FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Templestowe Small Business Loans
Tell me more about Templestowe Small Business Loans
Templestowe unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from the traditional business loan?
It is imaginable to apply to get this Small Business Loan in under 10 minutes over the phone, receive an instant response and funds may be in your account in 24 hours. Traditional business loans refer to an annual interest rate as well as other fees and charges. Our business loan is a cash-based loan and you’ll be aware in advance of the total amount payable including any fees, charges or charges. This is then broken down into a daily or weekly installment amount.
What can the Small Business Loan be used for?
The Small Business Loan can be used for nearly every company use, including control of cash flow company renovations, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal use.
About larger Templestowe Business Loans
What is the Larger Templestowe 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 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly depending on your cash flow.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan in this amount, your company needs to be trading for at least 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
How can the funding be used for?
A large business loan can be used for almost every company reason, such as company improvements, purchasing equipment or inventory, as general working capital, and much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is necessary to access funding over $150,000. This can be done as a result of an charge on assets and can include registering this with the PPSR or filing as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature rather than defining the security of a specific asset. The person who is signing the ensure is personally liable in the event that the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including objects or assets). The PPSR grants the priority of personal property granted according to the date a security interest has been registered.
The caveat can be described as a formal document lodged to offer the legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re seeking larger company loans that is greater than $250,000 we can offer a preliminary pre-approval to help simplify the process. We might be able to do this without a credit check, and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial well-being checks. This is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could be subject to different conditions.
The application process
Do I have the right to receive funds?
You are eligible to apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand company (with a valid NZBN/IRD)
- must show at least six months of trading (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is simple and easy. Simply complete the online form within a couple minutes, and a dedicated company lending specialist will contact you to help you.
To apply for up $100,000 you’ll need identification details (valid Driver’s License) and a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Application details including credit consent and 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables reports.
How fast will I get an answer?
For an unsecured loan ($5K or more) we usually offer an answer in just one hour if you apply during quality business timings and permit us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements we can provide an answer in as little as an company day.
For the Larger Business Loan ($100K to $500K) we could be able to provide you with pre-approval conditional to your application within six hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The quickest way to apply is to make sure you apply during standard business hours and allow us to use our advance bank verification link to check your bank’s information online. If you choose to send us duplicates of your banking statement, it will take a little longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within an hour, provided you submit your request in normal business times and you allow us to use the bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements we can offer an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some offers have been approved within just 24 hours.
The fastest way can be ensure you apply during normal business hours, and permit us to use the modern bank verification to verify your bank information online. If you choose to send us documents from your account statement, it will take a little longer.
What’s the minimum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. When you submit an application for a particular amount, we look at a variety of elements in order to assess what is the health that is your company as well as the amount of the repayments your company will be able to support. The amount you receive from the loan will be determined by the particular circumstances the business.
When you make an application for a particular amount, we will consider a number of factors to assess your well-being that is your business and the extent of repayments that your business will be able to support. The amount you receive from your loan will depend on the specific circumstances that are unique to your company.
Fees & repayments
How do you charge for the cost of a company loan?
If you decide to make an application for the company financing, we’ll assess the risk assessment that you have for your business and provide you with a tailored offer that includes the amount of loan, the term and the interest rates. This business loan is an upfront-priced loan so you will know in advance the total amount payable including any charges, interest rates or fees.
What is the factor that determines the price I will be charged?
Business loan interest rates depend on a variety of variables like the amount to be that is borrowed, what company assets the funds will be used for in addition to the industry that the company operates in, how long the company has been running, whether the business has sufficient cash flow to support the loan, and also the general health and creditworthiness of the business.
What are the costs?
There aren’t any hidden charges for our business loans. You’ll know exactly how much it is that you be required to pay and when, starting from the very first day. There’s not any compounding interest and no extra fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can request a credit loan with no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Can I repay the loan earlier?
You can decide to repay the entire amount of your loan early at any time.
If you are deciding to take this route, please speak to our friendly business lending professionals. We will provide you with details on repayment as well as an early payout amount. This is calculated as the sum of the principal remaining and accrued interest to the time of early payment and 1.5 percent of the remaining principal as well as any outstanding fees.
How do you make repayments work?
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your business account.
Security & privacy
Will my data be protected?
Security of your data, and being clear about how we collect data, process, exchange and safeguard your data, is of huge importance and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We employ a highly sophisticated banking verification system to instantly verify the bank account details online, allowing us to offer an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
The term "asset-based" refers to borrowing where an company owner utilises an asset that they own to get a loan. The asset may be an asset belonging to the personal, like the family home or it could be a business asset like a truck or other piece of machinery.
The vast majority of lending institutions, 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 is means of securing new financing making use of the value of what you already have.
Are I need security to get an company loan?
For loans that exceed $150,000, the requirement for asset security is not required before you can access the money, however we do require a personal guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be needed. For loans of over $150,000 generally, there is personal guarantee and security in the form of the charge of assets.