FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Camden Park Small Business Loans
Let me know what you think of the Camden Park Small Business Loans
Camden Park unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month 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?
Apply to get the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and funds may be available in just 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. The business loan is a cash-based loan and you’ll be aware in advance of the total amount due, which includes the interest, fees and charges. Then, it is broken down into either weekly or daily repayment figure.
What could be the Small Business Loan be used for?
The Small Business Loan can be used for nearly every business reason, such as the management of cash flow, company remodeling, marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal use.
About larger Camden Park Business Loans
What is the Larger Camden Park Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
How is the Origination Fee determined?
A Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
Am I eligible for the Larger Business Loan?
To be eligible for a credit of this size, your business needs to have been operating for a minimum of 3 years and have an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or 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 is a great option for almost any company purpose including company renovations, purchase of equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that is secured?
Asset security is necessary to obtain funding above $150,000. This is as a result of an charge against assets, and could be registered in the PPSR or making a caveat.
A personal or director’s ensure is a promise to repay credit that is general in nature rather than specifying security over an asset. The person who signs the ensure is personally liable if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR permits preference over private property granted according to the date the security interest that is registered.
The caveat can be described as a formal document that is filed to offer an official notice of a claim to a property.
What exactly is a preapproval without Credit Check?
When you’re applying for a Larger Business Loan of more than $250,000 we can offer an initial pre-approval that will help simplify the process. We might be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes answering a couple of financial well-being questions. It is neither an offer nor a guarantee of funds. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you receive could be subject to different conditions.
The application process
Do I have the right to receive funds?
You may apply for an business 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 demonstrate at minimum 6 months worth of trade (for 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 application process is fast and easy. Just fill out the online application within a few minutes and a dedicated business loan specialist will contact you to assist you.
To apply for up $100,000, you’ll need proof of identity (valid Driver’s License) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year including Aged Payables, Aged Receivables reports.
How soon will I hear an answer?
For an unsecured loan ($5K or more) we typically offer an answer within an hour, provided you submit your request within quality business timings and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to submit copies of your bank statements , we are able to provide the decision within just an company day.
If you are applying for a Larger Business Loan ($100K or more) we might be in a position to provide the conditional pre-approval within about 6 hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved within less than 24 hours.
The quickest method for you to apply is make sure you apply during standard business hours. You can also allow us to use the modern bank verification to instantly confirm your bank details online. If you decide to send us copies of your bank accounts, it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K or more) we usually provide an answer in just one hour – as long as you submit your request within standard business hours and permit us to use the bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements, we are able to provide the decision in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be able to offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. You can also let us use the sophisticated bank verification to instantly verify your bank information online. If you upload copies of your bank statement, it may take a bit longer.
What is the maximum amount I can borrow?
We offer loans that range from $5,000 to $500,000. If you apply for a particular amount, we consider a variety of variables that determine how much we can lend you well-being that is your company and the level of repayments that your company is able to afford. The amount you receive from the loan will be determined by the specific circumstances for your business.
When you make an application for a certain amount, we look at a range of elements to assess how much we can lend you such as well-being that is your business and the amount of repayments your company will be able to support. The total amount of the loan will be determined by the particulars for your business.
Fees & repayments
How much do you charge for the cost of a business loan?
When you apply for the business financing, we’ll assess the risk assessment of your business and offer you with a tailored offer including the amount of loan, the term and interest rates. It is a company loan is an upfront cost loan so you will know in advance the total amount due, which includes any interest rates, fees or charges.
What is the basis for the rate I pay?
Business loan interest rates depend on several factors such as the amount that is borrowed, the business assets the money are used to purchase, the industry the company operates in, the long the company has been in operation and how long the company has sufficient cash flow to cover the loan, and the general health as well as creditworthiness company.
What are the fees?
There are no hidden costs with our company loans, and you’ll be aware of the amount it is that you need to pay, and when, starting from the first day. There’s no compounding interest, and no extra fees (as long as you make your payments punctually).
We do not charge an application fee. You are able to make an application for loans with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of the loan.
Do I have the option of paying off the loan early?
You can choose to repay the entire amount of your loan in full at any time.
If you decide to pursue this option, please talk to one of our helpful business credit experts. They will provide you with details on repayment and an early payment figure. The figure will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payout plus 1.5 percent of the principal amount remaining and any outstanding fees.
What is the process for repayments?
To help you avoid missing due dates and also to be in line with your cash flow general, we offer repayments that are either daily or weekly. These are automatically deducted from your nominated business account.
Security & privacy
Will my information be protected?
Protecting your information, and making it clear how we collect, use, exchange and safeguard your data, is of huge importance and an integral element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We utilise a sophisticated banking verification system to immediately verify the bank account details online, allowing us to offer quick responses.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing is when a business owner utilises an asset they own to obtain the loan. The asset can be either an asset belonging to the personal, like the family home, or a company property like a truck or piece of equipment.
The majority of lending institutions, not just the largest banks, are inclined to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be transferred to the lender. In essence it’s the process of securing new funding taking advantage of the value of what you already have.
What do I need security to secure an company loan?
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds however, we do require the personal guarantee. As long as you follow your loan commitments (as stated in your loan contract document) Asset security will never be needed. For loans over $150,000 generally there is personal ensure and security that is in the form a charge over assets.