FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Campbells Bay Small Business Loans
Let me know about the Campbells Bay Small Business Loans
Campbells Bay unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
How is the Unsecured Loan different from the traditional business loan?
The application to get your Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the money could be on your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. We offer a company loan is a cash-based loan and you’ll be aware of the total amount to be paid, including the interest, fees and charges. Then, it is divided into weekly or daily amount to be paid back.
What could you use the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every business need, such as managing cash flows, business improvements, advertising to purchase inventory, new equipment, for general working capital and so much more. The loan is not available for personal purposes.
About larger Campbells Bay Business Loans
What is the Larger Campbells Bay Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on your situation.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan of this size, your business needs to have been trading for at least 3 years with an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
What can I use the funds for?
A Business Loan of a larger size can be used to fund almost all business use, including business renovations, to purchase inventory or new equipment for 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 required to access funding over $150,000. This is in the form of a charge over assets, which could also include registering this through the PPSR or registering a caveat.
A personal or director’s ensure is a promise to repay credit that is generally in nature rather than specifying the security of a specific asset. The person signing the ensure is personally liable in the event that the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR gives preference over private property assigned according to the date a security interest was registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim to property.
What is a pre-approval minus Credit Check?
If you’re requesting the Larger Business Loan that exceeds $250,000 it’s possible to offer an initial pre-approval to simplify the process. We might be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial health questions. It’s in no way an offer, nor is it a guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may have different conditions.
Do I have the right to receive funds?
You may be eligible for an 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)
- you must prove at least 6 months’ worth of transactions (for for the unsecured loan $5K – $100K) or 3 years of trading (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 couple minutes, and an experienced business credit specialist will call you to assist you.
To be eligible for up to $100,000 you’ll require identification details (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent twelve month bank accounts, the IRD statement Last 2 years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables Summary.
How soon will I hear an answer?
For an unsecured loan ($5K to $100K) we typically provide an answer within one hour, provided you apply in quality business timings and let us use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements , we’ll be able to offer a decision within one business day.
For the Larger Business Loan ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Some transactions have received approval in 24 hours.
The most efficient method is to make sure you apply during standard business hours. You can also allow us to use the advance bank verification link to instantly verify your bank information online. If you decide to upload duplicates of your banking statements it takes a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within one hour – provided you submit your request during standard business times and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements we can provide the decision in as little as one business day.
For the Larger Business Loans ($100K to $500K) We may be capable of offer the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Some offers have been approved in less than 24 hours.
The fastest way would be to ensure you apply during normal business hours. You can also let us use the sophisticated bank verification to check your bank’s information online. If you upload documents from your account statements, it takes a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 and $500,000. When you make an application for a specific amount we will consider a number of variables to determine what is the health of your company and the level of repayments your company will be able to support. The total amount of your loan will be contingent on the specifics for your business.
If you apply for a certain amount, we will consider a number of aspects to determine your well-being of the business and the amount of repayments your business can support. The amount you receive from your loan will depend on the particulars of your company.
Fees & repayments
What is the cost for a business loan?
When you request our business credit, we’ll assess the risk assessment for your company and offer an individualised offer, including loan amount, term and the interest rates. It is a business loan is an upfront cost loan therefore you will be aware of the total amount payable including any costs, fees, or interest rates.
What determines the rate that I will be charged?
Interest rates for business loans rates differ based on various factors such as the amount that is borrowed, what business assets the money will be used for in addition to the industry that the business operates in, the long the business has been running as well as whether the company has sufficient cash flow to support the loan, and the overall health and creditworthiness of the company.
What are the cost?
There aren’t any hidden charges for our business loans, and you’ll know precisely what you’ll be required to pay and at what time, from the first day. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You are able to request a credit loan with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
Do I have the option of paying off the loan in advance?
You can choose to repay the entire amount of the advance loan at any time.
If you decide to do this please call our helpful business credit experts. They will provide you with details for repayment and an early payout figure. This is calculated as the sum of the principal balance plus any accrued interest as of the time of early payment in addition to 1.5% of the remaining principal and any fees that remain unpaid.
How do repayments work?
In order to help you avoid missing payment dates and to align with your cash flow general, we offer repayments either daily or weekly. They are automatically deducted from the nominated business account.
Security & privacy
Will my information be protected?
Security of your data, and making it clear the ways we gather, use, exchange and secure your information, is of paramount importance and is a crucial part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We employ a highly sophisticated bank verification system that allows you to instantly confirm your bank account information online, allowing us to offer rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when a business owner utilises assets they own to make a loan. The asset may be a personal asset like the family home, or a business asset such as a truck or piece or equipment.
The majority of banks, including the big banks, tend to guarantee loans against an asset. If you have trouble paying back the loan, then the asset might be sold by the lender. In essence, it’s a way of securing new financing by using the worth of the asset you already own.
Should I require security for a business loan?
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds however, we require a personal guarantee. require a personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 generally, there is an individual guarantee and security that is in the form an asset charge.