FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Sunbury Small Business Loans
Let me know how you can avail the Sunbury Small Business Loans
Sunbury unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
What makes this Unsecured Loan different from an ordinary company loan?
Apply to get this Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive a same day response and have the funds on your account within 24 hours. Traditional company loans have an annual rate of interest together with additional fees and charges. The company loan is a pre-paid loan and you’ll know ahead of time the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into either a daily or weekly payment amount.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used to fulfill almost any business use, including managing cash flows, business improvements, advertising to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
About the Larger Sunbury Business Loans
What is the Larger Sunbury Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
How is the Origination Fee determined?
This 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 credit that is this large the business needs to be operating for at least three years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
What can I use the funds for?
A Larger Business Loan is a great option for almost all company need, including business improvements, purchasing inventory or new equipment, as general working capital, and much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. This is by taking a charge on assets, and may include registering this in the PPSR or making a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is general in nature rather than stipulating security over a particular asset. The person signing the guarantee is personally responsible if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR gives the priority of personal property granted according to the date the security interest was registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim on a property.
What is a pre-approval that does not require Credit Check?
If you’re seeking an enterprise loan that exceeds $250,000 we can offer an initial pre-approval in order to make the process. We may be able to apply for this without a credit check and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering a few financial well-being checks. This is neither an offer nor a guarantee of financing. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you receive could be on different terms.
Application process
Do I have the right to receive funds?
You can apply for a business loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months of business (for for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and simple. Simply complete the online form within a few minutes and a dedicated company lending specialist will call you to guide you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Application details including credit consent twelve months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables reports.
What speed will I be able to get a decision?
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within an hour if you submit your request during standard company timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statements , we will be able to offer an answer in as little as the span of one business day.
For the Larger Business Loan ($100K and up) we may be capable of provide the conditional pre-approval in about 6 hours. After you’ve signed your pre-approval document, you will need to wait around 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain deals have been approved in the space of 24 hours.
The most effective method can be ensure you apply during standard company hours and allow us to use the advanced bank verification system link to verify your bank account information online. If you choose to send us documents from your account accounts, it may take a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K to $100K) we usually offer an answer within one hour – as long as you apply during standard business times and you allow us to use the bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements, we’ll be able to provide the decision in just the span of one business day.
For the Larger Business Loans ($100K up to $500,000) We may be in a position to offer you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The fastest way would be to make sure you apply during normal business hours. Also, let us use the advanced bank verification system link to instantly check your bank’s information online. If you upload the copies of bank accounts, it may take a bit longer.
What is the maximum amount I can borrow?
We offer loans that range from $5,000 to $500,000. When you submit an application for a particular amount, we take into consideration a range of factors that determine what is the health for your company and the extent of payments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
When you submit an application for a set amount, we will consider a number of aspects to assess the well-being that is your business and the level of repayments your company will be able to support. The amount you receive from the loan will be determined by the specifics of your business.
Fees & repayments
What is the cost for the cost of a company loan?
If you decide to apply for the business loans, we’ll assess the risk assessment of your company and offer an individualised offer including loan amount, term and interest rates. This business loan is an upfront cost loan and you’ll know in advance the total amount to be paid, including any charges, interest rates or fees.
What is the basis for the rate I pay?
Interest rates for company loans rates vary due to variables like the amount to be that is borrowed, what company assets the money are used to purchase, the industry the company is operating in, how long the business has been in operation for, whether the company has sufficient cash flow to support the loan, and general well-being or financial standing of the business.
What are the cost?
There aren’t any hidden costs for our company loans, and you’ll know precisely how much you be required to pay, and when, from day one. There’s no compounding interest, and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an application fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
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 amount of loan.
Do I have the option of paying off the loan earlier?
You can decide to repay all of your loan in full at any time.
If you decide to take this route, please contact our helpful business loans experts. They’ll offer you with the details of your repayment and an early payout figure. It will be calculated using the sum of the remaining principal amount plus any accrued interest as of the time of early payment, plus 1.5% of the remaining principal as well as any outstanding fees.
How do you make repayments work?
To make sure you do not miss payments and to work with your cash flow standard, we provide repayments either weekly or daily. These are automatically withdrawn from your business account.
Security & privacy
Will my information be secure?
Protecting your information, and making it clear how we collect, use, exchange and ensure the security of your information is crucial and an integral element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We employ an exceptionally sophisticated bank verification system to immediately verify your bank account information online. This allows us to provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when the company owner uses assets they own to secure the funds for a loan. The asset may be an asset belonging to the personal, like the family home or an company asset like a truck as well as a piece of machine.
The vast majority of banks, including the banks with the biggest size, prefer to secure loans against an asset. If you’re struggling to pay back the loan then your assets could be sold by the lender. In essence it’s the process of securing additional financing making use of the value of what you already own.
Do I require security for a business loan?
For loans of up to $150K, the requirement for asset security is not required in advance to gain access to the funds, however we do need an individual guarantee. In the event that you fulfill the loan terms (as stated in the loan contract), asset security is not needed. For loans of over $150K typically, you will need a personal ensure and security in the form of a charge over assets.