FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Robina Small Business Loans
Tell me how you are able to avail the Robina Small Business Loans
Robina unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
How is this Unsecured Loan different from a traditional business loan?
It is imaginable to apply to this Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and funds may be on your account within 24 hours. Traditional business loans refer to an annual rate of interest along with other charges and fees. Our business loan is an upfront priced loan and you’ll know in advance the total amount due, which includes any interest, fees or charges. Then, it is broken down into weekly or daily installment amount.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every business use, including cash flow management, company renovations, marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
About the Larger Robina Business Loans
What is the Larger Robina Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan of this size the company needs to be operating for at least three years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
How can the funds be utilised?
A larger business loan can be used for nearly any business need, including business remodeling, buying new equipment or inventory, as general working capital and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is required to obtain funding above $150,000. This can be done as a result of an charge on assets, and could include registration through the PPSR or registering as a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally based rather than stating the security for a particular asset. The person who signs the guarantee is personally liable in the event that the business lender is not able to re-pay 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 which are registered with respect to personal property (including objects or assets). The PPSR permits preference over private property assigned depending on the date that a security interest has been registered.
A caveat is a legal document lodged to offer an official notice of a claim to a property.
What is a pre-approval minus Credit Check?
When you’re applying for the Larger Business Loan of more than $250K, we may offer an initial pre-approval to simplify the process. We may be able to apply for this without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial health checks. It is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you receive could be on different terms.
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 the age of 18 and own a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and easy. Simply complete the online form within a few minutes and a dedicated business lending specialist will contact you to help you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence), a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent and 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables Summary.
How quickly will I receive a decision?
For an unsecured loan ($5K to $100K) We can usually provide an answer in just one hour, provided you make your application in standard company hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements , we’ll be able to offer an answer in as little as an business day.
For the Larger Business Loan ($100K and up) we may be in a position to provide you with pre-approval conditional to your application within six hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain transactions have received approval within 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours and allow us to use our advanced bank verification system to verify your bank information online. If you decide to upload the copies of bank statements , it takes a bit longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K or more) we can often provide an answer within an hour, provided you submit your request at standard business hours and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statement, we’ll offer a decision within one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. Also, allow us to use the modern bank verification link to instantly verify your bank account information online. If you opt to upload the copies of bank statements, it can take a bit longer.
How much can I borrow?
We offer loans ranging from $5,000 and $500,000. When you submit an application for a particular amount, we consider a variety of variables for determining your well-being that is your company and the extent of repayments your company can afford. The amount you receive from your loan will depend on the particular circumstances the company.
When you submit an application for a specific amount we will consider a number of variables to determine your well-being for your company and the extent of repayments your company is able to afford. The amount you receive from your loan will depend on the particular circumstances for your company.
Fees & repayments
How do you charge for an business loan?
If you decide to apply for business loans with us company loans, we will assess the risk assessment the company and provide you with a tailored offer that includes the amount of the loan, the duration and the interest rates. This business loan is an upfront priced loan and you’ll be aware of the total amount you will have to pay, including charges, interest rates or fees.
What is the basis for the rate I am charged?
The interest rates on business loans rates depend on several factors such as the amount that is borrowed, what company assets the money will be used for and the sector the company operates in, how long the company has been running, whether the company has sufficient cash flow to cover the loan, and general health as well as creditworthiness business.
What are the costs?
There aren’t any hidden charges with our company loans. You’ll know precisely what you need to pay, and when, right from the day you sign up. There’s not any compounding interest and no extra fees (as long as you make your payments punctually).
We don’t charge an application fee. You can apply for a loan with no cost upfront or the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
Do I have the option of paying off the loan earlier?
You can repay all of your loan early at any time.
If you are deciding to pursue this option, please speak to our friendly business loans experts. We will provide you with details on repayment and an early payment figure. This will be calculated as the total of the principal remaining and any accrued interest at the time of early payment, plus 1.5 percent of the remaining principal as well as any outstanding fees.
What is the process for repayments?
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from your designated business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as knowing how we collect information, use it, and exchange it, as well as secure your information, is of paramount importance and is an essential part of our relationship with 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 security for our clients and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online. This allows us to provide an immediate response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when a company owner uses an asset they own to obtain the funding. The asset may be an asset belonging to the personal, like the family home, or it could be a company property like a truck as well as a piece of machine.
The vast majority of lending institutions, not just the largest banks, are inclined to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be offered for sale by the lender. In essence it’s the process of securing new financing by using the worth of the asset you already own.
What do I need security to get an company loan?
For loans that exceed $150K, it is not necessary to secure assets before you are able to access the money however, we require a personal guarantee. require the personal guarantee. If you adhere to your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 generally, you can get an individual guarantee and security is provided in the form of the charge of assets.