hour, provided you apply in normal business hours and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your banking statements we can provide a decision within an business day.
For Larger Business Loans ($100K or more) we might be able to offer you with a conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some transactions have received approval in 24 hours.
The quickest method can be make sure you apply during normal business hours and let us use the advanced bank verification system to instantly confirm your bank details online. If you opt to send us duplicates of your banking statements, it takes a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 and $500,000. If you apply for a specific amount we will consider a number of variables to determine how much we can lend you health for your company and the extent of payments your company will be able to support. The total amount of the loan will be determined by the specifics for your business.
If you apply for a set amount, we consider a variety of variables to assess how much we can lend you such as health for your business as well as the amount of repayments your company can afford. The total amount of your loan will depend on the specifics the business.
Fees & repayments
How much should you charge for an business loan?
When you request one of our company loans, we will assess the risk assessment for your company and provide an individualised offer, including the loan amount, the terms and interest rates. The business loan is an upfront cost loan therefore you will know the exact amount you will have to pay, including costs, fees, or interest rates.
What is the basis for the rate I will be charged?
Interest rates for business loans rates depend on several factors like the amount of money that is borrowed, what company assets the funds will be used for and the sector the company is operating in, how long the company has been in operation as well as in the event that the business has sufficient cash flow to cover the loan, and the general health or creditworthiness of the company.
What are the cost?
There aren’t any hidden costs for our business loans. You’ll know precisely what it is that you need to pay, and when, starting from the first day. There’s no compounding and no additional fees (as as you make your payments punctually).
We don’t charge an application fee. You can apply for a loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of 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 choose to do this please contact our helpful company loan specialists. They’ll provide you with repayment details as well as an early payout amount. It will be calculated using the sum of the remaining principal amount and any accrued interest at the date of early payout plus 1.5% of the principal balance plus any outstanding fees.
How do you make repayments work?
In order to help you avoid missing payment dates and to align your cash flow schedule, we offer repayments either daily or weekly. They will be automatically deducted from your nominated company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as making it clear how we collect, use, exchange and ensure the security of your information is of huge importance and is a crucial part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We use an advanced banking verification system to immediately confirm your bank account information online, allowing us to offer a fast response.
About business loans
What is asset-based borrowing (a secured loan)?
The term "asset-based" refers to borrowing where a business owner makes use of assets they own to secure the loan. The asset can be either a personal asset like the family home, or a business asset such as a truck as well as a piece of machine.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you’re having trouble paying back the loan then the asset could be transferred to the lender. In essence it’s a way of securing new financing taking advantage of the value of what you already have.
What do I need security to get an company loan?
Up to $150,000 in loans there is no requirement for asset security in advance to gain access to the funds but we do need a personal guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150K typically, you will need personal guarantee and security in the form charges on assets.