FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Point Cook Small Business Loans
Let me know how you are able to avail the Point Cook Small Business Loans
Point Cook unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
How is this Unsecured Loan different from an traditional company loan?
Apply for the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive a same day response and the funds could be in your account within 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. Our business loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any fees, charges or charges. This is then broken down into either a daily or weekly payment amount.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used for nearly every company use, including managing cash flows, company remodels and marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal purposes.
About the Larger Point Cook Business Loans
What is the Larger Point Cook Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly depending on your situation.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
Can I get the Larger Business Loan?
To be eligible for a credit that is this large the company needs to have been trading for at least 3 years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
How can the funding be used for?
A Larger Business Loan can be used to fund almost any company reason, such as business remodeling, buying equipment or inventory or as general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is necessary to obtain funding above $150,000. It’s as a result of an charge on assets, which could also include registration on the PPSR or making a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is generally based rather than defining security over an asset. The person signing the ensure is personally liable if the business creditor is unable 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 that are registered for personal property (including items or assets). The PPSR permits priority over personal property to be granted in accordance with the date on which a security interest has been registered.
Caveats are legal document filed to offer an official notice of a claim to a property.
What exactly is a preapproval without Credit Check?
If you’re seeking a Larger Business Loan that is greater than $250,000 we can offer an initial pre-approval in order to make the process. We may be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves you answering some financial health checks. It is neither an offer nor a guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be on different conditions.
The application process
Do I qualify for funds?
You may be eligible for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months of business (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is simple and easy. Just fill out the online application in few minutes and a dedicated company expert in lending will contact you to guide you through the process.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Application details including credit consent, 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables summaries.
How fast will I get an answer?
For an unsecured loan ($5K and up) We can usually provide a response in one hour, provided you apply at quality company hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements , we’ll be able to provide the decision in as little as the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide you with conditional pre-approval in around 6 hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Certain agreements have been approved within 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours. You can also allow us to use our modern bank verification to instantly check your bank’s information online. If you decide to send us documents from your account statements , it can take a bit longer.
How soon will I receive the money?
For the Small Business Loan ($5K to $100K) We can usually offer a response in one hour – provided you make your application at normal business time and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statement, we’ll provide an answer in as little as an business day.
For Larger Business Loans ($100K and up) We may be able to provide you with conditional pre-approval within about 6 hours. After 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. Some transactions have received approval in less than 24 hours.
The most effective method can be make sure you apply during standard business hours. Also, allow us to use the advanced bank verification system link to check your bank’s information online. If you choose to upload copies of your bank statement, it takes a bit longer.
How much can I borrow?
We provide the loan amount between $5,000 and $500,000. If you apply for a certain amount we will consider a number of factors to determine your well-being of your business and the extent of repayments that your business is able to afford. The amount you receive from your loan will be contingent on the specifics for your company.
If you apply for a set amount, we take into consideration a variety of aspects to assess the well-being that is your business as well as the amount of payments your business can afford. The amount you receive from your loan will depend on the particulars for your business.
Fees & repayments
What is the cost for a business loan?
If you decide to apply for one of our company loans, we will assess the risk assessment for your company and provide an individualised offer including loan amount, term and interest rates. It is a company loan is an upfront cost loan and you’ll know the exact amount to be paid, including any interest rates, fees or charges.
What is the factor that determines the price I am charged?
Interest rates for company loans rates differ based on various variables like the amount to be that is borrowed, what business assets the funds will be used for as well as the field the company operates in, the long the company has been in operation and how long the company has enough cash flow to pay for the loan, and general well-being or creditworthiness of the business.
What are the costs?
There aren’t any hidden charges for our business loans. You’ll know precisely what you need to pay and when, right from the very first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments on time).
We don’t charge an application fee. You are able to make an application for loans with no cost upfront or obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of 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 loan amount.
Do I have the option of paying off the loan early?
You can repay the total amount of your loan at any point in time.
If you choose to do this please contact our helpful business lending professionals. We will provide you with details on repayment along with an early payout estimate. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the time of early payout plus 1.5 percent of the principal remaining and any fees that remain unpaid.
How do you make repayments work?
To ensure you do not miss payment dates and to align with your cash flow general, we provide repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Security & privacy
Will my data be secure?
The security of your personal information, as well as knowing how we collect information, use it, and exchange it, as well as safeguard your data, is of paramount importance and is a crucial 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 secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We make use of an advanced bank verification system link to immediately verify your bank account details online, allowing us to offer an immediate response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing occurs when a company owner makes use of an asset they own to make the funds for a loan. The asset may be an individual property, such as the family home or a company asset such as a truck as well as a piece of machine.
The majority of banks, even the big banks, tend to guarantee loans against an asset. If you have trouble paying back the loan then your asset may be offered for sale by the lender. In essence it is the process of securing additional financing using the value of what you already own.
Are I need security to get a company loan?
Up to $150,000 in loans the requirement for asset security is not required in advance to gain access to the funds but we do need a personal guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract document) Asset security will never be needed. For loans of over $150K typically, you will need a personal ensure and security is provided in the form of an asset charge.