FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Gold Coast Small Business Loans
Let me know what you think of the Gold Coast Small Business Loans
Gold Coast unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
How is how is the Unsecured Loan different from the traditional company loan?
You can apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and the funds could be available in just 24 hours. Traditional business loans reference an annual rate of interest together with additional fees and charges. The company loan is a cash-based loan and you’ll be aware in advance of the total amount payable including any fees, interest or charges. Then, it is broken down into either a daily or weekly payment amount.
What could the Small Business Loan be used for?
The Small Business Loan can be used for nearly every company purpose including control of cash flow business renovations, marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan cannot be used for personal reasons.
About the Larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan in this amount, your company needs to have been trading for at least 3 years and have an annual turnover of at least $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
How can the funds be used for?
A Business Loan of a larger size is a great option for almost every business purpose including business remodeling, buying inventory or new equipment for general working capital and much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is required for funding of more than $150,000. This can be done by taking a charge on assets, and may include registering this on the PPSR or the registration of as a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally based rather than specifying the security for a particular asset. The person who is signing the guarantee is personally responsible if the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR permits priority over personal property to be granted in accordance with the date on which a security interest that is registered.
Caveats are legal form of document to provide the legal claim on a property.
What is a pre-approval minus Credit Check?
When you’re applying for a Larger Business Loan of $250,000 or more we can offer an initial pre-approval in order to ease the process. It is possible to do this without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial well-being questions. It is not an offer or guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer you might receive could be on different terms.
Application process
Do I have the right to receive funds?
You may apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for you to qualify for unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is fast and simple. Just fill out the online application in just a few minutes, and a dedicated company loan specialist will be in touch to help you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also 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 and 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables reports.
How soon will I hear an answer?
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour – as long as you apply in quality business times and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to send us copies of your bank statements we can provide a decision within one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of provide you with a conditional pre-approval within about six hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this can be quicker based on the circumstances of each application. Some deals have been approved in just 24 hours.
The fastest way would be to make sure you apply during normal company hours. Also, allow us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to send us documents from your account statement, it will take a little longer.
How soon will I receive the money?
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within one hour, provided you make your application within normal business time and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements we can provide the decision within the span of one business day.
For Larger Business Loans ($100K and up) we may be likely to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some agreements have been approved in 24 hours.
The fastest way would be to ensure you apply during standard business hours. You can also allow us to use our modern bank verification to instantly confirm your bank details online. If you opt to send us documents from your account accounts, 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 submit an application for a certain amount, we look at a variety of variables in order to assess your health that is your company and the amount of repayments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
When you apply for a certain amount, we consider a variety of factors to assess the well-being that is your company and the amount of payments your business will be able to support. The amount you receive from your loan will be contingent on the specifics for your business.
Fees & repayments
How do you charge for a business loan?
When you make an application for our business financing, we’ll assess the risk profile that you have for your business and provide you with a customised offer, including the loan amount, the terms and the interest rates. This company loan is a loan that is priced upfront therefore you will be aware of the total amount you will have to pay, including charges, interest rates or fees.
What determines the rate that I will be charged?
Interest rates for business loans rates differ based on various factors like the amount of money borrowed, what business assets the funds will be used for and the sector the business is in, how long the company has been operating for, in the event that the company has enough cash flow to pay for the loan, as well as the overall well-being and creditworthiness of the business.
What are the fees?
There aren’t any hidden charges for our business loans. You’ll know precisely how much you need to pay, and when, right from the very first day. There’s no compounding and no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan with without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I repay the loan earlier?
You can decide to repay all of your loan early at any time.
If you decide to pursue this option, please talk to one of our helpful business loan specialists. We will provide you with details for repayment and an early payment figure. It will be calculated using the total of the principal remaining plus any accrued interest as of the time of early payout plus 1.5% of the principal balance as well as any outstanding fees.
What are the repayment methods?
To ensure you do not miss repayments and to fit in with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your designated business account.
Security & privacy
Will my data be secure?
Security of your data, and making it clear how we collect information, use it, and exchange it, as well as ensure the security of your information is of huge importance and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We employ an exceptionally sophisticated bank verification system that allows you to immediately verify your bank account information online so we can provide quick responses.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when an business owner utilises an asset they own to obtain the funding. The asset can be an individual asset, such as the family home or a company asset like a truck or piece of equipment.
The vast majority of lenders, including 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 transferred to the lender. In essence, it’s the process of securing new financing making use of the value of what you already have.
Are I require security to get a company loan?
For loans up to $150,000 it is not necessary to secure assets prior to the loan’s access however, we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract) the security of assets is not required. For loans over $150,000 generally there is personal ensure and security is provided in the form of an asset charge.