FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Greenslopes Small Business Loans
Let me know more about Greenslopes Small Business Loans
Greenslopes unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
How is this Unsecured Loan different from the traditional company loan?
You can apply for your Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and funds may be available in just 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. This business loan is an upfront priced loan which means you know in advance the total amount due, which includes any fees, charges or charges. Then, it is broken down into a daily or weekly amount to be paid back.
What can the Small Business Loan be used for?
A Small Business Loan can be used for almost any business need, such as control of cash flow company renovations, marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan cannot be used to fund personal expenses.
About Larger Greenslopes Business Loans
What is the Larger Greenslopes Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.
How’s the Origination Fee calculated?
A Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan of this size, your company needs to be operating for at least three years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
How can the funding be utilised?
A large business loan is a great option for almost every business reason, such as business remodeling, buying 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 to obtain funding above $150,000. It is usually by way of charge over assets and can be registered on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is generally in nature rather than specifying the security of a specific asset. The person who signs the ensure is personally accountable 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 lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR allows preference over private property granted according to the date a registration of a security interest.
Caveats are legal document lodged to offer an official notice of a claim to property.
What is a pre-approval that does not require Credit Check?
If you’re seeking a Larger Business Loan of $250K or more we can offer an initial pre-approval to ease the process. We might be able to apply for this without credit checks and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health questions. It’s in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer that you may receive may be on different terms.
The application process
Do I qualify for funds?
You are eligible to apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for a unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is quick and simple. Just fill out the online application in few minutes and a dedicated business lending specialist will be in touch to assist you.
To apply for up $100,000, you’ll require the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Information on the application including credit consent, 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
How quickly will I receive an answer?
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour if you make your application within standard company hours 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 bank statement, we’ll provide an answer in just one company day.
For the Larger Business Loan ($100K and up) we may be capable of provide the conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Some deals have been approved in less than 24 hours.
The fastest way can be make sure you apply during standard company hours. Also, permit us to use the advance bank verification to verify your bank account information online. If you send us duplicates of your banking statements it can take a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K to $100K) We can usually provide an answer within one hour – provided you submit your request at normal business time and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statements, we are able to provide the decision within the span of one business day.
For Larger Business Loans ($100K or more) we could be likely to provide you with a conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Certain deals have been approved in just 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours and let us use the advanced bank verification system to instantly verify your bank account information online. If you send us the copies of bank statements it takes a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of elements to determine what is the health of the company and the extent of payments your company is able to afford. The total amount of your loan will be contingent on the specifics the company.
When you submit an application for a set amount, we consider a variety of factors to determine your health that is your business and the amount of the repayments your company is able to afford. The amount you receive from the loan will be determined by the particular circumstances the company.
Fees & repayments
How much should you charge for a business loan?
If you decide to make an application for business loans with us company credit, we’ll assess the risk profile the company and offer you with a customised offer, including the loan amount, the terms and the interest rates. The business loan is a loan that is priced upfront which means you know the exact amount payable including any costs, fees, or interest rates.
What is the basis for the rate I am charged?
Interest rates for business loans rates depend on a variety of variables like the amount to be that is borrowed, what business assets the money will be used for in addition to the industry that the company operates in, how long the business has been in operation for, how long the business has sufficient cash flow to fund the loan, and the general well-being as well as creditworthiness company.
What are the charges?
There aren’t any hidden charges with our company loans, and you’ll know exactly how much you be required to pay and at what time, from day one. There’s not any compounding interest and no extra fees (as long as you are able to make your payments in time).
We do not charge an application fee. You are able to get a cash loan with without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated with establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
Can I pay out the loan earlier?
You can choose to repay the entire amount of your loan early at any time.
If you are deciding to pursue this option, please talk to one of our helpful company credit experts. They’ll provide you with details for repayment as well as an early payout amount. This is calculated as the total of the principal balance and any accrued interest at the time of the early payout plus 1.5% of the principal remaining and any outstanding fees.
What is the process for repayments?
To ensure that you don’t miss repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your designated business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as making it clear how we collect the information we collect, use, share and ensure the security of your information is crucial and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their security. We employ an exceptionally sophisticated banking verification system to instantly verify your bank account details online to offer a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when an business owner makes use of an asset that they own to secure a loan. The asset could be an asset belonging to the personal, like the family home, or an company property like a truck or piece of equipment.
The vast majority of the lenders even the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence, it is a way of securing new funding taking advantage of the value of what you already have.
Are I require security to get an company loan?
For loans up to $150K no asset security is required before you are able to access the money However, we require a personal guarantee. need the personal guarantee. If you adhere to the terms of your loan (as detailed in the loan contract) the security of assets is not needed. For loans that exceed $150,000, generally there is a personal ensure and security that is in the form a charge over assets.