FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Yattalunga Small Business Loans
Tell me how you are able to avail the Yattalunga Small Business Loans
Yattalunga unsecured loans offers amounts between $5,000 and $100,000 with terms between 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 company loan?
Apply to your Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and funds may be in your account in 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. This company loan is a loan that is priced upfront which means you know ahead of time the total amount to be paid, including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
What could you use the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly any company use, including the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
About larger Yattalunga Business Loans
What is the Larger Yattalunga Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
Can I get the Larger Business Loan?
To qualify for a loan that is this large the company needs to be trading for at least 3 years, and have an annual income 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 demonstrate at the least 12 months of operating.
How can the funds be used for?
A larger company loan can be used to fund almost any business reason, such as business renovations, purchase of inventory or new equipment for general working capital and much more. The loan is not available for personal use.
Is the Larger Business Loan one that requires security?
Asset security is needed for accessing funds over $150,000. This can be done in the form of a charge over assets, and may be registered with the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally based rather than specifying security over a particular asset. The person who is signing the ensure is personally liable in the event that the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR allows preference over private property assigned depending on the date that a security interest that is registered.
The caveat can be described as a formal form of document to provide an official notice of a claim against a property.
What exactly is a preapproval without Credit Check?
If you’re requesting larger business loans that exceeds $250K, we may offer a preliminary pre-approval to help simplify the process. We may be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial well-being checks. It is not an offer or guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer you might receive could have different conditions.
Application process
Do I qualify for funds?
You may be eligible for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand company (with a valid NZBN/IRD)
- can demonstrate at least 6 months of business (for for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is simple and simple. Just complete the online application within a couple minutes, and an experienced business credit specialist will contact you to assist you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent twelve months of bank records, IRD statement, last 2 years finalised financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables reports.
How quickly will I receive an answer?
For an unsecured loan ($5K or more) We can usually offer a response in one hour if you submit your request during quality company time and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements , we are able to provide the decision within an company day.
For the Larger Business Loan ($100K to $500K) we may be able to offer you with pre-approval conditional to your application in around six hours. After you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The fastest way can be make sure you apply during normal business hours, and allow us to use our advanced bank verification system link to verify your bank information online. If you decide to upload the copies of bank statements it may take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we typically provide an answer in just one hour, provided you make your application during standard business timings and you allow us to use the bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your banking statements we can offer a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K and up) we might be likely to provide you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some transactions have received approval within less than 24 hours.
The most effective method is to make sure you apply during standard business hours, and let us use the modern bank verification to verify your bank information online. If you choose to upload duplicates of your banking statements it can take a bit longer.
How much can I borrow?
We provide loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of factors to determine how much we can lend you well-being of the business and the amount of repayments your business can afford. The total amount of the loan will be determined by the specific circumstances for your business.
When you apply for a particular amount, we will consider a number of elements to assess your well-being of your company and the extent of repayments your company will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your company.
Fees & repayments
What is the cost for a business loan?
When you apply for one of our business loans, we’ll assess the risk assessment the company and offer you with a tailored offer, including the loan amount, the terms and interest rates. A company loan is an upfront priced loan so you will be aware in advance of the total amount payable including any costs, fees, or interest rates.
What is the factor that determines the price I pay?
The interest rates on business loans rates depend on a variety of variables like the amount to be that is borrowed, what business assets the funds will be used for, the industry the business is operating in, how long the company is in operation and how long the company has enough cash flow to cover the loan, and overall well-being and creditworthiness of the company.
What are the fees?
There are no hidden costs with our company loans, and you’ll know precisely how much you be required to pay and at what time, from the first day. There’s no compounding interest, and no additional fees (as as you make your payments in time).
We do not charge an Application Fee. You can get a cash loan with with no upfront cost or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
Can I pay out the loan early?
You can choose to repay the entire amount of the loan in full at any time.
If you decide to pursue this option, please contact our helpful company lending experts. They will offer you with the details of your repayment along with an early payout estimate. The figure will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payment in addition to 1.5 percent of the principal balance and any outstanding fees.
How do repayments work?
To ensure you do not miss repayments and to fit in your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from your designated company account.
Security & privacy
Will my data be secure?
Security of your data, and being clear about how we collect data, process, exchange and protect your information, is of huge importance and an integral part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We utilise a sophisticated banking verification system to instantly verify your bank account details online so we can provide rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when the business owner borrows from assets they own to get the loan. The asset may be an individual property, such as the family home or an company asset such as a vehicle or piece or equipment.
The majority of the lenders even the banks with the biggest size, prefer to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it’s the process of securing additional financing using the value of what you already own.
Should I need security to get an business loan?
Up to $150K in loans the requirement for asset security is not required upfront to access the money but we require a personal guarantee. require an individual guarantee. As long as you follow the loan terms (as detailed in the loan contract) the security of assets is not required. If you take out loans in excess of $150,000 generally, you can get personal ensure and security that is in the form the charge of assets.