FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Keilor Small Business Loans
Let me know how you can avail the Keilor Small Business Loans
Keilor 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 is this Unsecured Loan different from an ordinary business loan?
It is possible to apply to get the Small Business Loan in under 10 minutes online or over the phone, receive a same day response and funds may be in your account in 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. This business loan is a cash-based loan which means you be aware of the total amount to be paid, including the interest, fees and charges. Then, it is broken down into a daily or weekly amount to be paid back.
What can the Small Business Loan be used for?
A Small Business Loan can be used for almost every company reason, such as cash flow management, company remodeling, marketing to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal reasons.
Concerning Larger Keilor Business Loans
What is the Larger Keilor Business Loan?
The Larger Business Loan is a larger size loan to aid in business growth 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 your cash flow.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit that is this large, your business needs to be in operation for at least 3 years and generate an annual revenue 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 least 12 months of trading.
What can I use the funds for?
A large business loan can be used for nearly all company need, including business remodeling, buying inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that requires security?
Asset security is required for funding of more than $150,000. This can be done by taking a charge against assets and can be registered in the PPSR or making a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature, rather than stipulating the security of a specific asset. The person who signs the guarantee is personally liable if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR gives priority over personal property to be assigned in accordance with the date on which a security interest has been registered.
A caveat is a legal document lodged to provide notice of a legal claim to property.
What is a pre-approval without Credit Check?
When you’re applying for a Larger Business Loan that is greater than $250,000, we may offer a preliminary pre-approval to help smooth out the process. We might be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes answering a couple of financial well-being checks. This is not an offer or guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you are offered could be based on different conditions.
The application process
Do I qualify for funds?
You may apply for an business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months worth of trade (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 fast and easy. Simply complete the online form within a few minutes and an experienced company lending specialist will call you 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 six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent as well as 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summary.
How soon will I hear an answer?
For an unsecured loan ($5K or more) we usually provide an answer in just one hour – as long as you make your application within standard company time and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements we can offer an answer in as little as 1 company day.
For the Larger Business Loan ($100K and up) we could be likely to offer you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Some agreements have been approved in the space of 24 hours.
The quickest method for you to apply is make sure you apply during normal company hours, and permit us to use the advanced bank verification system link to instantly verify your bank account information online. If you decide to send us documents from your account statement, it will take a little longer.
How soon will I receive the money?
For the Small Business Loan ($5K up to $100,000) we usually offer a response in one hour – provided you make your application during normal business hours and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statements, we’ll be able to offer a decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be able to provide you with pre-approval conditional to your application within six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The fastest way is to make sure you apply during normal business hours, and allow us to use the modern bank verification to check your bank’s information online. If you upload the copies of bank statements it may take a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 to $500,000. If you apply for a specific amount we look at a variety of factors for determining how much we can lend you health of the company and the amount of repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics for your company.
When you apply for a particular amount, we look at a range of elements to assess your well-being that is your company and the amount of repayments your company can afford. The amount you receive from your loan will be determined by the particulars that are unique to your business.
Fees & repayments
How do you charge for a company loan?
When you make an application for the company loan, we will assess the risk assessment of your business and offer you with a customised offer including the loan amount, the terms and the interest rates. This business loan is a loan that is priced upfront and you’ll know in advance the total amount you will have to pay, including charges or interest.
What is the basis for the rate I’m charged?
Business loan interest rates differ based on various variables like the amount to be borrowed, what business assets the funds are used to purchase in addition to the industry that the business operates in, how long the company has been running for, what percentage of the company has sufficient cash flow to fund the loan, and also the general well-being and creditworthiness of the company.
What are the fees?
There are no hidden costs with our company loans. You’ll know precisely what you’ll need to pay, and when, right from the very first day. There’s not any compounding interest and no additional fees (as as you make your payments punctually).
We don’t charge an application fee. You can apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
Can I pay off the loan earlier?
You can repay the entire amount of the loan at any point in time.
If you are deciding to do this please contact our helpful company loans professionals. The specialists will provide you with details for repayment along with an early payout estimate. This is calculated as the sum of the remaining principal amount and any accrued interest at the date of early payout plus 1.5% of the remaining principal plus any outstanding fees.
How do repayments work?
In order to help you avoid missing payments and to work with your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your nominated company account.
Security & privacy
Will my data be protected?
Protecting your information, and being upfront about how we collect the information we collect, use, share and safeguard your data, is of huge importance and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our clients and security. We use an advanced banking verification system to instantly verify your bank account information online to provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when a company owner makes use of an asset that they own to get the funds for a loan. The asset can be either a personal asset like the family home, or a business asset such as a truck or piece of equipment.
The majority of banks, not just the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, your assets could be taken over by the lender. In essence it is the process of securing new financing by making use of the value of what you already have.
Do I require security for a business loan?
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we require a personal guarantee. require the personal guarantee. As long as you follow the loan terms (as detailed in the loan contract), asset security will never be needed. If you take out loans in excess of $150,000 generally there is an individual guarantee and security in the form charges on assets.