FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Judgeford Small Business Loans
Let me know about the Judgeford Small Business Loans
Judgeford unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
What makes what makes the Unsecured Loan different from an traditional business loan?
The application to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and funds may be in your account within 24 hours. Traditional business loans refer to an interest rate per annum plus other fees and charges. The company loan is a loan that is priced upfront so you will be aware in advance of the total amount payable including any interest, fees or charges. Then, it is divided into weekly or daily installment amount.
What can you use the Small Business Loan be used for?
The Small Business Loan can be used for virtually every company use, including managing cash flows, company remodeling, marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
About larger Judgeford Business Loans
What is the Larger Judgeford Business Loan?
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan in this amount, your company needs to be operating for at least three years with an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
What can I use the funding for?
A larger business loan can be used for nearly every company reason, such as company remodeling, buying equipment or inventory or as general working capital and so much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is necessary for funding of more than $150,000. This is by way of charge on assets, and could include registering this through the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is generally based rather than specifying the security of a specific asset. The person who is signing the ensure is personally liable in the event that the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR permits preference over private property assigned depending on the date that a security interest that is registered.
The caveat can be described as a formal document that is filed to provide notice of a legal claim on a property.
What exactly is a preapproval without Credit Check?
If you’re seeking an enterprise loan that is greater than $250K, we may offer an initial pre-approval to smooth out the process. We could be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health questions. This is not an offer of credit or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be based on different conditions.
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, have a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is simple and simple. Simply complete the online form within a few minutes and a dedicated company expert in lending will call you to assist you.
To apply for up $100,000, you’ll need proof of identity (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent, 12 months of bank records, IRD statement and the last two years’ finalised financial statements, plus interim current financial year financials, Aged Payables and Aged Receivables Summary.
How soon will I hear an answer?
For an unsecured loan ($5K to $100K) we can often provide an answer within one hour if you make your application in quality business time and let us use the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your banking statement, we’ll provide an answer within just the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we may be capable of offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved in 24 hours.
The quickest way to apply would be to make sure you apply during standard business hours. Also, allow us to use the advanced bank verification system to check your bank’s information online. If you opt to send us duplicates of your banking accounts, it can take a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K or more) we can often provide an answer within an hour – provided you apply during normal business hours and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statement, we’ll offer the decision in just an business day.
For the Larger Business Loans ($100K or more) we could be likely to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Some deals have been approved in the space of 24 hours.
The fastest way is to make sure you apply during standard business hours and allow us to use our sophisticated bank verification to instantly confirm your bank details online. If you choose to upload copies of your bank statements, it takes a bit longer.
What is the maximum amount I can borrow?
We offer the loan amount between $5,000 and $500,000. When you submit an application for a specific amount we take into consideration a range of aspects for determining what is the health that is your company as well as the amount of payments your business is able to afford. The total amount of your loan will be contingent on the particular circumstances of your company.
If you apply for a particular amount, we consider a variety of variables to assess the health of your company as well as the amount of payments your business can afford. The total amount of the loan will be determined by the specific circumstances the company.
Fees & repayments
How much do you charge for an company loan?
When you make an application for business loans with us business financing, we’ll assess the risk assessment of your company and offer you with a tailored offer that includes the amount of loan, the term and interest rates. A company loan is an upfront-priced loan and you’ll be aware of the total amount to be paid, including any charges, interest rates or fees.
What determines the amount I’m charged?
Interest rates for company loans rates depend on several factors including the amount borrowed, the business assets the money are used to purchase and the sector the company is in, how long the company has been operating, in the event that the business has sufficient cash flow to pay for the loan, and overall health and creditworthiness of the business.
What are the costs?
There aren’t any hidden charges for our business loans, and you’ll know exactly how much you’ll need to pay and at what time, from the day you sign up. There’s no compounding interest, and no extra fees (as as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Can I pay off the loan early?
You can repay the entire amount of your advance loan at any time.
If you do decide to pursue this option, please speak to our friendly company loan experts. The specialists will offer you with details on repayment and an early payment figure. It will be calculated using the sum of the principal remaining plus any accrued interest as of the date of early payout plus 1.5% of the principal remaining and any outstanding fees.
What are the repayment methods?
To make sure you do not miss due dates and also to be in line with your cash flow routine, we provide repayments either weekly or daily. These are automatically deducted from your designated business account.
Security & privacy
Will my information be protected?
Security of your data, and being clear about how we collect, use, exchange and secure your information, is vital and an integral part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We employ an exceptionally sophisticated banking verification system to instantly 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 occurs when a business owner uses assets they own to secure the funding. The asset could be an individual asset, such as the family home or it could be a company property like a truck as well as a piece of machine.
The majority of banks, even the banks with the biggest size, prefer to guarantee loans against an asset. If you have trouble paying back the loan, then your assets could be taken over by the lender. In essence it’s the process of securing new financing using the value of what you already own.
Are I need security to secure a company loan?
For loans that exceed $150,000, no asset security is required prior to the loan’s access however, we do require the personal guarantee. As long as you follow the loan terms (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 generally, you can get the option of a personal ensure and security that is in the form the charge of assets.