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Melbourne Business Loans
Providing Specialist Business Finance

Services in Ashwood

  • Unsecured Business Loan Ashwood
  • Business Finance Ashwood
  • Ashwood Business Lending
  • Ashwood Business Loan
  • Small Business Finance Ashwood
  • Ashwood Business Funding
  • Ashwood Working Capital
  • Small Business Lending Ashwood
  • Short Term Business Loan Ashwood

Business Finance Ashwood Melbourne 3147 VIC

Simple eligibility checklist

Small Business Loan Eligibility Criteria

The criteria for eligibility for an unsecured business loan in Melbourne of between $5K and $100K are pretty minimal.

  • A minimum of six months in business
  • At least $6,000 revenue per month
  • You must be a New Zealand based business with a New Zealand Business Number (NZBN)
  • Passport or
  • Driver’s License to serve as identification proof
  • You should have a New Zealand bank as your primary account for trading
  • Bank statements from the last 6 months

Do you need more money? Review the conditions of eligibility for our $100K-$500K company loans.

Quick application checklist

What do you need to apply

All you need to start is your contact details (the name of your company, your name, email and telephone) and the amount you’d like to borrow and your monthly income.

In the course of the process and before settlement we’ll require confirmation of who you are, but not to get started:

  • Details of the Idenfication (valid Driver’s Licence)
  • Details of the business including time of trading, ownership details , and details of ownership and trading time, as well as NZBN (New Zealand Business Number)

In addition, once we have started in the process, for loans that exceed $150,000, you will also require basic financial statements:

  • Profit & Loss statement
  • Aged payables
  • Aged receivables

Let’s get started.

 

FAQ: business lending & business loans for business owners

Business Loans Frequently Ask Questions

More about the Melbourne Small Business Loans

Let me know what you think of the Melbourne Small Business Loans

Melbourne unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments that are either daily or weekly.

What is this Unsecured Loan different from a traditional business loan?

It is imaginable to apply for this Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and the funds could be in your account in 24 hours. Traditional company loans are based on an interest rate per annum along with other charges and fees. This business loan is a pre-paid loan which means you know ahead of time the total amount payable including any fees, interest or charges. Then, it is divided into weekly or daily repayment figure.

What can the Small Business Loan be used for?

A Small Business Loan can be used for nearly any business reason, such as cash flow management, company renovations, marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal use.

About Larger Melbourne Business Loans

What is the Larger Melbourne Business Loan?

The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly, depending on the flow of cash.

How is the Origination Fee determined?

The Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.

Am I eligible for the Larger Business Loan?

To be eligible for a credit that is this large, your company needs to have been operating for at least three years and generate an annual revenue of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.

How can the funds be utilised?

A Business Loan of a larger size can be used for nearly every business purpose including business renovations, to purchase new equipment or inventory for general working capital, and much more. The loan cannot be used to fund personal expenses.

Is the Larger Business Loan a secured loan?

Asset security is required for funding of more than $150,000. It’s as a result of an charge on assets and can include registration with the PPSR or registering a caveat.

A director’s or personal ensure is a commitment to pay off a credit line that is general in nature rather than specifying security over an asset. The person who signs the guarantee is personally accountable if the business borrower is unable to make the repayment.

The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR grants priority over personal property to be assigned in accordance with the date on which a security interest was registered.

Caveats are legal document lodged to provide the public notice of a legal claim on a property.

What is a pre-approval that does not require Credit Check?

When you’re applying for the Larger Business Loan of more than $250K we may be able to provide a preliminary pre-approval to help simplify the process. It is possible to make this decision without a credit check, and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial health checks. It is not an offer or guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you might receive could be on different terms.

The application process

Do I qualify for funds?

You may be eligible for an 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)
  • must show at least six months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K up to $500K)

How do I apply?

The application process is fast and simple. Complete the online form in just a few minutes, and an experienced business credit specialist will be in touch to help you.

To apply for up to $100,000 you’ll require identification details (valid Driver’s Licence), an active NZBN/IRD, and at least 6 months’ worth of bank statements.

If you’re looking for loans with larger sizes, you’ll require:

$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent as well as 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summary.

What speed will I be able to get an answer?

For an unsecured loan ($5K and up) we typically provide a response in one hour – as long as you make your application at quality business time and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statement, we’ll offer a decision within 1 company day.

If you are applying for a Larger Business Loan ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain transactions have received approval within 24 hours.

The quickest method would be to make sure you apply during normal business hours, and permit us to use the advance bank verification link to instantly confirm your bank details online. If you choose to send us the copies of bank accounts, it will take a little longer.

How quickly will I receive the cash?

For the Small Business Loan ($5K up to $100,000) we can often offer a response in one hour if you make your application within normal business timings and allow us to use the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements, we’ll be able to provide an answer in as little as the span of one business day.

For the Larger Business Loans ($100K or more) we might be capable of provide you with conditional pre-approval within six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Some offers have been approved within 24 hours.

The quickest method is to ensure you apply during standard business hours. You can also allow us to use the advance bank verification link to confirm your bank details online. If you decide to send us copies of your bank statements, it may take a bit longer.

How much can I borrow?

We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount we look at a variety of elements in order to assess your well-being of the company and the extent of repayments your business can afford. The total amount of the loan will be determined by the specifics for your company.

If you apply for a set amount, we look at a range of elements to assess your health that is your business and the level of the repayments your business can support. The amount you receive from the loan will be determined by the particulars that are unique to your business.

Fees & repayments

How much do you charge for a company loan?

If you decide to request business loans with us business financing, we’ll assess the risk assessment the company and provide you with a customised offer, including the loan amount, the terms and the interest rates. This business loan is an upfront cost loan which means you know in advance the total amount due, which includes any interest rates, fees or charges.

What determines the rate that I am charged?

Business loan interest rates depend on several factors like the amount of money borrowed, what business assets the funds are used to purchase as well as the field the company is operating in, how long the business is in operation and in the event that the company has sufficient cash flow to cover the loan, as well as the general well-being or creditworthiness of the business.

What are the charges?

There aren’t any hidden charges for our business loans, and you’ll know precisely how much you need to pay, and when, right from the very first day. There’s not any compounding interest and no additional fees (as as long as you pay your payments on time).

We do not charge an application fee. You can get a cash loan with without any upfront costs or commitment to apply.

The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.

Do I have the option of paying off the loan in advance?

You can repay the total amount of your loan early at any time.

If you decide to take this route, please speak to our friendly company loan professionals. They will offer you with the details of your repayment as well as an early payout amount. This is calculated as the sum of the principal balance and the accrued interest up to the date of early payout plus 1.5% of the principal balance and any outstanding fees.

What are the repayment methods?

To help you avoid missing payments and to work your cash flow schedule, we provide repayments either daily or weekly. They are automatically deducted from your designated company account.

Security & privacy

Will my data be secure?

Making sure that your information is secure, and knowing how we collect, use, exchange and ensure the security of your information is vital 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 protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online to provide a fast response.

About business loans

What exactly is an asset-based loan (a secured loan)?

The term "asset-based" refers to borrowing where an business owner uses an asset that they own to obtain the funding. The asset can be either a personal asset like the family home or a business property like a truck or piece of equipment.

The vast majority of lending institutions, including the banks with the biggest size, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be sold by the lender. In essence, it is means of securing new financing by making use of the value of what you already own.

Are I require security to get an business loan?

Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we do need a personal guarantee. In the event that you fulfill your loan obligations (as stipulated in the loan contract), asset security will never be required. If you take out loans in excess of $150K typically, you will need the option of a personal ensure and security in the form a charge over assets.

Melbourne Business Loans Services

Unsecured Business Loans

Unsecured Business Loans

Eligibility Requirements

Eligibility Requirements

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1300 930 634