FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Gold Coast Small Business Loans
Tell me what you think of the Gold Coast Small Business Loans
Gold Coast unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
How is how is the Unsecured Loan different from an ordinary company loan?
The application for your Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and funds may be available in just 24 hours. Traditional business loans reference an interest rate per annum along with other charges and fees. The company loan is a loan that is priced upfront therefore you’ll be aware of the total amount due, which includes the interest, fees and charges. This is then broken down into either weekly or daily payment amount.
What could you use the Small Business Loan be used for?
A Small Business Loan can be used for nearly any company use, including managing cash flows, business renovations, marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal purposes.
About the Larger Gold Coast Business Loans
What is the Larger Gold Coast Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
How’s the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible 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. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
How can the funds be used for?
A large company loan can be used to fund almost any business use, including business renovations, purchase of new equipment or inventory, as general working capital and so much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan one that is secured?
Asset security is required for funding of more than $150,000. This is by taking a charge on assets, and may be registered on the PPSR or registering as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature, rather than defining the security for a particular asset. The person signing the ensure is personally accountable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR allows priority over personal property to be granted according to the date the security interest has been registered.
An affidavit is an official document that is filed to provide the public notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
When you’re applying for larger company loans of $250K or more we may be able to provide a preliminary pre-approval to help simplify the process. We might be able to make this decision without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health questions. It’s not an offer or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you may receive may be subject to 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 over 18 years, have a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months of trading (for a unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is fast and simple. Complete the online form within a couple minutes, and a dedicated company lending specialist will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s License) along with a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent twelve months of bank records, IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables summary.
How quickly will I receive a decision?
For an unsecured loan ($5K and up) we usually provide an answer in just one hour if you make your application in standard business timings and allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll provide a decision within just the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be capable of offer you with pre-approval conditional to your application within about 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The fastest way for you to apply is make sure you apply during standard company hours and allow us to use the advance bank verification link to check your bank’s information online. If you upload copies of your bank statements , it takes a bit longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K to $100K) We can usually provide an answer within one hour if you apply during normal business timings and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements, we are able to provide a decision in as little as one business day.
For the Larger Business Loans ($100K or more) we may be able to provide you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be faster depending on the specifics of each application. Some transactions have received approval within 24 hours.
The fastest method can be ensure you apply during normal business hours, and permit us to use the advanced bank verification system link to check your bank’s information online. If you send us duplicates of your banking statements it may take a bit 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 specific amount we take into consideration a range of factors to determine how much we can lend you well-being that is your company as well as the amount of repayments your business will be able to support. The amount you receive from your loan will depend on the particular circumstances that are unique to your company.
If you apply for a particular amount, we take into consideration a variety of factors to assess your health for your business as well as the amount of repayments that your company can afford. The total amount of your loan will be determined by the particulars for your business.
Fees & repayments
How do you charge for an company loan?
When you request our company loan, we’ll assess the risk profile for your company and provide you with a tailored proposal that includes loan amount, term and interest rates. A company loan is an upfront-priced loan therefore you will know the exact amount due, which includes any charges, interest rates or fees.
What is the factor that determines the price I pay?
Business loan interest rates differ based on various factors including the amount borrowed, what company assets the funds will be used for in addition to the industry that the company is operating in, how long the business is in operation for, in the event that the company has enough cash flow to cover the loan, and the general health and creditworthiness of the company.
What are the fees?
There aren’t any hidden charges with our business loans. You’ll know exactly how much it is that you be required to pay and when, starting from day one. There’s no compounding interest, and no extra fees (as as you make your payments in time).
We don’t charge an application fee. You are able to apply for a loan with no cost upfront or commitment to apply.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
Do I have the option of paying off the loan earlier?
You may choose to pay back the entire amount of your advance loan at any time.
If you do decide to take this route, please call our helpful business lending experts. They will offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal remaining plus any accrued interest as of the time of the early payout plus 1.5% of the principal amount remaining plus any outstanding fees.
What are the repayment methods?
To make sure you do not miss repayments and to fit in with your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from your company account.
Security & privacy
Will my information be protected?
Security of your data, and being clear about the ways we gather the information we collect, use, share and safeguard your data, is vital and is a crucial 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 personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system that allows you to instantly confirm your bank account information online. This allows us to provide rapid response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when an business owner makes use of assets they own to make the funding. The asset could be an asset belonging to the personal, like the family home, or an business asset such as a vehicle or other piece of machinery.
The vast majority of lenders, including the largest banks, are inclined to guarantee loans against an asset. If you have trouble paying back the loan then your assets could be transferred to the lender. In essence, it’s a way of securing new funding using the value of what you already have.
Should I need security to secure a business loan?
For loans up to $150K no asset security is required upfront to access the money However, we require a personal guarantee. require a personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract) the security of assets will never be required. For loans of over $150K generally, you are able to get personal guarantee and security is provided in the form of a charge over assets.