FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Kwinana Beach Small Business Loans
Let me know how you are able to avail the Kwinana Beach Small Business Loans
Kwinana Beach unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
What makes what makes the Unsecured Loan different from an ordinary company loan?
Apply for the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and have the funds in your account in 24 hours. Traditional business loans reference an annual interest rate as well as other fees and charges. Our company loan is a pre-paid loan therefore you’ll know ahead of time the total amount due, which includes any fees, charges or charges. Then, it is divided into a daily or weekly installment amount.
What can the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any company use, including cash flow management, company remodeling, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal reasons.
About larger Kwinana Beach Business Loans
What is the Larger Kwinana Beach Business Loan?
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate the flow of cash.
How is the Origination Fee determined?
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan of this size the company needs to be operating for a minimum of 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
What can I use the funds for?
A Business Loan of a larger size can be used for almost any company purpose including business remodeling, buying equipment or inventory for general working capital, and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that requires security?
Asset security is necessary for accessing funds over $150,000. This is by way of charge against assets and can include the registration of this in the PPSR or making as a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally based rather than defining the security of a specific asset. The person who signs the guarantee is personally liable in the event that the company borrower is unable to repay 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 granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date a security interest has been registered.
Caveats are legal form of document to provide the legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re applying for larger company loans of $250K or more it’s possible to offer a preliminary pre-approval to help ease the process. We may be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being checks. This is not an offer of credit or guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer you are offered could have different conditions.
Application process
Can I be eligible for funding?
You are eligible to apply for a company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months worth of trade (for a unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is fast and simple. Complete the online form in few minutes and an experienced business loan specialist will contact you to guide you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent twelve months of bank records, IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials such as age-related payables and aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K and up) We can usually provide a response in one hour – as long as you apply within standard company timings and you allow 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 banking statements , we will be able to provide an answer in as little as an company day.
If you are applying for a Larger Business Loan ($100K and up) we could be in a position to offer you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain transactions have received approval within the space of 24 hours.
The fastest way would be to ensure you apply during standard business hours and let us use the advance bank verification link to check your bank’s information online. If you upload copies of your bank statements it will take a little longer.
How soon will I receive the cash?
For the Small Business Loan ($5K or more) we can often provide an answer within an hour if you make your application during standard business time and let us utilise the advanced bank verification system 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 1 business day.
For Larger Business Loans ($100K or more) We may be capable of provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this can be faster depending on the specifics of each application. Some deals have been approved within 24 hours.
The quickest method would be to 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 choose to upload copies of your bank accounts, it can take a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 and $500,000. When you make an application for a particular amount, we will consider a number of elements in order to assess your well-being of your business and the amount of repayments your business is able to afford. The amount you receive from your loan will be contingent on the specifics for your business.
If you apply for a particular amount, we look at a range of aspects to determine your health for your business and the extent of payments your business can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
Fees & repayments
How much should you charge for an company loan?
If you decide to request business loans with us company loan, we will assess the risk assessment for your company and offer you with a tailored offer that includes the amount of the loan, the duration and interest rates. A business loan is an upfront priced loan therefore you will be aware of the total amount to be paid, including any interest rates, fees or charges.
What is the basis for the rate I am charged?
Business loan interest rates vary due to variables like the amount to be that is borrowed, what company assets the funds will be used for, the industry the business is in, how long the business is in operation and whether the company has sufficient cash flow to pay for the loan, and the overall health as well as creditworthiness company.
What are the cost?
There are no hidden fees with our company loans. You’ll know precisely how much you’ll be required to pay and when, starting from the very first day. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We do not charge an application fee. You are able to make an application for loans without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
Can I pay out the loan earlier?
You can choose to repay the total amount of your loan in full at any time.
If you do decide to pursue this option, please call our helpful company loan professionals. The professionals will offer you with details on repayment and an early payout figure. It will be calculated using the total of the remaining principal amount plus any accrued interest as of the time of the early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
How do you make repayments work?
To help you avoid missing payments and to work with your cash flow routine, we offer repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Security & privacy
Will my information be protected?
Protecting your information, and knowing how we collect data, process, exchange and safeguard your data, is of huge importance and an integral part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to security for our clients and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account information online, allowing us to offer a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
The term "asset-based" refers to borrowing where a company owner makes use of the assets they have to secure a loan. The asset could be an asset belonging to the personal, like the family home, or a business property like a truck or piece of equipment.
The vast majority of lenders, including the major banks, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan then your asset may be sold by the lender. In essence, it is the process of securing new financing making use of the value of what you already have.
Are I require security to secure an company loan?
For loans of up to $150K, the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. If you adhere to your loan obligations (as stipulated in your loan contract document) the security of assets will never be required. If you take out loans in excess of $150K generally, there is an individual ensure and security that is in the form charges on assets.