FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Dallas Small Business Loans
Tell me how you can avail the Dallas Small Business Loans
Dallas unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
What makes the Unsecured Loan different from an ordinary company loan?
The application to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and have the funds in your account in 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. Our company loan is a loan that is priced upfront which means you be aware of the amount you will have to pay, including any fees, charges or charges. This is then divided into weekly or daily installment amount.
What could be the Small Business Loan be used for?
The Small Business Loan can be used for virtually any business use, including cash flow management, company remodeling, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used for personal purposes.
About larger Dallas Business Loans
What is the Larger Dallas Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
How’s the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the business needs to have been trading for at least 3 years with an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
What can I use the funding for?
A Business Loan of a larger size can be used for nearly every company need, including business renovations, to purchase inventory or new equipment as well as for general working capital, and much more. The loan is not available for personal use.
Is the Larger Business Loan one that is secured?
Asset security is needed for accessing funds over $150,000. It’s by way of charge on assets, which could also include registering this through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a promise to repay credit that is generally based rather than specifying security over an asset. The person who is signing the ensure is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including items or assets). The PPSR gives preference over private property granted depending on the date that a registration of a security interest.
An affidavit is an official document that is filed to provide an official notice of a claim against a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for larger business loans of more than $250,000 we can offer an initial pre-approval in order to smooth out the process. We may be able to get this done without a credit check and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial health questions. It’s in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may be subject to different terms.
Application process
Do I have the right to receive funds?
You may apply for a business 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 prove at least 6 months of trading (for a unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is simple and simple. Just complete the online application in just a few minutes, and an experienced company credit specialist will be in touch to assist you.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables reports.
How fast will I get an answer?
For an unsecured loan ($5K to $100K) we usually offer an answer within one hour if you apply within quality business hours and let us utilise the bank verification system to instantly verify your bank’s information online. If you want to submit copies of your bank statements , we will be able to provide an answer in as little as an company day.
For Larger Business Loans ($100K or more) we may be in a position to provide you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based upon the circumstances for each application. Some deals have been approved within 24 hours.
The quickest method would be to ensure you apply during normal business hours, and allow us to use our modern bank verification to verify your bank account information online. If you choose to upload the copies of bank accounts, it may take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K to $100K) we can often provide a response in one hour if you apply during normal business timings and permit us to use the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements we can offer a decision in just 1 business day.
For Larger Business Loans ($100K or more) we could be able to offer you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some offers have been approved within less than 24 hours.
The most effective method is to make sure you apply during standard business hours, and allow us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload documents from your account statement, it may take a bit longer.
What’s the minimum amount I can borrow?
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we consider a variety of variables that determine the health of the company and the level of the repayments your company can support. The amount you receive from your loan will be contingent on the specifics the company.
If you apply for a particular amount, we consider a variety of elements to determine your well-being for your company as well as the amount of repayments your company can afford. The amount you receive from your loan will be contingent on the particular circumstances of your business.
Fees & repayments
How do you charge for a business loan?
When you request our company financing, we’ll assess the risk profile of your business and offer an individualised proposal that includes the amount of loan, the term and the interest rates. This company loan is an upfront-priced loan therefore you will know the exact amount due, which includes any interest rates, fees or charges.
What is the basis for the rate I pay?
Business loan interest rates depend on several factors including the amount that is borrowed, what company assets the funds are used to purchase as well as the field the company operates in, how long the company is in operation, whether the company has enough cash flow to cover the loan, and the general health as well as creditworthiness company.
What are the costs?
There aren’t any hidden costs for our company loans. You’ll know exactly how much it is that you need to pay, and when, starting from the day you sign up. There’s no compounding and no extra fees (as long as you make your payments in time).
We do not charge an application fee. You can get a cash loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
Can I pay off the loan in advance?
You can decide to repay the entire amount of your advance loan at any time.
If you decide to take this route, please talk to one of our helpful company credit specialists. The specialists will provide you with details for repayment and an early payout figure. This is calculated as the total of the principal balance and accrued interest to the time of early payout in addition to 1.5% of the principal balance and any fees that remain unpaid.
What are the repayment methods?
In order to help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your designated company account.
Security & privacy
Will my data be protected?
Security of your data, and being transparent about the ways we gather, use, exchange and protect your information, is of huge importance and an integral element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system to instantly confirm your bank account information online so we can provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when a company owner uses an asset that they own to get the loan. The asset can be either an individual asset, such as the family home or a company property like a truck as well as a piece of machine.
The vast majority of the lenders not just the largest banks, are inclined to make loans secured by assets. If you are having difficulty paying back the loan, then your assets could be sold by the lender. In essence, it is an opportunity to secure additional financing making use of the value of what you already have.
What do I need security for a company loan?
For loans that exceed $150,000, the requirement for asset security is not required before you are able to access the money, however we require a personal guarantee. need the personal guarantee. If you adhere to the loan terms (as stated in your loan contract) the security of assets is not required. For loans over $150,000 generally, there is the option of a personal guarantee and security in the form of charges on assets.