FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Chandler Small Business Loans
Tell me how you are able to avail the Chandler Small Business Loans
Chandler unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
How is how is the Unsecured Loan different from a traditional business loan?
You can apply for the Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and the funds could be in your account in 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. This business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount payable including the interest, fees and charges. Then, it is broken down into weekly or daily payment amount.
What could be the Small Business Loan be used for?
A Small Business Loan can be used for almost any business purpose including managing cash flows, business renovations, marketing for purchasing inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal reasons.
About the Larger Chandler Business Loans
What is the Larger Chandler Business Loan?
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
How is the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan of this size the business needs to be operating for at least three years and generate an annual revenue of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
What can I use the funds for?
A larger company loan can be used for almost all company purpose including company renovations, purchase of inventory or new equipment or as general working capital and so much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is necessary for funding of more than $150,000. This can be done as a result of an charge on assets and can be registered through the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than defining the security for a particular asset. The person who signs the guarantee is personally accountable if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including the assets or goods). The PPSR allows prioritisation over property that is personal to be granted in accordance with the date on which a security interest was registered.
An affidavit is an official document filed to offer the legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re seeking a Larger Business Loan of $250K or more we can offer a preliminary pre-approval to help ease the process. We may be able to get this done without a credit check and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial well-being checks. It’s not an offer or guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you may receive may be based on different conditions.
Application process
Do I qualify for funds?
You may be eligible for an company 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)
- must show at least six months’ worth of transactions (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 easy. Just fill out the online application within a few minutes and a dedicated company credit specialist will call you to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
What speed will I be able to get a decision?
For an unsecured loan ($5K to $100K) We can usually provide a response in one hour if you apply at quality company times and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statement, we’ll offer the decision within an company day.
For the Larger Business Loan ($100K and up) we could be capable of offer the conditional pre-approval within 6 hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Some agreements have been approved in less than 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours. Also, let us use the advanced bank verification system to verify your bank information online. If you decide to send us copies of your bank statements , it may take a bit longer.
How fast will I get the money?
For the Small Business Loan ($5K up to $100,000) we typically offer an answer within an hour if you submit your request in normal business hours and allow us to use the bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can offer the decision in as little as 1 business day.
For the Larger Business Loans ($100K to $500K) We may be capable of provide you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours, and let us use the sophisticated bank verification link to verify your bank account information online. If you send us copies of your bank statement, it takes a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of factors for determining the well-being of the company and the amount of the repayments your company can support. The amount you receive from your loan will be contingent on the particular circumstances of your company.
When you apply for a certain amount, we take into consideration a variety of variables to assess the well-being that is your company and the level of payments your company can support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
Fees & repayments
What is the cost for the cost of a business loan?
When you apply for our company financing, we will assess the risk profile the company and offer you with a customised proposal that includes loan amount, term and the interest rates. This business loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
What is the factor that determines the price I am charged?
The interest rates on company loans rates depend on a variety of factors such as the amount that is borrowed, what business assets the money are used to purchase as well as the field the business operates in, how long the business has been in operation, how long the company has sufficient cash flow to fund the loan, and general health and creditworthiness of the company.
What are the charges?
There are no hidden costs for our company loans. You’ll know exactly how much you’ll need to pay and when, starting from day one. There’s no compounding interest, and no additional fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You are able to request a credit loan no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Can I pay out the loan early?
You can decide to repay the total amount of your loan at any point in time.
If you choose to do this please speak to our friendly business loans experts. They will offer you with details on repayment as well as an early payout amount. It will be calculated using the total of the principal amount remaining and any accrued interest at the date of early payout in addition to 1.5 percent of the principal remaining plus any outstanding fees.
What are the repayment methods?
To make sure you do not miss repayments and to fit in with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from the nominated company account.
Security & privacy
Will my data be protected?
Protecting your information, and knowing how we collect information, use it, and exchange it, as well as secure your information, is of huge importance and is a crucial 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 protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to customer security and security. We utilise a sophisticated bank verification system to instantly confirm your bank account information online so we can provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when an company owner makes use of the assets they have to get the funds for a loan. The asset may be an individual asset, such as the family home or a company asset such as a vehicle as well as a piece of machine.
The vast majority of banks, including the big banks, tend to guarantee loans against assets. If you’re struggling to pay back the loan, then your asset may be transferred to the lender. In essence it’s a way of securing additional financing using the value of what you already have.
Do I need security to get an business loan?
For loans of up to $150K, no asset security is required before you can access the money but we do need an individual guarantee. So long as you comply with your loan obligations (as specified in your loan contract), asset security will never be required. For loans of over $150K generally, you can get personal ensure and security is provided in the form of the charge of assets.