FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Miami Small Business Loans
Let me know more about Miami Small Business Loans
Miami unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
What makes the Unsecured Loan different from an ordinary company loan?
It is imaginable to apply for your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and the money could be available in just 24 hours. Traditional company loans reference an annual interest rate along with other charges and fees. We offer a business loan is a pre-paid loan so you will be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then divided into weekly or daily installment amount.
What could you use the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every business reason, such as control of cash flow business remodeling, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
About Larger Miami Business Loans
What is the Larger Miami Business Loan?
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your situation.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
Am I eligible for the Larger Business Loan?
To be eligible for a loan in this amount the company needs to have been trading for at least 3 years with an annual turnover of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
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 renovations, to purchase equipment or inventory or as general working capital and much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. This can be done by taking a charge over assets, and may be registered through the PPSR or making as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is general in nature rather than stipulating security over an asset. The person who is signing the guarantee is personally liable in the event that the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including goods or assets). The PPSR gives priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document lodged to provide notice of a legal claim to property.
What is a pre-approval minus Credit Check?
If you’re applying for an enterprise loan that is greater than $250,000 we can offer an initial pre-approval in order to smooth out the process. It is possible to do this without a credit verification and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial well-being questions. It’s in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may be on 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, own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months worth of trade (for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and easy. Just complete the online application within a couple minutes, and a dedicated company lending specialist will contact you to guide you.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent as well as 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables summaries.
How fast will I get an answer?
For an unsecured loan ($5K or more) we can often offer an answer within one hour – as long as you apply during standard business times and allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statements we can offer the decision in as little as an business day.
For Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The quickest method can be make sure you apply during standard business hours. You can also permit us to use the advance bank verification link to instantly verify your bank information online. If you choose to upload copies of your bank statements it takes a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we can often offer an answer in just one hour if you submit your request during normal business time and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we’ll be able to offer a decision in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The fastest way is to make sure you apply during normal business hours. Also, let us use the advanced bank verification system to instantly confirm your bank details online. If you decide to send us duplicates of your banking statements, it takes a bit longer.
What’s the minimum amount I can borrow?
We offer loans that range from $5,000 to $500,000. If you apply for a specific amount we consider a variety of variables for determining what is the well-being that is your company and the amount of repayments your business can support. The amount you receive from your loan will be contingent on the specifics the business.
When you make an application for a certain amount, we will consider a number of variables to determine how much we can lend you such as health of your company as well as the amount of repayments that your company can afford. The amount you receive from your loan will be determined by the particular circumstances that are unique to your company.
Fees & repayments
How much should you charge for the cost of a company loan?
If you decide to apply for our company loans, we’ll assess the risk assessment that you have for your company and provide an individualised offer that includes loan amount, term and interest rates. A business loan is an upfront cost loan so you will be aware in advance of the total amount payable including any charges or interest.
What is the factor that determines the price I pay?
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, the company assets the funds are used to purchase and the sector the company operates in, the long the business is in operation as well as how long the business has enough cash flow to cover the loan, and overall health or financial standing of the business.
What are the charges?
There aren’t any hidden costs for our company loans, and you’ll know precisely what you’ll be required to pay, and at what time, from day one. There’s not any compounding interest and there are no additional charges (as as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
Do I have the option of paying off the loan early?
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to do this please call our helpful company credit professionals. We will provide you with details on repayment along with an early payout estimate. This is calculated as the sum of the remaining principal amount and the accrued interest up to the time of early payment and 1.5% of the remaining principal and any outstanding fees.
How do you make repayments work?
To ensure that you don’t miss payments and to work with your cash flow general, we offer repayments that are either weekly or daily. These are automatically withdrawn from your company account.
Security & privacy
Will my information be protected?
Protecting your information, and knowing how we collect information, use it, and exchange it, as well as protect your information, is vital and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We utilise a sophisticated bank verification system that allows you to immediately verify your bank account information online, allowing us to offer rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
The term "asset-based" refers to borrowing where the company owner makes use of the assets they have to get the loan. The asset may be an individual asset, such as the family home, or a company asset such as a truck or piece or equipment.
The vast majority of banks, including the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan, then the asset might be taken over by the lender. In essence, it’s a way of securing additional financing using the worth of the asset you already own.
Should I need security to get a company loan?
Up to $150K in loans the requirement for asset security is not required before you can access the money, however we do need a personal guarantee. So long as you comply with the loan terms (as stated in your loan contract document), asset security is not needed. For loans of over $150,000 generally there is the option of a personal ensure and security is provided in the form of an asset charge.