FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Helensvale Small Business Loans
Let me know what you think of the Helensvale Small Business Loans
Helensvale unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
What makes how is the Unsecured Loan different from an ordinary business loan?
The application for this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive a same day response and funds may be on your account within 24 hours. Traditional business loans refer to an interest rate per annum as well as other fees and charges. We offer a business loan is a pre-paid loan and you’ll be aware of the total amount due, which includes the interest, fees and charges. Then, it is divided into weekly or daily payment amount.
What can the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every business need, such as managing cash flows, business renovations, marketing to purchase inventory, new equipment, or as general working capital and much more. The loan is not available for personal reasons.
About larger Helensvale Business Loans
What is the Larger Helensvale Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
How’s the Origination Fee calculated?
It is important to note that the Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
In order to be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
How can the funding be used for?
A larger company loan can be used for almost any company need, including company remodeling, buying new equipment or inventory for general working capital and so much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is required for funding of more than $150,000. It is usually as a result of an charge on assets and can include registration through the PPSR or the registration of as a caveat.
A director’s or personal ensure is a commitment to repay a loan which is generally in nature rather than stipulating security over a particular asset. The person who signs the guarantee is personally liable if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR allows the priority of personal property assigned depending on the date that a registration of a security interest.
A caveat is a legal document that is filed to provide notice of a legal claim to property.
What is a pre-approval without Credit Check?
If you’re requesting a Larger Business Loan that exceeds $250K we can offer an initial pre-approval in order to make the process. It is possible to make this decision without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial health checks. It is not an offer of credit or guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you are offered could have different conditions.
The application process
Do I have the right to receive funds?
You may apply for a business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months’ worth of transactions (for a unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and easy. Just fill out the online application in few minutes and an experienced business loan specialist will be in touch to assist you.
For a loan of up to $100,000 you’ll require proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent and 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
What speed will I be able to get a decision?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour, provided you apply at quality business hours and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements , we are able to offer the decision within just one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be capable of offer the 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, this can be quicker based upon the circumstances for each application. Certain offers have been approved within just 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours. Also, permit us to use the advance bank verification link to instantly check your bank’s information online. If you send us the copies of bank statements it will take a little longer.
How fast will I get the cash?
For the Small Business Loan ($5K to $100K) we typically offer a response in one hour if you submit your request within normal business times and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statements, we will be able to provide a decision within one business day.
For the Larger Business Loans ($100K or more) we may be able to provide the conditional pre-approval within 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain transactions have received approval within just 24 hours.
The fastest method can be ensure you apply during normal business hours. You can also allow us to use the sophisticated bank verification to instantly check your bank’s information online. If you send us duplicates of your banking statements it will take a little longer.
What is the maximum amount I can borrow?
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of factors that determine your health that is your company and the extent of payments your business can support. The amount you receive from the loan will be determined by the particular circumstances the business.
When you submit an application for a certain amount, we take into consideration a variety of elements to determine how much we can lend you such as well-being of the company as well as the amount of the repayments your business can afford. The amount you receive from the loan will be determined by the particulars that are unique to your company.
Fees & repayments
How much do you charge for an business loan?
If you decide to request business loans with us business credit, we’ll assess the risk profile the company and offer an individualised offer including loan amount, term and interest rates. A business loan is an upfront-priced loan which means you know in advance the total amount payable including any charges or interest.
What is the basis for the rate I’m charged?
The interest rates on company loans rates depend on several factors including the amount of money borrowed, the company assets the money are used to purchase and the sector the company operates in, the long the business has been in operation and in the event that the company has enough cash flow to cover the loan, as well as the general well-being or creditworthiness of the business.
What are the cost?
There aren’t any hidden charges with our business loans. You’ll know exactly how much you be required to pay and when, from day one. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an application fee. You are able to make an application for loans with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Do I have the option of paying off the loan in advance?
You can decide to repay the entire amount of the loan in full at any time.
If you choose to take this route, please talk to one of our helpful company loan professionals. We will provide you with repayment details and an early payment figure. This will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payment plus 1.5 percent of the principal remaining and any outstanding fees.
How do repayments work?
To make sure you do not miss repayments and to fit in your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your nominated business account.
Security & privacy
Will my information be protected?
Making sure that your information is secure, and being clear about the ways we gather information, use it, and exchange it, as well as safeguard your data, is vital and is a crucial part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to customer security and security. We use an advanced bank verification system to instantly confirm your bank account information online, allowing us to provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when a business owner utilises the assets they have to make a loan. The asset may be an individual asset, such as the family home or an business property like a truck or other piece of machinery.
The majority of lending institutions, not just the big banks, tend to make loans secured by an asset. If you have trouble paying back the loan, your assets could be taken over by the lender. In essence, it’s means of securing new funding using the value of what you already have.
Are I require security for an business loan?
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money, however we do need the personal guarantee. So long as you comply with the terms of your loan (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150K generally, there is a personal guarantee and security in the form of the charge of assets.