FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Golflands Small Business Loans
Let me know what you think of the Golflands Small Business Loans
Golflands unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
How is what makes the Unsecured Loan different from an traditional business loan?
It is possible to apply for this Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the money could be in your account within 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. We offer a business loan is a cash-based loan therefore you’ll be aware of the total amount payable including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
What can be the Small Business Loan be used for?
The Small Business Loan can be used for nearly every business purpose including the management of cash flow, company improvements, advertising, to purchase inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal use.
About Larger Golflands Business Loans
What is the Larger Golflands Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
How is the Origination Fee determined?
A Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit in this amount, your business needs to be in operation for at least 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
What can I use the funding for?
A Larger Business Loan can be used to fund almost every business need, including business improvements, purchasing equipment or inventory, as general working capital, and much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is necessary for accessing funds over $150,000. It is usually as a result of an charge on assets, and may include registering this through the PPSR or filing as a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is generally in nature rather than stipulating security over a particular asset. The person signing the guarantee is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR permits the priority of personal property assigned in accordance with the date on which a security interest was registered.
The caveat can be described as a formal form of document to offer notice of a legal claim against a property.
What is a pre-approval that does not require Credit Check?
When you’re applying for the Larger Business Loan of $250,000 or more we can offer an initial pre-approval in order to smooth out the process. It is possible to get this done without a credit verification and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial health questions. It’s not an offer of credit or guarantee of financing. A conditional approval is subject a full credit assessment and any offer you are offered could have different terms.
The application process
Do I qualify for funds?
You are eligible to apply for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for a unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The process for applying is fast and simple. Complete the online form within a couple minutes, and a dedicated company lending specialist will call you to assist you.
For a loan of up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank records, IRD statements as well as the two most recent years’ financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
How quickly will I receive a decision?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour if you apply during quality company times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to submit copies of your bank statement, we’ll provide the decision in just 1 company day.
For Larger Business Loans ($100K up to $500,000) we could be capable of provide you with a conditional pre-approval within six hours. After you’ve signed your pre-approval document, you will need to wait around 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The most efficient method can be make sure you apply during normal business hours. You can also allow us to use the modern bank verification link to verify your bank information online. If you choose to send us documents from your account statement, it takes a bit longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – as long as you make your application within standard business time and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to submit copies of your bank statements, we’ll be able to offer an answer in just an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be in a position to provide you with conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval within just 24 hours.
The fastest method can be ensure you apply during normal business hours, and permit us to use the sophisticated bank verification link to verify your bank account information online. If you send us the copies of bank statements it can take a bit longer.
How much can I borrow?
We provide loans that range from $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of variables to determine your health of your business and the amount of the repayments your business can support. The total amount of your loan will depend on the specifics the business.
When you make an application for a certain amount, we look at a range of elements to determine the well-being of your business and the extent of repayments that your business can afford. The total amount of the loan will be determined by the particulars that are unique to your business.
Fees & repayments
How do you charge for the cost of a company loan?
When you request business loans with us business financing, we will assess the risk assessment of your company and offer you with a customised offer including the amount of the loan, the duration and interest rates. A company loan is an upfront priced loan therefore you will be aware in advance of the total amount payable including any interest rates, fees or charges.
What determines the rate that I’m charged?
The interest rates on company loans rates differ based on various factors like the amount of money that is borrowed, what company assets the money are used to purchase, the industry the company is in, how long the business has been operating and how long the company has enough cash flow to support the loan, and overall health or financial standing of the business.
What are the charges?
There aren’t any hidden charges for our business loans, and you’ll be aware of the amount you need to pay, and when, from day one. There’s no compounding interest and there are no additional charges (as long as you make your payments in time).
We don’t charge an Application Fee. You can apply for a loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I pay out the loan earlier?
You can decide to repay the total amount of your advance loan at any time.
If you are deciding to take this route, please talk to one of our helpful company loans specialists. They’ll provide you with repayment details as well as an early payout amount. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the time of the early payout in addition to 1.5 percent of the principal amount remaining as well as any outstanding fees.
How do repayments work?
To ensure that you don’t miss payments and to work with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as knowing how we collect, use, exchange and ensure the security of your information is vital and is a crucial part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to security for our clients and security. We utilise a sophisticated bank verification system link to immediately verify your bank account details online, allowing us to provide a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when the business owner utilises assets they own to secure a loan. The asset could be an asset belonging to the personal, like the family home or a company asset like a truck as well as a piece of machine.
The majority of the lenders not just the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan, the asset might be transferred to the lender. In essence, it’s means of securing new financing taking advantage of the value of what you already own.
What do I need security to secure a business loan?
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money however, we do need the personal guarantee. As long as you follow your loan commitments (as detailed in your loan contract document), asset security will never be needed. For loans that exceed $150,000, generally, there is personal guarantee and security in the form the charge of assets.