FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Robertson Small Business Loans
Tell me how you can avail the Robertson Small Business Loans
Robertson unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
What makes how is the Unsecured Loan different from an ordinary company loan?
You can apply to get your Small Business Loan in under 10 minutes via the internet or over the phone, receive an instant response and the money could be in your account in 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. This business loan is a pre-paid loan therefore you’ll know in advance the amount you will have to pay, including any fees, charges or charges. Then, it is divided into weekly or daily repayment figure.
What can be the Small Business Loan be used for?
A Small Business Loan can be used for virtually every company need, such as the management of cash flow, business improvements, advertising to purchase inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal use.
About the Larger Robertson Business Loans
What is the Larger Robertson Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the business needs to have been trading for at least 3 years and generate an annual revenue of at least $700,000. It is necessary to 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 of proving at minimum 12 months of business.
How can the funds be utilised?
A Business Loan of a larger size can be used for nearly any business use, including company improvements, purchasing new equipment or inventory, as general working capital and much more. The loan is not available for personal use.
Is the Larger Business Loan a secured loan?
Asset security is required to access funding over $150,000. It’s by taking a charge against assets, which could also include the registration of this on the PPSR or making a caveat.
A director’s or personal ensure is a commitment to repay a loan which is general in nature, rather than stipulating security over an asset. The person who is signing the guarantee is personally liable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR permits priority over personal property to be assigned according to the date the security interest has been registered.
A caveat is a legal form of document to provide an official notice of a claim to a property.
What is a pre-approval minus Credit Check?
If you’re applying for the Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval in order to simplify the process. We could be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial well-being checks. It’s in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you may receive may be based on different terms.
The application process
Can I be eligible for funding?
You are eligible to apply for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of business (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application in few minutes and a dedicated business credit specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K up to $100,000) we usually offer an answer in just one hour, provided you submit your request in quality company times and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statements , we are able to provide an answer in as little as an business day.
For the Larger Business Loan ($100K and up) we could be in a position to offer you with a conditional pre-approval within 6 hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved within 24 hours.
The fastest way is to make sure you apply during normal business hours, and permit us to use the advance bank verification to verify your bank account information online. If you opt to upload duplicates of your banking statements it takes a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K or more) We can usually offer an answer within one hour, provided you submit your request in standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statements, we are able to offer a decision in as little as the span of one business day.
For the Larger Business Loans ($100K or more) We may be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Certain agreements have been approved in the space of 24 hours.
The fastest method for you to apply is make sure you apply during normal business hours and allow us to use the sophisticated bank verification to check your bank’s information online. If you choose to upload the copies of bank statements it will take a little longer.
What is the maximum amount I can borrow?
We provide loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we take into consideration a range of aspects to determine how much we can lend you well-being for your business and the amount of repayments that your business is able to afford. The amount you receive from your loan will be contingent on the specific circumstances of your business.
When you submit an application for a specific amount we look at a range of aspects to assess how much we can lend you such as well-being for your business and the amount of repayments that your business can afford. The total amount of your loan will be determined by the specifics for your company.
Fees & repayments
How much do you charge for the cost of a business loan?
When you request business loans with us company loans, we’ll assess the risk profile of your business and offer an individualised proposal that includes the amount of the loan, the duration and interest rates. It is a business loan is a loan that is priced upfront and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
What is the factor that determines the price I am charged?
Interest rates for business loans rates depend on several factors including the amount of money borrowed, the company assets the funds will be used for and the sector the company is in, how long the business has been running and whether the business has sufficient cash flow to support the loan, and general well-being or financial standing of the company.
What are the costs?
There aren’t any hidden costs with our company loans. You’ll know exactly how much you need to pay, and when, right from the very first day. There’s no compounding interest, and no extra fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee includes the expenses associated 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 percentage of the amount of the loan.
Do I have the option of paying off the loan in advance?
You may choose to pay back all of your loan in full at any time.
If you choose to do this please contact our helpful company loan experts. They will provide you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal balance and any accrued interest at the time of early payout in addition to 1.5 percent of the principal balance as well as any outstanding fees.
How do repayments work?
To ensure that you don’t miss repayments and to fit in your cash flow schedule, we offer repayments that are either daily or weekly. These are automatically deducted from your nominated company account.
Security & privacy
Will my information be protected?
Protecting your information, and being clear about the ways we gather information, use it, and exchange it, as well as protect your information, is vital and is a crucial part 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 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 privacy. We use an advanced bank verification system to immediately verify your bank account information online, allowing us to provide quick responses.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when an business owner makes use of an asset they own to get the loan. The asset can be a personal asset like the family home or an business asset such as a vehicle or piece or equipment.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, then your assets could be sold by the lender. In essence, it is means of securing new funding using the worth of the asset you already own.
Are I need security to get an company loan?
Up to $150K in loans no asset security is required upfront to access the money however, we require a personal guarantee. need the personal guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract) the security of assets is not needed. If you take out loans in excess of $150,000 generally there is the option of a personal guarantee and security that is in the form an asset charge.