FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Shenton Park Small Business Loans
Let me know about the Shenton Park Small Business Loans
Shenton Park unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
What is how is the Unsecured Loan different from the traditional business loan?
The application to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and funds may be available in just 24 hours. Traditional company loans refer to an annual rate of interest together with additional fees and charges. The business loan is a loan that is priced upfront and you’ll be aware of the amount you will have to pay, including any interest, fees or charges. This is then broken down into either weekly or daily repayment figure.
What can the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any business reason, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, for general working capital, and much more. The loan is not available for personal reasons.
About larger Shenton Park Business Loans
What is the Larger Shenton Park Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business growth 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 in order to accommodate your situation.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan of this size the business needs to have been operating for at least three years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
How can the funds be utilised?
A Larger Business Loan can be used for nearly every company purpose including business renovations, purchase of equipment or inventory as well as for general working capital, and much more. The loan is not available for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is necessary to obtain funding above $150,000. This is by way of charge against assets and can include the registration of this on the PPSR or the registration of a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is generally in nature rather than specifying security over a particular asset. The person who signs the guarantee is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR grants preference over private property granted in accordance with the date on which a security interest was registered.
A caveat is a legal document that is filed to provide the legal claim to property.
What is a pre-approval minus Credit Check?
If you’re requesting a Larger Business Loan of $250K or more we can offer an initial pre-approval to simplify the process. We may be able to apply for this without a credit check and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial well-being checks. This is neither an offer nor a guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you may receive may have different terms.
The application process
Do I have the right to receive funds?
You can apply for an company 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)
- must show at least six months of business (for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is simple and easy. Just complete the online application in just a few minutes, and a dedicated company loan specialist will be in touch to assist you.
To be eligible for up to $100,000, you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K to $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent and 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, plus interim current financial year financials such as age-related payables and aged Receivables summaries.
How quickly will I receive a decision?
For an unsecured loan ($5K and up) we usually offer an answer within an hour – as long as you make your application during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements , we’ll be able to offer an answer in just 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be likely to provide you with pre-approval conditional to your application in about six hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Certain offers have been approved within just 24 hours.
The quickest way to apply can be ensure you apply during standard business hours, and permit us to use the modern bank verification to confirm your bank details online. If you upload documents from your account statements it will take a little longer.
How soon will I receive the funds?
For the Small Business Loan ($5K to $100K) we typically provide an answer within one hour – provided you make your application within standard business time and let us make use of the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statements, we’ll be able to offer the decision in as little as one business day.
For Larger Business Loans ($100K or more) we may be in a position to offer you with conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some offers have been approved in just 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. Also, permit us to use the modern bank verification link to instantly verify your bank account information online. If you choose to send us the copies of bank statements, it will take a little longer.
How much can I borrow?
We provide loan amounts between $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of aspects to determine your well-being that is your business and the amount of repayments your business can support. The total amount of your loan will be contingent on the specifics of your business.
When you apply for a specific amount we take into consideration a variety of aspects to determine how much we can lend you such as health of the company as well as the amount of repayments your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances that are unique to your business.
Fees & repayments
How do you charge for a company loan?
If you decide to request our company loan, we’ll assess the risk assessment of your company and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a company loan is a loan that is priced upfront so you will know the exact amount payable including any charges or interest.
What is the factor that determines the price I’m charged?
The interest rates on company loans rates vary due to factors including the amount of money borrowed, the business assets the money will be used for as well as the field the business operates in, the long the company has been in operation and what percentage of the business has sufficient cash flow to cover the loan, as well as the overall health and creditworthiness of the company.
What are the costs?
There aren’t any hidden costs for our business loans, and you’ll be aware of the amount it is that you be required to pay, and when, from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You are able to apply for a loan without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the loan amount.
Can I pay out the loan in advance?
You can repay the entire amount of the advance loan at any time.
If you do decide to do this please speak to our friendly business loans professionals. They will provide you with the details of your repayment and an early payout figure. This will be calculated as the sum of the remaining principal amount and accrued interest to the time of early payout and 1.5% of the principal balance as well as any outstanding fees.
What are the repayment methods?
To help you avoid missing repayments and to fit in with your cash flow standard, we offer repayments either daily or weekly. They will be automatically deducted from your designated company account.
Security & privacy
Will my data be secure?
The security of your personal information, as well as knowing how we collect data, process, exchange and secure your information, is of huge importance and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We use an advanced banking verification system to immediately verify your bank account details online to offer quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when the company owner uses the assets they have to get the funds for a loan. The asset could be an individual asset, such as the family home, or it could be a company asset such as a vehicle or piece or equipment.
The majority of lenders, including the banks with the biggest size, prefer to secure loans against an asset. If you’re struggling to pay back the loan, then the asset could be sold by the lender. In essence, it is an opportunity to secure additional financing taking advantage of the value of what you already own.
Do I require security to get an company loan?
For loans that exceed $150K, it is not necessary to secure assets upfront to access the money but we require a personal guarantee. need the personal guarantee. If you adhere to your loan commitments (as stated in your loan contract) the security of assets is not required. For loans of over $150,000 typically, you will need personal ensure and security is provided in the form of charges on assets.