FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Shailer Park Small Business Loans
Tell me about the Shailer Park Small Business Loans
Shailer Park unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
How is how is the Unsecured Loan different from an ordinary 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 have the funds in your account in 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. This business loan is an upfront priced loan therefore you’ll be aware of the total amount due, which includes any fees, charges or charges. This is then broken down into weekly or daily repayment figure.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every business need, such as managing cash flows, company remodeling, marketing for purchasing inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal purposes.
About Larger Shailer Park Business Loans
What is the Larger Shailer Park Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the amount of the loan.
Can I get 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 with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (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 Business Loan can be used for nearly any company need, including company remodeling, buying new equipment or inventory, as general working capital and so much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan a secured loan?
Asset security is needed for accessing funds over $150,000. It is usually by way of charge on assets, which could also include the registration of this in the PPSR or filing a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is generally based rather than specifying security over an asset. The person who is signing the guarantee is personally liable if the business borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR gives preference over private property granted according to the date the security interest was registered.
A caveat is a legal document that is filed to offer the public notice of a legal claim against a property.
What is a pre-approval minus Credit Check?
When you’re applying for larger company loans of $250K or more, we may offer a preliminary pre-approval to help simplify the process. It is possible to apply for this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on a preliminary assessment which includes you answering a few financial health checks. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you may receive may have different terms.
The application process
Do I qualify for funds?
You may be eligible for a business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months of business (for the 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 easy. Just complete the online application within a few minutes and an experienced company lending specialist will call you to guide you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent and 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables summary.
How quickly will I receive a decision?
For an unsecured loan ($5K and up) we typically provide an answer in just one hour if you submit your request at quality company timings and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements we can offer a decision in just one company day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Some transactions have received approval within less than 24 hours.
The fastest way can be make sure you apply during normal company hours. Also, allow us to use the advance bank verification link to check your bank’s information online. If you decide to send us the copies of bank statements , it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K and up) we typically provide an answer within one hour – as long as you apply during standard business times and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements, we are able to offer a decision in just the span of one business day.
For the Larger Business Loans ($100K and up) we may be likely to offer the conditional pre-approval in around six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be faster depending on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The fastest method would be to ensure you apply during normal business hours and allow us to use our sophisticated bank verification link to instantly verify your bank information online. If you decide to send us duplicates of your banking statements it can take a bit longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 and $500,000. When you submit an application for a particular amount, we take into consideration a range of factors in order to assess the well-being for your company and the level of repayments that your business can support. The amount you receive from your loan will depend on the specific circumstances for your company.
When you apply for a set amount, we consider a variety of aspects to determine how much we can lend you such as health that is your company and the level of payments your company will be able to support. The amount you receive from your loan will be determined by the specific circumstances the business.
Fees & repayments
What is the cost for a business loan?
When you make an application for one of our business credit, we’ll assess the risk assessment the business and provide you with a customised offer including the amount of the loan, the duration and interest rates. This company loan is an upfront-priced loan so you will be aware of the total amount due, which includes any interest rates, fees or charges.
What is the factor that determines the price I’m charged?
The interest rates on company loans rates depend on a variety of factors including the amount borrowed, the company assets the money will be used for in addition to the industry that the business operates in, how long the business has been in operation and whether the company has sufficient cash flow to cover the loan, and the general well-being or creditworthiness of the business.
What are the costs?
There aren’t any hidden costs for our company loans, and you’ll be aware of the amount you’ll need to pay and when, right from the very first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments punctually).
We do not charge an Application Fee. You can make an application for loans with without any upfront costs or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I pay out the loan earlier?
You can choose to repay all of your loan early at any time.
If you do decide to do this please contact our helpful business lending experts. The experts will provide you with the details of your repayment and an early payment figure. This is calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payment in addition to 1.5 percent of the principal amount remaining and any fees that remain unpaid.
How do repayments work?
To help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your designated company account.
Security & privacy
Will my data be protected?
Protecting your information, and making it clear the ways we gather, use, exchange and protect your information, is vital and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We make use of an advanced banking verification system to immediately verify the bank account details online so we can offer a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when a company owner uses an asset they own to obtain the loan. The asset may be an asset belonging to the personal, like the family home or a company asset such as a truck as well as a piece of machine.
The majority of banks, not just the banks with the biggest size, prefer to secure loans against an asset. If you are having difficulty paying back the loan then the asset might be taken over by the lender. In essence, it is a way of securing new financing making use of the value of what you already own.
What do I need security to get an business loan?
For loans up to $150K no asset security is required prior to the loan’s access but we require a personal guarantee. need an individual guarantee. As long as you follow your loan commitments (as stated in your loan contract) Asset security will never be needed. For loans of over $150K generally there is a personal ensure and security that is in the form charges on assets.