FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the High Wycombe Small Business Loans
Let me know more about High Wycombe Small Business Loans
High Wycombe unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
How is what makes the Unsecured Loan different from an traditional company loan?
It is imaginable to apply to get this Small Business Loan in under 10 minutes over the phone, receive an immediate response, and have the funds in your account in 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. Our business loan is an upfront priced loan which means you know ahead of time the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly amount to be paid back.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for almost any company use, including the management of cash flow, company improvements, advertising to purchase inventory, new equipment, or as general working capital and much more. The loan is not available for personal purposes.
About larger High Wycombe Business Loans
What is the Larger High Wycombe Business Loan?
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
Can I get the Larger Business Loan?
To be eligible for a loan of this size the business needs to have been in operation for at least 3 years and generate an annual revenue of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
How can the funds be utilised?
A large company loan can be used to fund almost every company reason, such as company renovations, purchase of equipment or inventory or as general working capital and much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan a secured loan?
Asset security is required for funding of more than $150,000. It’s by taking a charge over assets, and could be registered through the PPSR or filing as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature rather than specifying security over an asset. The person who is signing the guarantee is personally liable in the event that the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official document that is filed to offer notice of a legal claim to a property.
What is a pre-approval minus Credit Check?
If you’re seeking a Larger Business Loan that exceeds $250,000 we may be able to provide an initial pre-approval in order to simplify the process. We may be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering a few financial well-being questions. This is not an offer or guarantee of credit. A conditional approval is subject an extensive credit evaluation and any offer you might receive could be based on different terms.
The application process
Do I qualify for funds?
You may apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months of business (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and a dedicated business credit specialist will be in touch to assist you.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s License) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent and 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables summaries.
How fast will I get a decision?
For an unsecured loan ($5K to $100K) we typically offer an answer in just one hour – as long as you make your application within quality business timings and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statement, we’ll provide an answer within just one company day.
For the Larger Business Loan ($100K or more) we could be likely to provide you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Some agreements have been approved within the space of 24 hours.
The most efficient method is to make sure you apply during standard company hours and allow us to use our modern bank verification link to instantly verify your bank information online. If you decide to upload documents from your account statement, it will take a little longer.
What is the time frame to receive the funds?
For the Small Business Loan ($5K to $100K) we can often offer an answer within an hour – provided you apply during normal business time and allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statements, we are able to provide an answer in just one business day.
For the Larger Business Loans ($100K and up) we might be capable of offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending on the particular circumstances of 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 business hours, and allow us to use our modern bank verification to instantly check your bank’s information online. If you upload the copies of bank statements, it can take a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 to $500,000. If you apply for a particular amount, we consider a variety of variables for determining what is the health of the company and the level of the repayments your business will be able to support. The amount you receive from your loan will depend on the particular circumstances the business.
When you apply for a specific amount we consider a variety of factors to assess the well-being of your business and the level of the repayments your business can support. The total amount of your loan will be determined by the particular circumstances for your company.
Fees & repayments
How much do you charge for a business loan?
When you request one of our business credit, we’ll assess the risk profile the company and provide you with a customised offer including the amount of loan, the term and the interest rates. It is a company loan is an upfront cost loan therefore you will know in advance the total amount due, which includes any charges or interest.
What is the factor that determines the price I will be charged?
The interest rates on company loans rates depend on a variety of factors such as the amount that is borrowed, the business assets the funds are used to purchase, the industry the business is in, how long the company has been operating and in the event that the company has sufficient cash flow to pay for the loan, and general well-being and creditworthiness of the business.
What are the cost?
There are no hidden costs for our business loans, and you’ll know precisely what you’ll be required to pay, and when, starting from day one. There’s not any compounding interest and no additional fees (as as long as you pay your payments punctually).
We do not charge an application fee. You can apply for a loan with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated 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 percentage of the amount of loan.
Do I have the option of paying off the loan early?
You may choose to pay back the total amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful company credit experts. The professionals will offer you with details on repayment along with an early payout estimate. It will be calculated using the total of the remaining principal amount and the accrued interest up to the time of the early payout plus 1.5% of the principal balance plus any outstanding fees.
How do repayments work?
To ensure you do not miss payments and to work with your cash flow routine, we offer repayments either daily or weekly. They are automatically deducted from your business account.
Security & privacy
Will my data be secure?
Protecting your information, and being upfront about how we collect the information we collect, use, share and safeguard your data, is of paramount importance and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We utilise a sophisticated bank verification system to instantly verify your bank account information online, allowing us to provide rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when an company owner utilises the assets they have to obtain the funds for a loan. The asset may be an individual asset, such as the family home, or a company asset such as a truck as well as a piece of machine.
The majority of banks, even the largest banks, are inclined to secure loans against assets. If you are having difficulty paying back the loan, your asset may be offered for sale by the lender. In essence, it is a way of securing new funding taking advantage of the value of what you already own.
What do I need security to get an business loan?
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money but we do require the personal guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract) the security of assets is not required. For loans that exceed $150,000, generally, there is an individual ensure and security that is in the form charges on assets.