FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Seacombe Heights Small Business Loans
Let me know more about Seacombe Heights Small Business Loans
Seacombe Heights unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What makes this Unsecured Loan different from an traditional business loan?
You can apply to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and have the funds available in just 24 hours. Traditional company loans have an annual interest rate plus other fees and charges. We offer a business loan is an upfront priced loan and you’ll be aware of the total amount payable including any fees, charges or charges. This is then broken down into a daily or weekly installment amount.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly every company use, including the management of cash flow, company remodeling, marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan cannot be used to fund personal expenses.
About Larger Seacombe Heights Business Loans
What is the Larger Seacombe Heights Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly to work with the flow of cash.
How’s the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan of this size, your business needs to have been trading for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
What can I use the funding for?
A Larger Business Loan can be used for nearly any business reason, such as company improvements, purchasing inventory or new equipment as well as for general working capital and so much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. This is by way of charge against assets, which could also be registered with the PPSR or filing a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature rather than stating security over a particular asset. The person who is signing the guarantee is personally liable in the event that the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal document lodged to offer an official notice of a claim to property.
What is a pre-approval minus Credit Check?
When you’re applying for a Larger Business Loan that is greater than $250K we may be able to provide an initial pre-approval that will help make the process. We may be able to make this decision without a credit check, and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. This is in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer 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, own a New Zealand company (with a valid NZBN/IRD)
- must show at least six months’ worth of transactions (for for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and simple. Complete the online form in just a few minutes, and a dedicated company lending specialist will be in touch to guide you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) as well as 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: Application details including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent twelve months of bank statements, IRD statement, last 2 years finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) we typically offer an answer within one hour if you apply at quality company timings and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statements , we are able to provide the decision within just the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be able to offer you with conditional pre-approval in about six hours. After you’ve 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. Certain deals have been approved in less than 24 hours.
The quickest method would be to ensure you apply during normal company hours, and allow us to use the advance bank verification link to verify your bank account information online. If you opt to send us documents from your account statement, it may take a bit longer.
What is the time frame to receive the funds?
For the Small Business Loan ($5K to $100K) we typically provide a response in one hour if you apply in standard business hours and let us use the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements, we are able to provide an answer in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we might be in a position to offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain transactions have received approval within just 24 hours.
The most effective method can be make sure you apply during standard business hours and allow us to use our sophisticated bank verification to check your bank’s information online. If you choose to send us the copies of bank accounts, it can take a bit longer.
What’s the minimum amount I can borrow?
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of factors to determine how much we can lend you health of your company and the level of payments your company can support. The amount you receive from the loan will be determined by the particular circumstances the company.
When you submit an application for a specific amount we consider a variety of variables to assess the well-being of your business as well as the amount of payments your company can support. The total amount of your loan will depend on the specifics the company.
Fees & repayments
How do you charge for an company loan?
If you decide to request business loans with us company credit, we’ll assess the risk profile the business and provide you with a tailored proposal that includes the amount of loan, the term and interest rates. This company loan is an upfront priced loan therefore you will be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
What is the basis for the rate I’m charged?
The interest rates on company loans rates depend on a variety of factors like the amount of money of money borrowed, the business assets the money are used to purchase and the sector the company is in, how long the business has been running, whether the company has enough cash flow to pay for the loan, and general well-being or financial standing of the company.
What are the costs?
There aren’t any hidden charges for our company loans. You’ll know precisely how much you’ll need to pay, and when, starting from the day you sign up. There’s no compounding interest, and no extra fees (as as you make your payments punctually).
We do not charge an Application Fee. You are able to get a cash loan with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
Can I pay off the loan in advance?
You can decide to repay the entire amount of the loan in full at any time.
If you are deciding to take this route, please call our helpful business loan professionals. They’ll provide you with repayment details and an early payout figure. It will be calculated using the sum of the principal amount remaining and accrued interest to the time of early payment in addition to 1.5 percent of the principal balance and any fees that remain unpaid.
What are the repayment methods?
To help you avoid missing payments and to work your cash flow schedule, we offer repayments that are either daily or weekly. These are automatically withdrawn from your designated business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as being clear about the ways we gather the information we collect, use, share and ensure the security of your information is of huge importance and an integral part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system link to instantly verify the bank account details online. This allows us to provide a fast response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing occurs when an company owner borrows from assets they own to make the loan. The asset can be an individual asset, such as the family home, or it could be a business asset such as a vehicle as well as a piece of machine.
The majority of lending institutions, even the big banks, tend to make loans secured by assets. If you have trouble paying back the loan, your asset may be transferred to the lender. In essence it is the process of securing new financing by using the value of what you already have.
Are I need security to secure an company loan?
For loans up to $150K it is not necessary to secure assets upfront to access the money however, we do require a personal guarantee. In the event that you fulfill the loan terms (as specified in the loan contract) the security of assets will never be needed. For loans of over $150,000 generally, there is personal guarantee and security is provided in the form of an asset charge.