FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Golflands Small Business Loans
Tell me about the Golflands Small Business Loans
Golflands unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
What makes how is the Unsecured Loan different from an traditional business loan?
It is imaginable to apply to your Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and funds may 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 company loan is a cash-based loan and you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into weekly or daily amount to be paid back.
What can you use the Small Business Loan be used for?
The Small Business Loan can be used to fulfill almost every business purpose including the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal reasons.
About larger Golflands Business Loans
What is the Larger Golflands Business Loan?
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly depending on you cashflow.
How is the Origination Fee determined?
The Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the company needs to be in operation for at least 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
What can the funds be used for?
A Business Loan of a larger size can be used to fund almost all business use, including company improvements, purchasing inventory or new equipment as well as for general working capital, and much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that is secured?
Asset security is needed to access funding over $150,000. It’s in the form of a charge over assets, which could also include registration on the PPSR or registering as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is generally in nature rather than specifying the security for a particular asset. The person signing the ensure is personally responsible if the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date a security interest has been registered.
Caveats are legal document lodged to offer the legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re seeking a Larger Business Loan that is greater than $250K it’s possible to offer a preliminary pre-approval to help simplify the process. We could be able to do this without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial well-being questions. This is not an offer or guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer that you receive could be based on different terms.
The application process
Do I qualify for funds?
You may be eligible for a company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for you to qualify for unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is fast and simple. Simply complete the online form in just a few minutes, and an experienced business lending specialist will contact you to guide you.
To apply for up $100,000, you’ll require ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to 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 or more) we typically offer an answer within one hour, provided you submit your request at quality business times and you allow us to utilise the bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements , we are able to offer the decision in just an business day.
For the Larger Business Loan ($100K to $500K) we might be likely to provide you with conditional pre-approval in about six hours. After you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Some agreements have been approved within less than 24 hours.
The quickest method can be ensure you apply during normal business hours, and permit us to use the advanced bank verification system to instantly check your bank’s information online. If you opt to send us copies of your bank statement, it can take a bit longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K and up) We can usually provide a response in one hour, provided you apply during standard business timings and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statement, we’ll provide the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be capable of offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this can be faster depending on the particular circumstances of each application. Certain deals have been approved within less than 24 hours.
The most effective method is to ensure you apply during normal business hours, and allow us to use the advance bank verification to verify your bank account information online. If you choose to send us duplicates of your banking statement, it may 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 specific amount we take into consideration a range of elements to determine your health that is your company and the amount of repayments that your business can support. The amount you receive from your loan will depend on the particular circumstances the company.
When you apply for a certain amount, we look at a range of elements to assess how much we can lend you such as well-being that is your company and the extent of the repayments your business is able to afford. The amount you receive from your loan will depend on the specifics of your business.
Fees & repayments
What is the cost for a company loan?
When you apply for business loans with us business financing, we will assess the risk assessment the business and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. It is a business loan is an upfront cost loan so you will be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
What determines the amount I will be charged?
The interest rates on business loans rates vary due to factors such as the amount that is that is borrowed, what company assets the funds will be used for in addition to the industry that the business is in, how long the company has been running, in the event that the business has sufficient cash flow to pay for the loan, and also the general health and creditworthiness of the business.
What are the fees?
There are no hidden fees with our company loans. You’ll know precisely how much you be required to pay, and when, starting from the first day. There’s no compounding interest, and no extra fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You are able to make an application for loans with without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Do I have the option of paying off the loan earlier?
You can repay the entire amount of your loan at any point in time.
If you do decide to do this please talk to one of our helpful company lending specialists. The experts will offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal amount remaining plus any accrued interest as of the time of the early payout in addition to 1.5% of the principal balance as well as any outstanding fees.
What are the repayment methods?
In order to help you avoid missing payment dates and to align your cash flow schedule, we offer repayments either daily or weekly. They will be automatically deducted from your designated business account.
Security & privacy
Will my information be protected?
Making sure that your information is secure, and being upfront about how we collect data, process, exchange and secure your information, is crucial and a vital part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online. This allows us to provide quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when an business owner borrows from the assets they have to make the funding. The asset could be an individual property, such as the family home, or it could be a company asset like a truck or other piece of machinery.
The majority of lenders, including the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then your asset may be sold by the lender. In essence it’s a way of securing additional financing using the worth of the asset you already have.
What do I require security for an company loan?
Up to $150,000 in loans the requirement for asset security is not required in advance to gain access to the funds however, we require a personal guarantee. require an individual guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract), asset security is not required. For loans that exceed $150K, generally there is personal ensure and security in the form of the charge of assets.