FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Flinders View Small Business Loans
Let me know how you are able to avail the Flinders View Small Business Loans
Flinders View unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What is what makes the Unsecured Loan different from an ordinary company loan?
Apply to this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and the money could be in your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. Our business loan is a loan that is priced upfront which means you be aware of the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either weekly or daily amount to be paid back.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, business renovations, marketing for purchasing inventory or new equipment, for general working capital and much more. The loan cannot be used for personal use.
About the Larger Flinders View Business Loans
What is the Larger Flinders View Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
Can I get the Larger Business Loan?
To qualify for a loan in this amount the business needs to be in operation for at least 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
What can I use the funding for?
A Business Loan of a larger size can be used for almost any business reason, such as business improvements, purchasing equipment or inventory, as general working capital and so much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that is secured?
Asset security is necessary to access funding over $150,000. It is usually in the form of a charge over assets, and may include registration in the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature rather than stating the security of a specific asset. The person who is signing the ensure is personally responsible if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be assigned depending on the date that a security interest that is registered.
Caveats are legal form of document to offer an official notice of a claim to property.
What is a pre-approval minus Credit Check?
When you’re applying for the Larger Business Loan that is greater than $250,000 it’s possible to offer an initial pre-approval that will help smooth out the process. We could be able to get this done without credit checks and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial health checks. It is in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer you are offered could be subject to different conditions.
Application process
Do I have the right to receive funds?
You may be eligible for an company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, 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 three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and easy. Simply complete the online form within a couple minutes, and an experienced company credit specialist will call you to guide you through the process.
To apply for up $100,000, you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent as well as 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
How fast will I get a decision?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour, provided you apply during quality company times and allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll provide a decision in just 1 business day.
For Larger Business Loans ($100K to $500K) we could be in a position to offer you with pre-approval conditional to your application within six hours. Once you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Some offers have been approved in less than 24 hours.
The quickest way to apply can be ensure you apply during normal company hours. Also, allow us to use our modern bank verification link to instantly verify your bank information online. If you upload the copies of bank accounts, it takes a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K and up) we usually offer a response in one hour if you make your application during standard business time and permit us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statements, we’ll be able to offer the decision within one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however this can be faster depending on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours, and let us use the advanced bank verification system link to check your bank’s information online. If you upload copies of your bank statements it can take a bit longer.
What is the maximum amount I can borrow?
We provide the loan amount between $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of aspects in order to assess the well-being that is your business and the extent of the repayments your company will be able to support. The total amount of your loan will be contingent on the specifics that are unique to your business.
When you make an application for a certain amount, we consider a variety of aspects to assess your well-being of your company and the level of repayments your business is able to afford. The total amount of your loan will be determined by the particulars the company.
Fees & repayments
How do you charge for a business loan?
When you make an application for one of our business loans, we’ll assess the risk profile of your business and provide you with a tailored offer that includes the amount of loan, the term and interest rates. The company loan is an upfront priced loan and you’ll know in advance the total amount you will have to pay, including charges or interest.
What is the factor that determines the price I am charged?
The interest rates on company loans rates depend on a variety of factors including the amount borrowed, what company assets the money are used to purchase, the industry the business is operating in, how long the company has been operating and whether the company has enough cash flow to fund the loan, and general health as well as creditworthiness company.
What are the fees?
There are no hidden costs for our company loans. You’ll know precisely what you need to pay and when, right from the day you sign up. There’s no compounding interest and no extra fees (as as you make your payments on time).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
Can I pay off the loan earlier?
You can repay the total amount of your advance loan at any time.
If you choose to do this please speak to our friendly company credit professionals. We will provide you with the details of your repayment along with an early payout estimate. It will be calculated using the total of the remaining principal amount plus any accrued interest as of the date of early payout, plus 1.5% of the principal balance plus any outstanding fees.
How do repayments work?
In order to help you avoid missing payments and to work your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from your designated business account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as being transparent about how we collect data, process, exchange and protect your information, is crucial and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account details online. This allows us to offer an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when a business owner borrows from the assets they have to get the funding. The asset can be an individual property, such as the family home or it could be a company asset such as a truck or piece of equipment.
The vast majority of lending institutions, even the major banks, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, then your asset may be taken over by the lender. In essence it’s a way of securing additional financing using the value of what you already have.
What do I require security for an business loan?
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money but we require a personal guarantee. require a personal guarantee. As long as you follow the loan terms (as stipulated in your loan contract document) the security of assets is not required. For loans over $150K generally, there is a personal guarantee and security is provided in the form of charges on assets.