FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Wynn Vale Small Business Loans
Tell me about the Wynn Vale Small Business Loans
Wynn Vale unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
How is the Unsecured Loan different from an ordinary business loan?
You can apply to the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be in your account within 24 hours. Traditional company loans refer to an interest rate per annum together with additional fees and charges. We offer a business loan is a cash-based loan therefore you’ll be aware of the amount you will have to pay, including the interest, fees and charges. This is then broken down into either a daily or weekly repayment figure.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every business purpose including cash flow management, company improvements, advertising to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.
About the Larger Wynn Vale Business Loans
What is the Larger Wynn Vale Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly, depending on your situation.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a credit of this size the company needs to be operating for a minimum of 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
What can I use the funding for?
A larger business loan is a great option for almost every business reason, such as company renovations, to purchase inventory or new equipment or as general working capital, and much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is necessary for accessing funds over $150,000. This can be done by way of charge against assets, which could also include the registration of this through the PPSR or making as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is general in nature, rather than specifying security over an asset. The person who is signing the ensure is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR allows the priority of personal property granted according to the date a registration of a security interest.
Caveats are legal document filed to offer the public notice of a legal claim against a property.
What exactly is a preapproval without Credit Check?
If you’re requesting a Larger Business Loan of $250K or more we can offer an initial pre-approval in order to smooth out the process. We could be able to do this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes the answer to a series of financial well-being questions. It’s not an offer or guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you receive could have different conditions.
The application process
Do I qualify for funds?
You can apply for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months’ worth of transactions (for you to qualify for unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application within a few minutes and a dedicated business lending specialist will call you to guide you through the process.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent twelve month bank accounts, the IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables reports.
What speed will I be able to get an answer?
For an unsecured loan ($5K to $100K) we usually offer an answer within an hour, provided you make your application within standard company hours and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements , we are able to offer a decision within 1 company day.
For the Larger Business Loan ($100K and up) we may be capable of provide the conditional pre-approval in around six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this can be quicker based on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The most effective method for you to apply is ensure you apply during normal business hours. You can also allow us to use our advanced bank verification system to check your bank’s information online. If you upload duplicates of your banking accounts, it can take a bit longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K and up) we typically offer an answer within an hour, provided you submit your request in standard business timings and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements, we will be able to offer a decision in as little as the span of one business day.
For the Larger Business Loans ($100K and up) We may be capable of offer you with conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending on the specifics of each application. Some agreements have been approved in less than 24 hours.
The most effective method is to make sure you apply during normal business hours. Also, allow us to use our sophisticated bank verification to verify your bank information online. If you choose to send us documents from your account accounts, it may take a bit longer.
How much can I borrow?
We offer loans that range from $5,000 to $500,000. If you apply for a certain amount we consider a variety of factors in order to assess your health that is your company and the amount of the repayments your business can afford. The amount you receive from your loan will be contingent on the specific circumstances for your business.
When you make an application for a specific amount we take into consideration a variety of aspects to determine the well-being that is your business and the extent of repayments your company can afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
Fees & repayments
How do you charge for the cost of a company loan?
If you decide to request business loans with us business loan, we will assess the risk assessment that you have for your business and offer you with a tailored offer including loan amount, term and the interest rates. It is a company loan is an upfront-priced loan therefore you will be aware in advance of the total amount to be paid, including any interest rates, fees or charges.
What determines the rate that I will be charged?
Interest rates for company loans rates vary due to variables like the amount to be borrowed, what business assets the money are used to purchase in addition to the industry that the company is operating in, how long the company has been in operation, in the event that the company has enough cash flow to pay for the loan, as well as the general health as well as creditworthiness business.
What are the fees?
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount you be required to pay, and when, from the very first day. There’s no compounding interest, and the loan comes with no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I repay the loan in advance?
You can repay all of your loan at any point in time.
If you are deciding to do this please speak to our friendly business credit experts. They’ll offer you with details for repayment along with an early payout estimate. It will be calculated using the sum of the principal amount remaining and accrued interest to the time of early payment and 1.5 percent of the remaining principal plus any outstanding fees.
What is the process for repayments?
In order to help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from the nominated company account.
Security & privacy
Will my information be protected?
Security of your data, and knowing the ways we gather the information we collect, use, share and ensure the security of your information is vital and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system to instantly verify your bank account information online to provide rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when the company owner uses assets they own to obtain the funding. The asset can be an individual asset, such as the family home or an business property like a truck as well as a piece of machine.
The majority of lenders, including the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, then your assets could be transferred to the lender. In essence it’s an opportunity to secure new funding using the value of what you already have.
What do I require security to secure a company loan?
For loans of up to $150K, no asset security is required before you are able to access the money however, we do require an individual guarantee. In the event that you fulfill the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. For loans over $150,000 generally there is a personal guarantee and security that is in the form a charge over assets.