FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Ferryden Park Small Business Loans
Let me know how you are able to avail the Ferryden Park Small Business Loans
Ferryden Park unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
What is what makes the Unsecured Loan different from the traditional company loan?
You can apply for this Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and have the funds available in just 24 hours. Traditional business loans are based on an annual rate of interest plus other fees and charges. Our company loan is a cash-based loan and you’ll be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then divided into weekly or daily repayment figure.
What can be the Small Business Loan be used for?
A Small Business Loan can be used for virtually any business purpose including the management of cash flow, company remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
About larger Ferryden Park Business Loans
What is the Larger Ferryden Park Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
How is the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan of this size, your company needs to be trading for at least 3 years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
What can I use the funds for?
A large business loan can be used to fund almost every company purpose including company renovations, to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
Is the Larger Business Loan a secured loan?
Asset security is needed for accessing funds over $150,000. This can be done in the form of a charge against assets, and could include the registration of this with the PPSR or filing 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 signing the guarantee is personally responsible if the business lender is not able to repay 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 the assets or goods). The PPSR gives priority over personal property to be granted depending on the date that a security interest was registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim to a property.
What is a pre-approval without Credit Check?
When you’re applying for larger business loans of more than $250,000 we can offer an initial pre-approval to simplify the process. We could be able to do this without credit checks and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial health questions. It is not an offer or guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you are offered 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 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of trading (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 quick and easy. Simply complete the online form within a few minutes and a dedicated company lending specialist will contact you to help you.
To apply for up $100,000 you’ll require ID details (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Application details including credit consent as well as 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, plus interim financials for the current financial year as well as Aged Payables and Receivables summaries.
How fast will I get a decision?
For an unsecured loan ($5K to $100K) we usually offer an answer within one hour if you apply in standard company hours and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to submit copies of your bank statements we can provide the decision within just an business day.
For the Larger Business Loan ($100K and up) we may be capable of offer the conditional pre-approval in around 6 hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain deals have been approved in less than 24 hours.
The quickest method for you to apply is make sure you apply during standard company hours. You can also permit us to use the advance bank verification to verify your bank account information online. If you decide to upload copies of your bank accounts, it may take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K or more) we usually offer a response in one hour – as long as you make your application at standard business times and permit us to make use of the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements we can provide a decision within 1 business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved in less than 24 hours.
The most efficient method would be to make sure you apply during normal business hours, and let us use the advance bank verification to instantly check your bank’s information online. If you upload duplicates of your banking accounts, it takes a bit longer.
How much can I borrow?
We provide the loan amount between $5,000 and $500,000. When you submit an application for a specific amount we take into consideration a range of variables in order to assess what is the well-being of the business and the level of the repayments your company can afford. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
When you apply for a set amount, we look at a range of variables to determine the well-being of the business and the amount of repayments that your company can support. The total amount of the loan will be determined by the particulars of your company.
Fees & repayments
What is the cost for the cost of a company loan?
If you decide to make an application for one of our business loans, we will assess the risk profile for your business and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. This business loan is a loan that is priced upfront so you will know the exact amount due, which includes any costs, fees, or interest rates.
What determines the rate that I am charged?
The interest rates on company loans rates differ based on various factors including the amount of money borrowed, the business assets the funds are used to purchase and the sector the company is operating in, how long the business has been operating, how long the company has sufficient cash flow to pay for the loan, and also the general well-being or financial standing of the business.
What are the costs?
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you’ll be required to pay and at what time, from day one. There’s not any compounding interest and no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I pay off the loan early?
You can choose to repay the total amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful business credit professionals. They’ll provide you with the details of your repayment as well as an early payout amount. It will be calculated using the sum of the principal balance and the accrued interest up to the time of early payment in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
How do repayments work?
In order to help you avoid missing payment dates and to align with your cash flow routine, we offer repayments that are either daily or weekly. They are automatically deducted from your nominated company account.
Security & privacy
Will my data be protected?
Protecting your information, and being clear about the ways we gather information, use it, and exchange it, as well as protect your information, is of huge importance and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account details online to offer rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when an company owner borrows from an asset that they own to obtain the loan. The asset can be an individual asset, such as the family home, or it could be a business asset like a truck or piece of equipment.
The majority of the lenders even the banks with the biggest size, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan, then the asset might be transferred to the lender. In essence, it’s an opportunity to secure new funding taking advantage of the value of what you already have.
Are I need security to secure a business loan?
For loans that exceed $150,000, the requirement for asset security is not required before you are able to access the money but we require a personal guarantee. need the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in the loan contract), asset security is not required. For loans over $150,000 generally, there is personal ensure and security in the form of an asset charge.