FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Brisbane Small Business Loans
Let me know more about Brisbane Small Business Loans
Brisbane unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
How is how is the Unsecured Loan different from a traditional company loan?
Apply to get the Small Business Loan in under 10 minutes by phone. You will receive an instant response and the money could be in your account in 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. Our company loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then broken down into either a daily or weekly installment amount.
What could you use the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every company need, such as managing cash flows, company remodels and marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan cannot be used for personal purposes.
About larger Brisbane Business Loans
What is the Larger Brisbane Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
How is the Origination Fee determined?
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan of this size, your company needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
What can I use the funding for?
A Business Loan of a larger size can be used to fund almost any company purpose including business renovations, to purchase equipment or inventory for general working capital and so much more. The loan cannot be used 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 against assets, and may be registered in the PPSR or the registration of as a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally based rather than specifying the security for a particular asset. The person signing 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 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 grants priority over personal property to be granted in accordance with the date on which a security interest has been registered.
Caveats are legal document filed to offer the public notice of a legal claim against a property.
What is a pre-approval without Credit Check?
If you’re requesting larger company loans of $250K or more we can offer an initial pre-approval to simplify the process. We might be able to do this without credit checks and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health checks. This is not an offer of credit or guarantee of finance. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may be based on different conditions.
Application process
Can I be eligible for funding?
You may apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for a unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The process for applying is fast and easy. Simply complete the online form in few minutes and a dedicated company expert in lending will be in touch to help you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables reports.
How soon will I hear a decision?
For an unsecured loan ($5K up to $100,000) we can often offer an answer within an hour – as long as you make your application during quality business hours and let us utilise the bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements , we are able to offer a decision in just one company day.
If you are applying for a Larger Business Loan ($100K or more) we may be able to provide you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some transactions have received approval within the space of 24 hours.
The most efficient method can be make sure you apply during normal company hours, and allow us to use our modern bank verification to instantly check your bank’s information online. If you choose to send us copies of your bank accounts, it will take a little longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K and up) we typically offer a response in one hour – provided you make your application at standard business time and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we will be able to provide a decision in as little as the span of one business day.
For the Larger Business Loans ($100K or more) we might be capable of offer you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Some offers have been approved in less than 24 hours.
The most effective method can be make sure you apply during standard business hours. You can also allow us to use our advanced bank verification system link to instantly verify your bank account information online. If you send us documents from your account statements it takes a bit longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 and $500,000. When you make an application for a certain amount we consider a variety of elements for determining the health that is your company and the extent of the repayments your business can afford. The amount you receive from your loan will depend on the particular circumstances that are unique to your company.
When you apply for a particular amount, we will consider a number of variables to determine your well-being of the business and the extent of payments your company will be able to support. The amount you receive from your loan will be determined by the particulars that are unique to your company.
Fees & repayments
How much do you charge for the cost of a company loan?
If you decide to request business loans with us company credit, we will assess the risk profile for your business and offer you with a customised offer including the loan amount, the terms and interest rates. This business loan is a loan that is priced upfront therefore you will know in advance the total amount to be paid, including any costs, fees, or interest rates.
What is the factor that determines the price I’m charged?
Business loan interest rates differ based on various factors including the amount of money borrowed, the business assets the money will be used for as well as the field the company operates in, the long the company has been running for, whether the company has enough cash flow to pay for the loan, as well as the overall well-being or creditworthiness of the company.
What are the fees?
There are no hidden costs with our business loans. You’ll know precisely how much you need to pay, and when, right from the day you sign up. There’s no compounding and no extra fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You are able to get a cash loan without any upfront costs or any obligation to sign up.
The Origination Fee is the cost associated with establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I pay off the loan early?
You may choose to pay back all of your loan early at any time.
If you choose to pursue this option, please speak to our friendly business loan specialists. We will offer you with the details of your repayment as well as an early payout amount. This is calculated as the total of the remaining principal amount and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal amount remaining plus any outstanding fees.
What is the process for repayments?
In order to help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
Security & privacy
Will my information be secure?
Protecting your information, and making it clear the ways we gather information, use it, and exchange it, as well as protect your information, is of huge importance and is an essential aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We employ a highly sophisticated banking verification system to immediately verify the bank account details online so we can provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing occurs when an business owner uses an asset they own to make the funds for a loan. The asset could be an individual asset, such as the family home or an business asset such as a vehicle or piece or equipment.
The majority of the lenders not just the largest banks, are inclined to make loans secured by assets. If you have trouble paying back the loan then your assets could be sold by the lender. In essence, it’s the process of securing new funding taking advantage of the value of what you already own.
What do I need security for a company loan?
For loans up to $150,000 the requirement for asset security is not required in advance to gain access to the funds, however we require a personal guarantee. require an individual guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract) Asset security is not required. If you take out loans in excess of $150,000 generally, there is an individual ensure and security in the form charges on assets.
