FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Camillo Small Business Loans
Tell me about the Camillo Small Business Loans
Camillo unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from an traditional company loan?
Apply to your Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and funds may be in your account within 24 hours. Traditional business loans reference an interest rate per annum as well as other fees and charges. We offer a business loan is an upfront priced loan and you’ll be aware in advance of the amount you will have to pay, including any interest, fees or 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 nearly any company reason, such as cash flow management, business improvements, advertising to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal reasons.
About the Larger Camillo Business Loans
What is the Larger Camillo Business Loan?
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
How’s the Origination Fee calculated?
A Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a credit of this size the business needs to have been in operation for at least 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
What can the funds be used for?
A large business loan can be used for nearly any business use, including business remodeling, buying equipment or inventory, as general working capital, and much more. The loan is not available for personal use.
Is the Larger Business Loan one that is secured?
Asset security is necessary to access funding over $150,000. This is by way of charge over assets, and could include registering this through the PPSR or registering as a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is general in nature rather than specifying security over a particular asset. The person who signs the ensure is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR gives the priority of personal property granted according to the date a security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim to property.
What is a pre-approval without Credit Check?
When you’re applying for a Larger Business Loan of $250,000 or more it’s possible to offer an initial pre-approval in order to smooth out the process. We might be able to do this without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial assessment that includes answering a couple of financial well-being checks. It’s not an offer of credit or guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you might receive could have different terms.
The application process
Do I have the right to receive funds?
You may apply for an business 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)
- you must prove at least 6 months of business (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is fast and easy. Simply complete the online form in just a few minutes, and an experienced company loan specialist will call you to guide you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details for application including credit consent twelve months bank statement, an IRD statement, last 2 years finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) We can usually provide an answer within one hour – as long as you make your application in quality company hours and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statements , we’ll be able to offer the decision within 1 company day.
For Larger Business Loans ($100K up to $500,000) we might be likely to provide you with pre-approval conditional to your application within about 6 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 deals have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. You can also allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you decide to upload copies of your bank accounts, it may take a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K and up) we can often provide a response in one hour – provided you submit your request at standard business hours and you allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can offer an answer within 1 business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to offer you with a conditional pre-approval in around six hours. Once you have signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The most effective method is to make sure you apply during standard business hours and allow us to use the modern bank verification link to instantly confirm your bank details online. If you choose to send us the copies of bank accounts, 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 submit an application for a certain amount, we take into consideration a range of variables that determine your well-being for your company and the extent of the repayments your company can support. The total amount of your loan will depend on the specifics of your company.
When you apply for a specific amount we consider a variety of variables to assess how much we can lend you such as health for your company as well as the amount of repayments that your company will be able to support. The total amount of your loan will be determined by the particulars the business.
Fees & repayments
How much should you charge for an company loan?
If you decide to make an application for business loans with us business loans, we’ll assess the risk profile of your company and provide you with a customised offer including the amount of the loan, the duration and interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount to be paid, including any charges or interest.
What determines the amount I am charged?
Interest rates for business loans rates differ based on various variables like the amount to be that is borrowed, what company assets the money are used to purchase in addition to the industry that the company operates in, how long the business has been in operation as well as how long the company has enough cash flow to fund the loan, and general well-being or creditworthiness of the company.
What are the costs?
There aren’t any hidden costs with our business loans. You’ll know precisely what you’ll need to pay, and at what time, from the very first day. There’s not any compounding interest and no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You can apply for a loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
Can I repay the loan earlier?
You can choose to repay the entire amount of your loan in full at any time.
If you decide to do this please call our helpful business credit professionals. They’ll provide you with repayment details and an early payout figure. It will be calculated using the sum of the principal amount remaining and the accrued interest up to the time of early payment in addition to 1.5 percent of the principal balance as well as any outstanding fees.
What is the process for repayments?
To ensure that you don’t miss payment dates and to align your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from your nominated company account.
Security & privacy
Will my data be secure?
The security of your personal information, as well as being clear about how we collect data, process, exchange and protect your information, is vital and is a crucial element 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 certified for our commitment to customer security and security. We employ an exceptionally sophisticated banking verification system to immediately verify your bank account information online. This allows us to provide a fast response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when the business owner makes use of the assets they have to secure the funds for a loan. The asset can be an individual asset, such as the family home, or an company asset like a truck or other piece of machinery.
The vast majority of lenders, even the major banks, prefer to guarantee loans against assets. If you are having difficulty paying back the loan then your asset may be sold by the lender. In essence, it’s a way of securing new financing taking advantage of the value of what you already own.
What do I require security to secure a company loan?
For loans of up to $150K, it is not necessary to secure assets in advance to gain access to the funds but we do need an individual guarantee. As long as you follow the loan terms (as stipulated in your loan contract) the security of assets is not required. For loans over $150K generally, there is personal guarantee and security is provided in the form of charges on assets.