FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Burleigh Waters Small Business Loans
Let me know about the Burleigh Waters Small Business Loans
Burleigh Waters unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
How is this Unsecured Loan different from the traditional company loan?
It is possible to apply to this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and funds may be available in just 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. We offer a company loan is a loan that is priced upfront which means you be aware of the total amount to be paid, including any fees, interest or charges. Then, it is broken down into a daily or weekly amount to be paid back.
What can the Small Business Loan be used for?
The Small Business Loan can be used for nearly every business purpose including managing cash flows, business remodels and marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal use.
About larger Burleigh Waters Business Loans
What is the Larger Burleigh Waters Business Loan?
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the loan amount.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the business needs to have been operating for at least three years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
What can I use the funding for?
A Larger Business Loan can be used for nearly any company need, including company improvements, purchasing new equipment or inventory or as general working capital, and much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that is secured?
Asset security is needed for funding of more than $150,000. It’s as a result of an charge against assets, and could be registered in the PPSR or the registration of a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature rather than specifying the security for a particular asset. The person who signs the guarantee is personally liable in the event that the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date a registration of a security interest.
A caveat is a legal form of document to offer the legal claim to property.
What exactly is a preapproval without Credit Check?
When you’re applying for larger business loans that exceeds $250,000, we may offer an initial pre-approval to simplify the process. It is possible to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves answering a couple of financial well-being checks. It is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you may receive may be on different conditions.
Application process
Do I have the right to receive funds?
You may be eligible for an company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is simple and easy. Complete the online form within a few minutes and a dedicated company expert in lending will call you to assist you.
To apply for up $100,000 you’ll require ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statements and the last two years’ finalised financial statements, in addition to interim financials for the current financial year as well as Aged Payables and Receivables Summary.
How soon will I hear a decision?
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour if you submit your request at standard business time and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements , we will be able to offer an answer within one business day.
For Larger Business Loans ($100K up to $500,000) we might be likely to provide you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Some offers have been approved in just 24 hours.
The most efficient method would be to ensure you apply during normal business hours. Also, allow us to use our advanced bank verification system link to instantly verify your bank account information online. If you opt to upload documents from your account accounts, it will take a little longer.
How fast will I get the money?
For the Small Business Loan ($5K to $100K) we can often provide an answer within one hour if you apply at normal business times 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’ll be able to offer an answer within one business day.
For Larger Business Loans ($100K up to $500,000) we could be able to offer you with a conditional pre-approval in about six hours. Once you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain offers have been approved in 24 hours.
The fastest method can be make sure you apply during standard business hours, and allow us to use the modern bank verification link to confirm your bank details online. If you choose to upload copies of your bank statement, it takes a bit longer.
What is the maximum amount I can borrow?
We offer loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we take into consideration a range of aspects that determine how much we can lend you well-being for your business and the amount of the repayments your business can support. The total amount of your loan will be contingent on the particular circumstances that are unique to your business.
When you submit an application for a particular amount, we take into consideration a variety of factors to assess how much we can lend you such as health for your business as well as the amount of payments your business can afford. The amount you receive from the loan will be determined by the particular circumstances the company.
Fees & repayments
How much should you charge for an company loan?
If you decide to make an application for the business loan, we’ll assess the risk profile of your business and offer an individualised offer, including the amount of loan, the term and interest rates. This company loan is an upfront priced loan therefore you will be aware in advance of the total amount you will have to pay, including costs, fees, or interest rates.
What is the basis for the rate I am charged?
Interest rates for business loans rates vary due to variables like the amount to be borrowed, the company assets the money are used to purchase and the sector the company is in, how long the company is in operation as well as how long the business has enough cash flow to cover the loan, and general well-being as well as creditworthiness company.
What are the cost?
There are no hidden costs with our business loans, and you’ll know exactly how much it is that you be required to pay, and at what time, 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 can request a credit loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
Can I pay off the loan earlier?
You may choose to pay back the entire amount of your loan at any point in time.
If you are deciding to do this please contact our helpful business credit experts. They will offer you with the details of your repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining and any accrued interest at the time of the early payout plus 1.5% of the principal amount remaining as well as any outstanding fees.
How do repayments work?
To ensure you do not miss due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your nominated business account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as being clear about the ways we gather data, process, exchange and secure your information, is vital and a vital 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 secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We make use of an advanced bank verification system to instantly verify the bank account details online. This allows us to provide quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when an company owner utilises the assets they have to make 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 the lenders not just the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan, then your asset may be taken over by the lender. In essence it is means of securing new funding making use of the value of what you already have.
Should I need security for an business loan?
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money however, we require a personal guarantee. require a personal guarantee. As long as you follow the loan terms (as detailed in your loan contract document) the security of assets is not required. If you take out loans in excess of $150,000 typically, you will need an individual ensure and security that is in the form the charge of assets.