FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Regis Park Small Business Loans
Let me know more about Regis Park Small Business Loans
Regis Park unsecured loans provides amounts of 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 the Unsecured Loan different from an traditional business loan?
You can apply for your Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and the money could be available in just 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. Our company loan is a cash-based loan so you will be aware of the amount you will have to pay, including any fees, charges or charges. Then, it is broken down into either weekly or daily amount to be paid back.
What could the Small Business Loan be used for?
The Small Business Loan can be used for nearly any business use, including the management of cash flow, company remodeling, marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal use.
About the Larger Regis Park Business Loans
What is the Larger Regis Park Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly, depending on your situation.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount the business needs to have been operating for a minimum of 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
How can the funds be utilised?
A Larger Business Loan can be used for nearly any business reason, such as business remodeling, buying new equipment or inventory for general working capital and much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that is secured?
Asset security is required to access funding over $150,000. This is in the form of a charge against assets and can be registered in the PPSR or registering as a caveat.
A personal or director’s ensure is a promise to repay credit that is general in nature rather than specifying the security of a specific asset. The person who signs the guarantee is personally responsible if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR allows priority over personal property to be assigned in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal form of document to provide the public notice of a legal claim to property.
What is a pre-approval without Credit Check?
If you’re seeking an enterprise loan that exceeds $250,000 it is possible to offer an initial pre-approval to smooth out 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 assessment, which involves answering a couple of financial health questions. It is not an offer or guarantee of financing. A conditional approval is subject an extensive credit evaluation and any offer that you may receive may be based on different terms.
Application process
Do I have the right to receive funds?
You can apply for an business loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for you to qualify for unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is fast and simple. Just fill out the online application within a few minutes and an experienced company loan specialist will contact you to guide you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD and at least six months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent, 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables Summary.
How quickly will I receive an answer?
For an unsecured loan ($5K up to $100,000) we usually offer an answer within one hour if you make your application at quality business times and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll offer a decision in just an business day.
If you are applying for a Larger Business Loan ($100K and up) we might be likely to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Certain agreements have been approved in the space of 24 hours.
The quickest method for you to apply is make sure you apply during standard company hours. You can also let us use the advanced bank verification system to confirm your bank details online. If you opt to upload copies of your bank statements it may take a bit longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K and up) we usually provide an answer in just one hour, provided you submit your request at normal business timings and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements, we are able to offer the decision within an business day.
For the Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with a conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some deals have been approved in the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, permit us to use the advanced bank verification system link to check your bank’s information online. If you decide to upload duplicates of your banking accounts, it may take a bit longer.
What’s the minimum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount we will consider a number of factors that determine the health of your business as well as the amount of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a specific amount we look at a range of elements to determine how much we can lend you such as health for your business and the level of repayments your business is able to afford. The total amount of your loan will be contingent on the specific circumstances the business.
Fees & repayments
How do you charge for a business loan?
If you decide to request business loans with us business loans, we’ll assess the risk profile of your business and offer you with a customised offer, including loan amount, term and the interest rates. A business loan is a loan that is priced upfront therefore you will be aware in advance of the total amount to be paid, including any charges or interest.
What determines the amount I pay?
The interest rates on business loans rates vary due to factors including the amount borrowed, the company assets the funds will be used for in addition to the industry that the business operates in, the long the business has been in operation as well as whether the business has sufficient cash flow to cover the loan, as well as the general health and creditworthiness of the company.
What are the fees?
There are no hidden fees with our company loans, and you’ll know precisely what it is that you need to pay, and at what time, from day one. There’s no compounding interest, and the loan comes with no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You are able to request a credit loan with without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
Can I pay off the loan early?
You can choose to repay the entire amount of your loan in full at any time.
If you choose to take this route, please call our helpful business credit experts. The professionals will provide you with details on repayment along with an early payout estimate. This is calculated as the total of the principal balance and any accrued interest at the time of early payout and 1.5 percent of the remaining principal as well as any outstanding fees.
What are the repayment methods?
To make sure that you don’t miss repayments and to fit in with your cash flow general, we offer repayments that are either weekly or daily. They will be automatically deducted from your nominated business account.
Security & privacy
Will my information be secure?
Protecting your information, and making it clear how we collect information, use it, and exchange it, as well as secure your information, is of huge importance and is an essential part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our clients and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account information online, allowing us to provide an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when a company owner borrows from the assets they have to obtain the funds for a loan. The asset can be either an asset belonging to the personal, like the family home or a business asset like a truck or piece of equipment.
The majority of the lenders including the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan, then your asset may be offered for sale by the lender. In essence it is means of securing new financing by using the worth of the asset you already own.
Do I need security to get a business loan?
Up to $150,000 in loans it is not necessary to secure assets upfront to access the money but we require a personal guarantee. require the personal guarantee. In the event that you fulfill the loan terms (as detailed in the loan contract) and you are able to meet your obligations, asset security is not required. For loans that exceed $150,000, generally there is a personal ensure and security in the form a charge over assets.