FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Gold Coast Small Business Loans
Tell me about the Gold Coast Small Business Loans
Gold Coast unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What makes the Unsecured Loan different from the traditional business loan?
The application to get the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the funds could be in your account within 24 hours. Traditional business loans have an interest rate per annum plus other fees and charges. We offer a business loan is a cash-based loan which means you know in advance the amount you will have to pay, including any fees, interest or charges. This is then broken down into weekly or daily repayment figure.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used for almost any business use, including control of cash flow business renovations, marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available 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 company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly depending on your situation.
How is the Origination Fee calculated?
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
Do I qualify for the Larger Business Loan?
In order to be eligible for a loan in this amount, your business needs to have been operating for a minimum of 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
What can I use the funding for?
A large business loan can be used for nearly all company reason, such as business renovations, to purchase inventory or new equipment for general working capital and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that is secured?
Asset security is required for accessing funds over $150,000. It’s as a result of an charge against assets, which could also include registering this in the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to repay a loan which is general in nature, rather than defining security over a particular asset. The person who is signing the ensure is personally accountable if the company 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 reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR gives prioritisation over property that is personal to be granted according to the date a security interest was registered.
A caveat is a legal document lodged to offer the legal claim to a property.
What is a pre-approval without Credit Check?
If you’re requesting larger business loans of $250K or more it is possible to offer a preliminary pre-approval to help make the process. We may be able to make this decision without a credit check, and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial well-being questions. It’s not an offer or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you may receive may be subject to different terms.
Application process
Are I eligible for funding?
You can apply for an business 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)
- must show at least six months of trading (for a unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and simple. Complete the online form in few minutes and a dedicated business credit specialist will call you to assist you.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent as well as 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables summaries.
How soon will I hear a decision?
For an unsecured loan ($5K up to $100,000) we usually offer an answer in just one hour – as long as you make your application within standard company time and let us use the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll offer a decision within 1 company day.
For the Larger Business Loan ($100K to $500K) we could be likely to offer the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved within less than 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours and let us use the advance bank verification link to instantly verify your bank account information online. If you upload duplicates of your banking statements , it may take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K and up) We can usually offer a response in one hour, provided you apply at normal business time and let us make use of the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements, we’ll be able to offer an answer in just an business day.
For Larger Business Loans ($100K and up) we could be likely to provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Certain agreements have been approved within 24 hours.
The fastest way can be ensure you apply during normal business hours. You can also allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you opt to upload duplicates of your banking statements, it can take a bit longer.
What’s the minimum amount I can borrow?
We offer loan amounts between $5,000 to $500,000. If you apply for a particular amount, we will consider a number of elements for determining your well-being of your company and the extent of payments your business is able to afford. The total amount of the loan will be determined by the specific circumstances for your company.
When you submit an application for a set amount, we consider a variety of elements to assess the health of your business and the level of repayments that your company can support. The amount you receive from your loan will be contingent on the particular circumstances the company.
Fees & repayments
How much do you charge for a company loan?
If you decide to request the company loan, we will assess the risk profile for your business and provide an individualised offer, including loan amount, term and the interest rates. It is a business loan is an upfront priced loan and you’ll know in advance the total amount to be paid, including any interest rates, fees or charges.
What is the factor that determines the price I pay?
Interest rates for business loans rates differ based on various variables like the amount to be that is borrowed, what business assets the money are used to purchase and the sector the business operates in, how long the company is in operation as well as in the event that the company has enough cash flow to pay for the loan, and general well-being or financial standing of the business.
What are the costs?
There are no hidden costs with our company loans. You’ll know precisely what you be required to pay and when, right from day one. There’s no compounding and no additional fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You can make an application for loans with without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
Can I pay out the loan early?
You can repay the total amount of your advance loan at any time.
If you choose to pursue this option, please call our helpful business loan professionals. They will offer you with repayment details and an early payout figure. This will be calculated as the sum of the remaining principal amount and the accrued interest up to the time of early payment in addition to 1.5 percent of the principal balance plus any outstanding fees.
What is the process for repayments?
To ensure that you don’t miss payment dates and to align your cash flow cycle we offer repayments that are either weekly or daily. They are automatically deducted from the nominated business account.
Security & privacy
Will my information be protected?
Security of your data, and making it clear how we collect the information we collect, use, share and protect your information, is of paramount importance and a vital 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 customers and security. We employ an exceptionally sophisticated bank verification system to immediately verify the bank account details online. This allows us to provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing occurs when the company owner borrows from an asset that they own to make the loan. The asset could be an individual asset, such as the family home or an business asset like a truck as well as a piece of machine.
The majority of lenders, including the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan then the asset could be taken over 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 for an company loan?
For loans of up to $150,000, the requirement for asset security is not required upfront to access the money, however we require a personal guarantee. require an individual guarantee. So long as you comply with your loan commitments (as detailed in your loan contract document), asset security is not needed. For loans that exceed $150K, generally, you can get an individual ensure and security is provided in the form of a charge over assets.