FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Camillo Small Business Loans
Tell me how you can avail the Camillo Small Business Loans
Camillo unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from a traditional business loan?
The application to the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the money could be in your account within 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. The company loan is an upfront priced loan therefore you’ll be aware of the total amount due, which includes any fees, interest or charges. Then, it is broken down into a daily or weekly installment amount.
What can the Small Business Loan be used for?
A Small Business Loan can be used for almost any business use, including cash flow management, business remodels and marketing for purchasing inventory or new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
Concerning Larger Camillo Business Loans
What is the Larger Camillo Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount the business needs to be trading for at least 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
How can the funding be used for?
A Business Loan of a larger size can be used for nearly all company use, including company remodeling, buying inventory or new equipment as well as for general working capital and so much more. The loan is not available for personal use.
Is the Larger Business Loan one that is secured?
Asset security is needed for accessing funds over $150,000. It’s by way of charge over assets, and may include registration in the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature, rather than specifying security over a particular asset. The person who is signing the ensure is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be granted according to the date the security interest was registered.
An affidavit is an official form of document to offer the public notice of a legal claim against a property.
What is a pre-approval that does not require Credit Check?
When you’re applying for an enterprise loan of $250,000 or more we may be able to provide a preliminary pre-approval to help smooth out the process. It is possible to do this without a credit check 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 well-being questions. It is neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you might receive could be based on different conditions.
The application process
Are I eligible for funding?
You may be eligible for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months’ worth of transactions (for for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is fast and simple. Just complete the online application within a few minutes and a dedicated business lending specialist will be in touch to assist you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables reports.
How soon will I hear a decision?
For an unsecured loan ($5K and up) we can often provide an answer within one hour if you apply during quality company times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to submit copies of your bank statement, we’ll offer the decision within one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be capable of provide you with conditional pre-approval in about 6 hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Certain transactions have received approval in less than 24 hours.
The fastest way can be make sure you apply during normal business hours. Also, allow us to use the modern bank verification link to instantly verify your bank account information online. If you decide to send us the copies of bank statement, it may take a bit longer.
How fast will I get the funds?
For the Small Business Loan ($5K up to $100,000) we usually offer a response in one hour, provided you submit your request within standard business hours and let us use the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your bank statements, we are able to provide a decision in just an business day.
For the Larger Business Loans ($100K up to $500,000) We may be capable of provide the conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be faster depending on the circumstances of each application. Certain agreements have been approved within just 24 hours.
The fastest way would be to make sure you apply during standard business hours and permit us to use the advanced bank verification system to confirm your bank details online. If you opt to send us copies of your bank statements it can take a bit longer.
What’s the minimum amount I can borrow?
We offer the loan amount between $5,000 to $500,000. When you submit an application for a specific amount we consider a variety of factors to determine what is the well-being of the business as well as the amount of the repayments your business will be able to support. The total amount of the loan will be determined by the particular circumstances the business.
When you submit an application for a certain amount, we will consider a number of factors to assess your health that is your company as well as the amount of repayments your business is able to afford. The total amount of your loan will be determined by the specifics of your business.
Fees & repayments
How do you charge for a company loan?
When you apply for the business loan, we’ll assess the risk profile that you have for your business and offer you with a customised offer, including loan amount, term and the interest rates. This business loan is a loan that is priced upfront therefore you will know the exact amount due, which includes any charges, interest rates or fees.
What determines the rate that I’m charged?
The interest rates on company loans rates depend on several factors like the amount of money borrowed, what company assets the funds will be used for, the industry the company operates in, how long the business is in operation as well as in the event that the business has enough cash flow to cover the loan, and the general well-being as well as creditworthiness company.
What are the fees?
There aren’t any hidden charges for our business loans, and you’ll be aware of the amount you’ll be required to pay and at what time, from the very first day. There’s no compounding interest and no extra fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You are able to request a credit loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
Can I repay the loan earlier?
You may choose to pay back all of your loan in full at any time.
If you do decide to pursue this option, please call our helpful company lending specialists. They’ll offer you with details for repayment along with an early payout estimate. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the time of the early payout, plus 1.5% of the principal balance as well as any outstanding fees.
What are the repayment methods?
To make sure you do not miss payment dates and to align with your cash flow routine, we provide repayments either weekly or daily. These are automatically deducted from your company account.
Security & privacy
Will my data be secure?
Security of your data, and being transparent about the ways we gather, use, exchange and protect your information, is of huge importance and is a crucial part 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 financial information and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account information online so we can provide a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when a business owner utilises an asset they own to get the funds for a loan. The asset could be a personal asset like the family home or it could be a company asset such as a truck as well as a piece of machine.
The majority of banks, even the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then the asset could be sold by the lender. In essence it’s means of securing new financing by using the worth of the asset you already have.
Are I need security for a company loan?
Up to $150K in loans there is no requirement for asset security upfront to access the money however, we do require an individual guarantee. So long as you comply with your loan commitments (as detailed in the loan contract) Asset security is not required. If you take out loans in excess of $150K typically, you will need a personal ensure and security in the form of the charge of assets.