FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Camborne Small Business Loans
Let me know how you are able to avail the Camborne Small Business Loans
Camborne unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
How is this Unsecured Loan different from an traditional company loan?
It is possible to apply for the Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and funds may be available in just 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. We offer a business loan is a loan that is priced upfront which means you be aware of the amount you will have to pay, including any fees, interest or charges. This is then broken down into weekly or daily installment amount.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used for almost every business reason, such as control of cash flow company renovations, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
About larger Camborne Business Loans
What is the Larger Camborne Business Loan?
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage 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 in operation for at least 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
How can the funding be used for?
A Business Loan of a larger size can be used for nearly every business reason, such as company remodeling, buying equipment or inventory, as general working capital and much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is required to obtain funding above $150,000. This is in the form of a charge over assets, which could also include registration in the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is general in nature rather than stating the security of a specific asset. The person signing the guarantee is personally liable if the company creditor is unable to pay back 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 which are registered with respect to personal property (including goods or assets). The PPSR grants priority over personal property to be granted according to the date the registration of a security interest.
The caveat can be described as a formal document that is filed to provide an official notice of a claim to property.
What exactly is a preapproval without Credit Check?
If you’re requesting larger company loans that exceeds $250,000 we can offer an initial pre-approval to ease the process. We could be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial well-being questions. It is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be subject to different conditions.
The application process
Are I eligible for funding?
You may be eligible for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of trading (for for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is quick and simple. Just fill out the online application within a few minutes and a dedicated company credit specialist will call you to help you.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables reports.
How fast will I get a decision?
For an unsecured loan ($5K to $100K) we typically provide an answer within an hour – as long as you submit your request during quality business timings and let us use the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements we can provide a decision within one business day.
For Larger Business Loans ($100K up to $500,000) we might be likely to offer you with conditional pre-approval within about 6 hours. Once you have signed the 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. Some agreements have been approved within 24 hours.
The quickest way to apply can be ensure you apply during normal business hours, and allow us to use our advanced bank verification system to instantly confirm your bank details online. If you decide to send us the copies of bank statement, it takes a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within one hour – as long as you submit your request at normal business time and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statement, we’ll offer an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be likely to provide you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Some agreements have been approved in the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours and permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to send us duplicates of your banking accounts, it may take a bit longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 to $500,000. When you make an application for a specific amount we will consider a number of elements that determine your well-being for your company and the level of the repayments your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances the company.
When you apply for a set amount, we look at a range of variables to assess the health of the company as well as the amount of repayments that your company can afford. The amount you receive from your loan will depend on the specific circumstances of your business.
Fees & repayments
How do you charge for the cost of a business loan?
If you decide to request the business financing, we’ll assess the risk assessment for your business and provide you with a tailored offer including the amount of the loan, the duration and the interest rates. The company loan is an upfront cost loan therefore you will know the exact amount payable including any charges, interest rates or fees.
What determines the amount I pay?
The interest rates on business loans rates vary due to factors such as the amount that is borrowed, what business assets the money are used to purchase as well as the field the business is operating in, how long the business has been in operation as well as in the event that the business has enough cash flow to pay for the loan, and also the overall health or financial standing of the company.
What are the cost?
There aren’t any hidden charges for our company loans. You’ll know exactly how much you’ll be required to pay and at what time, from the day you sign up. There’s no compounding interest and no extra fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You can apply for a loan with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated with 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 the loan.
Can I repay the loan in advance?
You can decide to repay the entire amount of your loan in full at any time.
If you choose to do this please talk to one of our helpful company lending specialists. We will provide you with details on repayment as well as an early payout amount. The figure will be calculated as the sum of the remaining principal amount plus any accrued interest as of the date of early payout, plus 1.5% of the principal amount remaining as well as any outstanding fees.
What is the process for repayments?
To help you avoid missing due dates and also to be in line with your cash flow routine, we offer repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Security & privacy
Will my data be protected?
Security of your data, and being upfront about the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We make use of an advanced bank verification system to instantly verify the bank account details online, allowing us to offer rapid response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when a company owner uses the assets they have to obtain a loan. The asset can be either an asset belonging to the personal, like the family home or it could be a company asset like a truck or piece or equipment.
The majority of banks, not just the banks with the biggest size, prefer to secure loans against an asset. If you have trouble paying back the loan then the asset might be taken over by the lender. In essence it’s means of securing additional financing taking advantage of the value of what you already have.
Are I require security for an business loan?
Up to $150K in loans there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract document) Asset security is not needed. For loans over $150,000 typically, you will need the option of a personal guarantee and security in the form an asset charge.