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Gold Coast Small Business Loans
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Business Finance Merrimac Gold Coast 4226 QLD

Simple eligibility checklist

Small Business Loan Eligibility Criteria

The requirements for obtaining an unsecured business loan in Gold Coast of between $5K to $100K are quite minimal.

  • Minimum of 6 months in business
  • At least $6,000 revenue per month
  • Be a New Zealand based company with a New Zealand Business Number (NZBN)
  • Drivers Licence or Passport for proof of identity
  • Use an account with a New Zealand bank as your principal account for trading
  • Bank statements from the previous 6 months

Do you require more money? Check out the guidelines for eligibility for our $100K to $500K company credit.

Quick application checklist

What do you need to apply

All that’s required for starting is your contact information (the name of your company and your name, as well as email or phone number) along with the amount you’d like to borrow, as well as your monthly income.

During the process and before settlement we’ll require confirmation of who you are but not for starting:

  • Idenfication details (valid Driver’s Licence)
  • Details of the company including time of trading, ownership details and the NZBN (New Zealand Business Number)

Once we’ve started with loans greater than $150,000 you’ll also require basic financial statements:

  • Profit & Loss statement
  • Aged payables
  • Aged receivables

Let’s get started.

 

FAQ: business lending & business loans for business owners

Business Loans Frequently Ask Questions

Information 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 between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.

What is the Unsecured Loan different from an ordinary business loan?

You can apply to get the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and funds may be on your account within 24 hours. Traditional company loans are based on an interest rate per annum together with additional fees and charges. The company loan is a loan that is priced upfront which means you be aware of the amount you will have to pay, including the interest, fees and charges. This is then broken down into either a daily or weekly repayment figure.

What can be the Small Business Loan be used for?

It is a Small Business Loan can be used for virtually any business purpose including the management of cash flow, business remodels and marketing, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.

About the Larger Gold Coast Business Loans

What is the Larger Gold Coast Business Loan?

The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term that can last up to 36 months. The repayments are made weekly or fortnightly to work with your situation.

How is the Origination Fee calculated?

The Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.

Am I eligible for the Larger Business Loan?

In order to be eligible for a loan of this size the company needs to have been trading for at least 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (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 for nearly any business use, including business renovations, to purchase new equipment or inventory for general working capital and much more. The loan is not available for personal use.

Is the Larger Business Loan a secured loan?

Asset security is required to access funding over $150,000. This can be done in the form of a charge against assets, and may be registered in the PPSR or registering as a caveat.

A director’s or personal guarantee is a commitment to pay off a credit line that is generally based rather than specifying security over an asset. The person signing the ensure is personally responsible if the company lender is not able to repay the debt.

The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR grants priority over personal property to be assigned depending on the date that a registration of a security interest.

An affidavit is an official form of document to offer the legal claim on a property.

What exactly is a preapproval without Credit Check?

If you’re applying for a Larger Business Loan that exceeds $250,000, we may offer an initial pre-approval that will help smooth out the process. We might be able to do this without a credit check, and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes answering a couple of financial well-being checks. It is neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could be on different terms.

The application process

Are I eligible for funding?

You are eligible to apply for an company loan if you;

  • are a New Zealand Citizen (or Permanent Resident)
  • are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
  • can demonstrate at least 6 months worth of trade (for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)

How do I apply?

The application process is quick and simple. Just complete the online application within a few minutes and a dedicated business loan specialist will call you to guide you through the process.

To apply for up $100,000 you’ll need ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months’ worth of bank statements.

If you’re looking for loans with larger sizes, you’ll also need:

$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank statements, IRD statements, last 2 years finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables reports.

How quickly will I receive a decision?

For an unsecured loan ($5K up to $100,000) we usually offer an answer within one hour if you apply at standard business hours and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements we can offer the decision in just 1 company day.

For Larger Business Loans ($100K up to $500,000) we could be capable of provide you with pre-approval conditional to your application in about 6 hours. After you’ve signed your 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. Certain offers have been approved in the space of 24 hours.

The quickest method can be make sure you apply during normal business hours, and allow us to use our modern bank verification link to instantly check your bank’s information online. If you decide to send us the copies of bank statements it will take a little longer.

How fast will I get the funds?

For the Small Business Loan ($5K to $100K) we can often provide an answer in just one hour – provided you submit your request within normal business timings and permit us to make use of the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements, we are able to offer an answer in just an business day.

If you are applying for Larger Business Loans ($100K to $500K) we could be in a position to offer the conditional pre-approval within 6 hours. Once you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Certain deals have been approved in just 24 hours.

The most effective method can be ensure you apply during normal business hours and allow us to use the sophisticated bank verification to verify your bank information online. If you decide to send us the copies of bank statements, it takes a bit longer.

What is the maximum amount I can borrow?

We provide loans ranging from $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of aspects for determining what is the well-being of your business and the extent of payments your company will be able to support. The total amount of your loan will be contingent on the specifics that are unique to your business.

When you submit an application for a particular amount, we take into consideration a variety of aspects to assess how much we can lend you such as well-being for your business and the amount of repayments that your company can support. The amount you receive from the loan will be determined by the specific circumstances that are unique to your company.

Fees & repayments

How do you charge for an company loan?

If you decide to apply for our business credit, we’ll assess the risk profile that you have for your company and provide an individualised proposal that includes the amount of loan, the term and interest rates. It is a business loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any charges or interest.

What is the basis for the rate I pay?

Interest rates for company loans rates vary due to factors like the amount of money borrowed, the business assets the money will be used for, the industry the company operates in, how long the business has been in operation and whether the company has enough cash flow to fund the loan, and the overall health or financial standing of the company.

What are the costs?

There aren’t any hidden costs for our business loans, and you’ll know precisely what it is that you need to pay, and when, starting from day one. There’s no compounding and no extra fees (as long as you make your payments on time).

We don’t charge an Application Fee. You can make an application for loans with with no upfront cost or commitment to apply.

The Origination Fee is the cost associated with the setting up and management of 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 repay the loan in advance?

You can decide to repay all of your loan at any point in time.

If you decide to take this route, please call our helpful company loans specialists. The specialists will provide you with the details of your repayment as well as an early payout amount. This will be calculated as the sum of the principal balance and accrued interest to the date of early payout, plus 1.5 percent of the principal balance as well as any outstanding fees.

How do repayments work?

To help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either weekly or daily. These are automatically deducted from the nominated company account.

Security & privacy

Will my data be secure?

Security of your data, and knowing the ways we gather the information we collect, use, share and secure your information, is of paramount importance 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 standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to instantly verify your bank account details online to provide rapid response.

About business loans

What exactly is an asset-based loan (a secured loan)?

Asset-based borrowing occurs when the business owner borrows from an asset they own to make the funding. The asset can be a personal asset like the family home or it could be a company asset such as a truck or piece of equipment.

The vast majority of banks, not just the banks with the biggest size, prefer to make loans secured by assets. If you’re having trouble paying back the loan then the asset could be sold by the lender. In essence, it is means of securing new financing by making use of the value of what you already own.

Do I need security for a company loan?

For loans that exceed $150,000, it is not necessary to secure assets prior to the loan’s access however, we do need an individual guarantee. So long as you comply with the loan terms (as specified in the loan contract) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150,000 generally, you can get personal guarantee and security in the form the charge of assets.

Gold Coast Small Business Loans Services

Unsecured Business Loans

Unsecured Business Loans

Eligibility Requirements

Eligibility Requirements

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Contact Us

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1300 059 672