FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Daglish Small Business Loans
Let me know what you think of the Daglish Small Business Loans
Daglish unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
What is how is the Unsecured Loan different from an ordinary business loan?
Apply to this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and have the funds in your account in 24 hours. Traditional business loans have an interest rate per annum as well as other fees and charges. Our company loan is a pre-paid loan so you will be aware in advance of the total amount payable including any fees, interest or charges. Then, it is broken down into a daily or weekly repayment figure.
What could you use the Small Business Loan be used for?
A Small Business Loan can be used for almost every company purpose including the management of cash flow, business improvements, advertising to purchase inventory, new equipment, as general working capital and so much more. The loan cannot be used for personal use.
About larger Daglish Business Loans
What is the Larger Daglish Business Loan?
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly, depending on your situation.
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.
Am I eligible for the Larger Business Loan?
To be eligible for a credit that is this large, your company needs to have been trading for at least 3 years and have an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
What can the funds be used for?
A Larger Business Loan can be used for nearly all company use, including business remodeling, buying inventory or new equipment as well as for general working capital and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is needed to obtain funding above $150,000. It’s by taking a charge against assets, and may include registration on the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally in nature rather than specifying the security for a particular asset. The person signing the guarantee is personally liable if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be granted in accordance with the date on which a registration of a security interest.
A caveat is a legal document that is filed to provide the legal claim against a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for the Larger Business Loan that is greater than $250K, we may offer an initial pre-approval in order to smooth out the process. We may be able to make this decision without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial well-being questions. This is neither an offer nor a guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you receive could have different terms.
Application process
Are I eligible for funding?
You are eligible to apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (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 process for applying is fast and simple. Just fill out the online application in few minutes and an experienced company lending specialist will be in touch to help you.
To apply for up $100,000 you’ll need ID details (valid Driver’s Licence) along with 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 need:
$100K to $250K: Details of application, including credit consent, 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 as well as 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K to $100K) we can often provide an answer within an hour if you apply in quality business time and allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements we can provide an answer in just the span of one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be likely to offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some transactions have received approval within just 24 hours.
The most efficient method for you to apply is make sure you apply during standard business hours and permit us to use the advance bank verification link to instantly check your bank’s information online. If you decide to upload the copies of bank statements it may take a bit longer.
How soon will I receive the money?
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within one hour, provided you submit your request at standard business timings and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statement, we’ll provide an answer in just 1 business day.
For the Larger Business Loans ($100K and up) we could be able to provide you with a conditional pre-approval within six hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Certain offers have been approved in the space of 24 hours.
The fastest way can be make sure you apply during standard business hours, and permit us to use the advanced bank verification system to check your bank’s information online. If you send us copies of your bank statements it can take a bit longer.
What is the maximum amount I can borrow?
We offer loans ranging from $5,000 and $500,000. If you apply for a specific amount we look at a variety of aspects that determine what is the health of your company and the level of payments your company can support. The amount you receive from your loan will be contingent on the particular circumstances the business.
When you apply for a set amount, we consider a variety of variables to assess your health for your business as well as the amount of repayments your business is able to afford. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
Fees & repayments
How much should you charge for an company loan?
When you make an application for our company credit, we’ll assess the risk assessment for your company and provide an individualised offer, including the amount of loan, the term and the interest rates. The company loan is an upfront priced loan and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
What is the basis for the rate I will be charged?
Business loan interest rates depend on a variety of factors such as the amount that is borrowed, the business assets the money are used to purchase in addition to the industry that the company operates in, how long the company has been operating as well as in the event that the business has sufficient cash flow to pay for the loan, as well as the general well-being as well as creditworthiness business.
What are the charges?
There are no hidden costs for our company loans, and you’ll be aware of the amount you’ll be required to pay, and when, from the day you sign up. There’s no compounding and no extra fees (as long as you make your payments on time).
We do not charge an application fee. You are able to apply for a loan with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved in establishing and managing the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
Can I pay out the loan early?
You can choose to repay the entire amount of your loan at any point in time.
If you choose to pursue this option, please talk to one of our helpful company loan professionals. They will offer you with repayment details and an early payment figure. The figure will be calculated as the total of the principal remaining and accrued interest to the time of early payout and 1.5% of the remaining principal plus any outstanding fees.
What are the repayment methods?
To make sure you do not miss repayments and to fit in with your cash flow general, we offer repayments that are either weekly or daily. They will be automatically deducted from your nominated company account.
Security & privacy
Will my data be protected?
Security of your data, and making it clear the ways we gather the information we collect, use, share and ensure the security of your information is vital and is an essential aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their security. We employ an exceptionally sophisticated banking verification system to immediately verify the bank account details online. This allows us to provide an immediate response.
About business loans
What is asset-based borrowing (a secured loan)?
An asset-based loan is when an company owner utilises an asset they own to make a loan. The asset can be an asset belonging to the personal, like the family home, or a business property like a truck or other piece of machinery.
The majority of the lenders even the largest banks, are inclined to secure loans against an asset. If you’re having trouble paying back the loan, your assets could be sold by the lender. In essence it’s a way of securing new funding using the value of what you already have.
Do I need security for an business loan?
For loans of up to $150,000, it is not necessary to secure assets before you are able to access the money but we require a personal guarantee. need a personal guarantee. If you adhere to the terms of your loan (as specified in your loan contract) Asset security will never be required. For loans over $150,000 generally there is an individual ensure and security that is in the form charges on assets.