FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Dallas Small Business Loans
Let me know how you are able to avail the Dallas Small Business Loans
Dallas unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
How is what makes the Unsecured Loan different from an ordinary business loan?
Apply to the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and the money could be on your account within 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. The company loan is an upfront priced loan therefore you’ll be aware of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either a daily or weekly installment amount.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every company purpose including the management of cash flow, company remodels and marketing to purchase inventory, new equipment, for general working capital and much more. The loan is not available for personal reasons.
About Larger Dallas Business Loans
What is the Larger Dallas Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
How’s the Origination Fee calculated?
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount, your business needs to have been trading for at least 3 years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
How can the funds be utilised?
A Larger Business Loan can be used to fund almost any business purpose including company renovations, purchase of 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 necessary for accessing funds over $150,000. It’s in the form of a charge over assets, and may be registered with the PPSR or registering as a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature, rather than defining security over a particular asset. The person who is signing the ensure is personally liable if the business creditor is unable to re-pay 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 which are registered with respect to personal property (including objects or assets). The PPSR allows the priority of personal property granted depending on the date that a registration of a security interest.
A caveat is a legal document lodged to offer notice of a legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re seeking an enterprise loan that exceeds $250,000 we can offer a preliminary pre-approval to help simplify the process. We could be able to do this without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial health checks. It is not an offer of credit or guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer you may receive may be based on different conditions.
Application process
Can I be eligible for funding?
You can apply for a business loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and simple. Just fill out the online application in few minutes and a dedicated company expert in lending will call you to guide you through the process.
For a loan of up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) and 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 to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year as well as Aged Payables and Receivables Summary.
How soon will I hear an answer?
For an unsecured loan ($5K to $100K) We can usually provide an answer within one hour, provided you make your application during standard business hours and permit us to utilise the bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements we can provide the decision in as little as 1 business day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with a conditional pre-approval in around six hours. After you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved within 24 hours.
The fastest way would be to make sure you apply during standard business hours and permit us to use the advanced bank verification system to verify your bank account information online. If you opt to upload copies of your bank statements it will take a little longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within an hour – as long as you apply within standard business time and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statement, we’ll provide a decision in just one business day.
For the Larger Business Loans ($100K to $500K) we may be capable of provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval within 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours and allow us to use the advanced bank verification system to verify your bank account information online. If you opt to upload the copies of bank statement, it may take a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount we consider a variety of variables in order to assess how much we can lend you health for your business and the amount of repayments your company can afford. The total amount of your loan will depend on the particular circumstances for your company.
If you apply for a set amount, we will consider a number of aspects to assess how much we can lend you such as health of the business and the extent of repayments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances of your company.
Fees & repayments
How much do you charge for the cost of a company loan?
When you make an application for the business financing, we will assess the risk profile that you have for your company and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. The business loan is a loan that is priced upfront therefore you will be aware of the total amount payable including any interest rates, fees or charges.
What is the factor that determines the price I will be charged?
Business loan interest rates depend on several variables like the amount to be borrowed, what company assets the funds are used to purchase as well as the field the business is in, how long the company has been operating, how long the business has enough cash flow to pay for the loan, and the overall well-being or creditworthiness of the business.
What are the costs?
There aren’t any hidden charges for our company loans. You’ll know precisely how much you be required to pay, and when, right from the first day. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
Can I pay off the loan in advance?
You can decide to repay all of your loan at any point in time.
If you do decide to take this route, please contact our helpful company lending experts. We will offer you with the details of your repayment as well as an early payout amount. It will be calculated using the total of the remaining principal amount and any accrued interest at the time of the early payout, plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
How do repayments work?
In order to help you avoid missing due dates and also to be in line with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from your designated company account.
Security & privacy
Will my information be secure?
Making sure that your information is secure, and making it clear how we collect data, process, exchange and ensure the security of your information is of paramount importance and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We employ an exceptionally sophisticated bank verification system that allows you to instantly verify the bank account details online so we can provide an immediate response.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when the business owner borrows from an asset they own to obtain the loan. The asset could be a personal asset like the family home or it could be a business asset such as a truck or piece or equipment.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then your asset may be taken over by the lender. In essence, it is a way of securing new funding making use of the value of what you already own.
Should I need security for a company loan?
For loans of up to $150,000, there is no requirement for asset security upfront to access the money but we require a personal guarantee. require the personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract document) Asset security will never be required. For loans that exceed $150K, generally, there is the option of a personal ensure and security that is in the form an asset charge.