FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Gold Coast Small Business Loans
Let me know about the Gold Coast Small Business Loans
Gold Coast unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
What makes this Unsecured Loan different from an traditional business loan?
The application to this Small Business Loan in under 10 minutes online or over the phone, receive a same day response and funds may be available in just 24 hours. Traditional company loans are based on an annual rate of interest along with other charges and fees. Our business loan is an upfront priced loan therefore you’ll know ahead of time the amount you will have to pay, including the interest, fees and charges. Then, it is broken down into weekly or daily 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 nearly every company purpose including managing cash flows, company improvements, advertising to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal reasons.
About larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term 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 determined?
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 that is this large the company needs to have been operating for a minimum of 3 years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
What can I use the funds for?
A larger company loan can be used for almost any company need, including company improvements, purchasing inventory or new equipment for general working capital, and much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is needed for accessing funds over $150,000. It is usually as a result of an charge against assets and can include registration with the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally liable in the event that the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned depending on the date that a security interest has been registered.
An affidavit is an official document filed to provide the legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re seeking larger company loans that is greater than $250,000 it’s possible to offer an initial pre-approval to make the process. It is possible to apply for this without credit checks and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering some financial well-being checks. It’s neither an offer nor a guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer you are offered could be subject to different conditions.
The application process
Do I qualify for funds?
You may apply for a business 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)
- can demonstrate at least 6 months worth of trade (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is simple and simple. Simply complete the online form within a few minutes and an experienced company loan specialist will contact you to assist you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summary.
How soon will I hear a decision?
For an unsecured loan ($5K or more) We can usually provide an answer within an hour, provided you apply in standard company timings and let us utilise the bank verification system link to instantly verify your bank information online. If you decide to upload copies of your banking statements , we’ll be able to provide the decision in as little as the span of one company day.
For the Larger Business Loan ($100K or more) we could be able to offer you with a conditional pre-approval within six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The quickest way to apply is to ensure you apply during standard business hours, and permit us to use the advance bank verification to check your bank’s information online. If you send us documents from your account statements it may take a bit longer.
How fast will I get the funds?
For the Small Business Loan ($5K or more) We can usually provide an answer within one hour if you apply during normal business time and you allow us to use the bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements we can provide an answer in as little as 1 business day.
For Larger Business Loans ($100K and up) We may be in a position to offer you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The quickest method can be make sure you apply during standard business hours. You can also allow us to use our advanced bank verification system to instantly check your bank’s information online. If you choose to upload documents from your account statement, it will take a little longer.
What’s the minimum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of factors that determine how much we can lend you well-being for your business and the amount of the repayments your company can support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a specific amount we look at a range of elements to assess your well-being for your business and the extent of the repayments your company will be able to support. The amount you receive from the loan will be determined by the particular circumstances for your business.
Fees & repayments
What is the cost for the cost of a company loan?
If you decide to make an application for the company credit, we’ll assess the risk profile for your company and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. The company loan is an upfront cost loan therefore you will know in advance the total amount due, which includes any costs, fees, or interest rates.
What determines the rate that I’m charged?
Business loan interest rates depend on several factors including the amount that is borrowed, what company assets the money will be used for as well as the field the business is operating in, how long the company has been running and whether the business has enough cash flow to pay for the loan, and the overall well-being or financial standing of the company.
What are the charges?
There are no hidden fees for our company loans. You’ll know precisely what you need to pay and at what time, from day one. There’s no compounding and no extra fees (as as you make your payments punctually).
We do not charge an Application Fee. You can apply for a loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved in establishing and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
Can I pay off the loan in advance?
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to take this route, please call our helpful company loan professionals. We will offer you with details for repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and accrued interest to the date of early payout plus 1.5% of the principal balance and any fees that remain unpaid.
How do repayments work?
To ensure that you don’t miss payments and to work with your cash flow standard, we offer repayments either weekly or daily. They are automatically deducted from the nominated business account.
Security & privacy
Will my data be secure?
Security of your data, and making it clear the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount 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 protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We make use of an advanced bank verification system that allows you to immediately verify your bank account details online to provide an immediate response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing occurs when a business owner borrows from assets they own to obtain the loan. The asset can be either a personal asset like the family home, or a business asset like a truck as well as a piece of machine.
The majority of lending institutions, even the big banks, tend to make loans secured by an asset. If you’re having 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.
Should I need security to secure a business loan?
For loans of up to $150K, the requirement for asset security is not required in advance to gain access to the funds however, we do require an individual guarantee. In the event that you fulfill your loan obligations (as specified in the loan contract) and you are able to meet your obligations, asset security is not required. If you take out loans in excess of $150K generally, there is the option of a personal ensure and security in the form of a charge over assets.