FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Bentley Small Business Loans
Tell me how you can avail the Bentley Small Business Loans
Bentley unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
What is how is the Unsecured Loan different from an ordinary business loan?
The application to get this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an immediate response, and have the funds in your account within 24 hours. Traditional company loans are based on an annual rate of interest plus other fees and charges. We offer a company loan is a loan that is priced upfront so you will be aware in advance of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either a daily or weekly payment amount.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually any business reason, such as managing cash flows, company renovations, marketing to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal purposes.
About Larger Bentley Business Loans
What is the Larger Bentley 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 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
How’s the Origination Fee determined?
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit that is this large the business needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
What can I use the funding for?
A Business Loan of a larger size can be used for nearly all business use, including business renovations, to purchase equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. It’s by taking a charge on assets, which could also include registration with the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature, rather than specifying security over a particular asset. The person who signs the guarantee is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR permits the priority of personal property granted according to the date a security interest that is registered.
The caveat can be described as a formal document that is filed to provide notice of a legal claim against a property.
What is a pre-approval without Credit Check?
When you’re applying for the Larger Business Loan of $250K or more we may be able to provide an initial pre-approval in order to make the process. We might be able to get this done without credit checks and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial health questions. This is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different terms.
Application process
Do I qualify for funds?
You may be eligible for an company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand business (with a valid NZBN/IRD)
- must show at least six months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The process for applying is fast and easy. Just complete the online application within a few minutes and a dedicated company lending specialist will call you to help you.
For a loan of up to $100,000, you’ll need proof of identity (valid Driver’s License), an NZBN/IRD that is valid and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Application details including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables summaries.
How soon will I hear a decision?
For an unsecured loan ($5K to $100K) we can often offer an answer within an hour if you apply at quality business time and let us utilise the advanced bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements we can provide an answer within just the span of one company day.
For the Larger Business Loan ($100K or more) we may be likely to provide you with pre-approval conditional to your application in about 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics 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, and permit us to use the modern bank verification to verify your bank account information online. If you send us the copies of bank accounts, it can take a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K and up) We can usually offer a response in one hour – provided you submit your request in normal business time and you allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements, we’ll be able to provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be likely to offer you with pre-approval conditional to your application within about 6 hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain offers have been approved within the space of 24 hours.
The most effective method can be make sure you apply during normal business hours, and allow us to use our advanced bank verification system to check your bank’s information online. If you choose to upload documents from your account statement, it can take a bit longer.
How much can I borrow?
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we consider a variety of aspects that determine the health of the company and the level of payments your business can afford. The total amount of your loan will be contingent on the specifics for your company.
When you submit an application for a particular amount, we take into consideration a variety of aspects to determine how much we can lend you such as well-being of your business and the amount of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
Fees & repayments
How much should you charge for an business loan?
If you decide to request our business loan, we will assess the risk profile that you have for your company and provide you with a customised offer including the amount of loan, the term and interest rates. It is a business loan is an upfront-priced loan and you’ll be aware in advance of the total amount due, which includes any interest rates, fees or charges.
What is the factor that determines the price I pay?
Business loan interest rates differ based on various factors including the amount borrowed, what business assets the funds will be used for, the industry the business operates in, how long the company has been in operation as well as whether the company has sufficient cash flow to cover the loan, and the overall health and creditworthiness of the business.
What are the fees?
There are no hidden fees for our company loans. You’ll be aware of the amount you’ll be required to pay, and when, right from day one. There’s no compounding interest, and no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You are able to apply for a loan with without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
Can I pay out the loan earlier?
You may choose to pay back all of your advance loan at any time.
If you decide to do this please speak to our friendly company loans experts. They will provide you with details for repayment along with an early payout estimate. This is calculated as the sum of the principal balance and accrued interest to the time of the early payout plus 1.5% of the remaining principal and any outstanding fees.
What is the process for repayments?
To ensure you do not miss payment dates and to align with your cash flow general, we offer repayments either weekly or daily. These are automatically withdrawn from your nominated company account.
Security & privacy
Will my data be protected?
Security of your data, and being upfront about the ways we gather, use, exchange and safeguard your data, is crucial and an integral part 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 personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our clients and security. We use an advanced bank verification system link to immediately verify your bank account details online to provide rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
The term "asset-based" refers to borrowing where the business owner makes use of an asset that they own to get the loan. The asset could be a personal asset like the family home, or an business asset like a truck or piece of equipment.
The vast majority of lenders, even the largest banks, are inclined to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset might be offered for sale by the lender. In essence it is an opportunity to secure new financing making use of the value of what you already own.
Should I require security to secure a company loan?
Up to $150,000 in loans there is no requirement for asset security before you can access the money but we require a personal guarantee. need a personal guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract), asset security will never be required. For loans of over $150K typically, you will need a personal guarantee and security in the form of charges on assets.