FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Sunbury Small Business Loans
Tell me more about Sunbury Small Business Loans
Sunbury unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
What is the Unsecured Loan different from an traditional business loan?
It is imaginable to apply to get this Small Business Loan in under 10 minutes online or on the phone. You’ll receive an immediate response, and funds may be in your account within 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. This company loan is an upfront priced loan and you’ll know ahead of time the total amount to be paid, including any fees, charges or charges. This is then broken down into a daily or weekly payment amount.
What could you use the Small Business Loan be used for?
A Small Business Loan can be used for almost every company use, including the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
About Larger Sunbury Business Loans
What is the Larger Sunbury Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are either weekly or fortnightly to work with the flow of cash.
How’s the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan of this size, your company needs to be in operation for at least 3 years with an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
How can the funds be used for?
A Larger Business Loan can be used for nearly all company use, including business remodeling, buying inventory or new equipment as well as 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 required for funding of more than $150,000. This is by way of charge over assets, and may include registering this with the PPSR or registering as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is generally in nature rather than defining the security for a particular asset. The person signing the ensure is personally accountable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR gives preference over private property assigned according to the date the registration of a security interest.
The caveat can be described as a formal document that is filed to provide the public notice of a legal claim to a property.
What is a pre-approval without Credit Check?
When you’re applying for the Larger Business Loan of $250K or more it is possible to offer a preliminary pre-approval to help ease the process. We may be able to do this without credit checks and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health checks. It’s in no way an offer, nor is it a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you receive could be on different terms.
Application process
Do I have the right to receive funds?
You are eligible to apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months of trading (for you to qualify for unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is fast and simple. Just complete the online application in just a few minutes, and a dedicated business credit specialist will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details for application including credit consent and 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables summaries.
How fast will I get a decision?
For an unsecured loan ($5K and up) We can usually offer a response in one hour – as long as you apply during quality business time and let us utilise the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank statements , we are able to offer an answer in just one business day.
For the Larger Business Loan ($100K up to $500,000) we could be likely to provide the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however this can be quicker based on the particular circumstances of each application. Some agreements have been approved in the space of 24 hours.
The quickest way to apply would be to make sure you apply during normal company hours, and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you opt to upload documents from your account statement, it will take a little longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K and up) We can usually provide an answer within one hour – provided you make your application during standard business hours and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements, we are able to provide the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we might be able to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours, and let us use the modern bank verification link to instantly verify your bank information online. If you choose to upload duplicates of your banking statements, it may take a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 and $500,000. When you submit an application for a particular amount, we will consider a number of factors to determine your health for your company and the amount of repayments your business can afford. The amount you receive from your loan will be contingent on the specifics for your business.
When you apply for a specific amount we will consider a number of aspects to determine your health that is your company as well as the amount of the repayments your company will be able to support. The total amount of your loan will depend on the particular circumstances for your business.
Fees & repayments
How much do you charge for the cost of a business loan?
If you decide to request our company credit, we’ll assess the risk assessment of your company and provide you with a customised offer, including the amount of loan, the term and interest rates. The company loan is an upfront priced loan which means you be aware of the total amount you will have to pay, including charges, interest rates or fees.
What is the factor that determines the price I’m charged?
Business loan interest rates differ based on various factors like the amount of money that is borrowed, what business assets the money are used to purchase, the industry the company operates in, how long the company has been running and what percentage of the company has sufficient cash flow to cover the loan, and also the overall well-being or financial standing of the business.
What are the cost?
There aren’t any hidden costs for our business loans. You’ll know precisely how much you need to pay, and at what time, from the day you sign up. There’s no compounding and no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan with with no upfront cost or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
Can I repay the loan in advance?
You can repay the entire amount of the loan early at any time.
If you are deciding to do this please speak to our friendly business loan experts. The specialists will provide you with the details of your repayment and an early payout figure. It will be calculated using the total of the principal remaining and the accrued interest up to the time of early payment in addition to 1.5% of the principal balance and any fees that remain unpaid.
What is the process for repayments?
To ensure you do not miss due dates and also to be in line with your cash flow cycle we offer repayments either weekly or daily. These are automatically deducted from your business account.
Security & privacy
Will my data be protected?
Protecting your information, and being upfront about the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and is an essential 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 sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their security. We utilise a sophisticated bank verification system link to immediately verify your bank account details online so we can offer quick responses.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when the company owner uses an asset that they own to get the funds for a loan. The asset can be either an asset belonging to the personal, like the family home or it could be a company property like a truck or piece or equipment.
The vast majority of the lenders even the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan, the asset might be transferred to the lender. In essence it is a way of securing new financing using the value of what you already own.
What do I need security to get an business loan?
For loans of up to $150,000, it is not necessary to secure assets before you are able to access the money However, we do require an individual guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract document) the security of assets will never be required. For loans over $150,000 generally, you are able to get an individual guarantee and security is provided in the form of the charge of assets.