FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Templestowe Small Business Loans
Let me know more about Templestowe Small Business Loans
Templestowe unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
What makes what makes the Unsecured Loan different from an ordinary company loan?
Apply to get this Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the money could be on your account within 24 hours. Traditional company loans have an annual rate of interest as well as other fees and charges. We offer a company loan is a loan that is priced upfront therefore you’ll be aware of the total amount due, which includes any interest, fees or charges. Then, it is broken down into weekly or daily amount to be paid back.
What can be the Small Business Loan be used for?
The Small Business Loan can be used for almost any business need, such as managing cash flows, company remodeling, marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
About the Larger Templestowe Business Loans
What is the Larger Templestowe Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
How’s the Origination Fee determined?
The Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a credit in this amount the business needs to have been operating for at least three years and generate an annual revenue of $700,000. It is necessary to 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 to prove at minimum 12 months of continuous trading.
What can the funds be used for?
A Business Loan of a larger size can be used for almost any business need, including business remodeling, buying inventory or new equipment or as general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is needed to access funding over $150,000. This can be done as a result of an charge on assets, and could include the registration of this on the PPSR or the registration of a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally in nature rather than defining security over an asset. The person who is signing the guarantee is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR allows priority over personal property to be granted according to the date the security interest has been registered.
An affidavit is an official document that is filed to provide an official notice of a claim on a property.
What exactly is a preapproval without Credit Check?
If you’re requesting larger company loans that exceeds $250,000 we can offer an initial pre-approval that will help simplify the process. We might be able to do this without credit checks and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial health questions. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you might receive could have different conditions.
Application process
Are I eligible for funding?
You may apply for a business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for for the unsecured loan $5K – $100K) or 3 years of trading (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 in few minutes and a dedicated business lending specialist will contact you to assist you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger 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 of the application, including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
How soon will I hear an answer?
For an unsecured loan ($5K to $100K) we typically offer an answer within one hour if you submit your request at quality business hours and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we are able to offer a decision within just 1 business day.
For the Larger Business Loan ($100K and up) we may be likely to offer you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will require to wait about 2-3 days for 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 most efficient method for you to apply is ensure you apply during standard business hours. Also, allow us to use the advanced bank verification system link to verify your bank account information online. If you opt to upload the copies of bank statement, it takes a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K and up) we can often offer an answer within one hour if you submit your request at normal business time and permit us to use the bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statements we can offer a decision within the span of one business day.
For the Larger Business Loans ($100K up to $500,000) we could be capable of offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved in less than 24 hours.
The most efficient method can be ensure you apply during normal business hours. You can also allow us to use the advanced bank verification system link to confirm your bank details online. If you choose to upload duplicates of your banking accounts, it will take a little longer.
What’s the minimum amount I can borrow?
We offer loans ranging from $5,000 and $500,000. When you make an application for a particular amount, we look at a variety of factors for determining your well-being of your business and the extent of payments your company will be able to support. The amount you receive from your loan will depend on the specifics of your business.
When you make an application for a specific amount we look at a range of aspects to determine how much we can lend you such as health of your company and the level of payments your company will be able to support. The total amount of your loan will be contingent on the particulars of your business.
Fees & repayments
How much should you charge for the cost of a business loan?
If you decide to make an application for the company credit, we’ll assess the risk profile the business and provide you with a customised offer that includes the loan amount, the terms and the interest rates. This company loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any costs, fees, or interest rates.
What is the factor that determines the price I pay?
Interest rates for business loans rates vary due to factors including the amount of money borrowed, the company assets the funds are used to purchase as well as the field the company is in, how long the business has been operating as well as whether the company has enough cash flow to support the loan, and also the overall well-being and creditworthiness of the business.
What are the fees?
There are no hidden costs for our business loans. You’ll know precisely how much you’ll be required to pay and at what time, from the first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
Do I have the option of paying off the loan earlier?
You can repay the entire amount of the advance loan at any time.
If you decide to do this please speak to our friendly company loans professionals. We will provide you with details for repayment along with an early payout estimate. This will be calculated as the sum of the principal remaining plus any accrued interest as of the time of the early payout in addition to 1.5 percent of the principal balance and any fees that remain unpaid.
How do you make repayments work?
In order to help you avoid missing payments and to work your cash flow schedule, we provide repayments either daily or weekly. These are automatically deducted from your company account.
Security & privacy
Will my data be secure?
Making sure that your information is secure, and being clear about how we collect information, use it, and exchange it, as well as ensure the security of your information is of huge importance and a vital element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to security for our clients and security. We utilise a sophisticated banking verification system to instantly verify the bank account details online to provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when the company owner utilises an asset that they own to obtain the funds for a loan. The asset could be a personal asset like the family home, or it could be a business asset such as a truck as well as a piece of machine.
The majority of lenders, not just the big banks, tend to secure loans against assets. If you’re having trouble paying back the loan, then the asset might be sold by the lender. In essence it’s an opportunity to secure new financing by making use of the value of what you already own.
Are I need security to secure a company loan?
For loans that exceed $150K, there is no requirement for asset security upfront to access the money however, we do require an individual guarantee. If you adhere to the terms of your loan (as detailed in the loan contract), asset security will never be needed. For loans that exceed $150K, typically, you will need the option of a personal ensure and security that is in the form a charge over assets.