FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Regis Park Small Business Loans
Let me know how you can avail the Regis Park Small Business Loans
Regis Park unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
How is the Unsecured Loan different from the traditional business loan?
It is imaginable to apply to this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and the money could be in your account within 24 hours. Traditional business loans reference an interest rate per annum along with other charges and fees. Our company loan is a pre-paid loan therefore you’ll be aware in advance of the total amount payable including any fees, interest or charges. Then, it is broken down into weekly or daily installment amount.
What can the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any company need, such as control of cash flow business remodeling, marketing for purchasing inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal use.
About Larger Regis Park Business Loans
What is the Larger Regis Park Business Loan?
The Larger Business Loan is a larger size loan to aid in business growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan in this amount, your company needs to have been in operation for at least 3 years, and have an annual income of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
How can the funding be used for?
A Larger Business Loan is a great option for almost every company purpose including company renovations, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that is secured?
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge against assets, and could include the registration of this with the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is general in nature, rather than defining security over an asset. The person who is signing the ensure is personally responsible if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR allows preference over private property assigned according to the date a registration of a security interest.
Caveats are legal document filed to offer notice of a legal claim to a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for a Larger Business Loan of $250K or more we may be able to provide an initial pre-approval in order to smooth out the process. We could be able to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial well-being checks. This is not an offer or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could have different terms.
Application process
Do I have the right to receive funds?
You are eligible to apply for a business loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months’ worth of transactions (for the unsecured loan $5K – $100K) or 3 years of continuous 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 in just a few minutes, and a dedicated business loan specialist will be in touch to help you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Information on the application including credit consent twelve month bank accounts, the IRD statements, last 2 years finalised financial statements, plus interim current financial year financials such as age-related payables and aged Receivables Summary.
What speed will I be able to get a decision?
For an unsecured loan ($5K and up) We can usually offer a response in one hour if you submit your request within quality business time and let us utilise the bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements we can provide the decision within just an business day.
For Larger Business Loans ($100K up to $500,000) we could be capable of provide you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard company hours. Also, allow us to use our advanced bank verification system link to verify your bank information online. If you choose to send us documents from your account statement, it may take a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within one hour – as long as you apply during standard business hours and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll provide a decision in just the span of one business day.
For the Larger Business Loans ($100K up to $500,000) we may be likely to provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Certain deals have been approved within just 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours, and let us use the advanced bank verification system link to verify your bank information online. If you choose to send us the copies of bank statements it takes a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of variables that determine the health for your business as well as the amount of repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics that are unique to your company.
When you make an application for a certain amount, we look at a range of aspects to determine your well-being of your business and the extent of repayments that your business can afford. The total amount of your loan will be determined by the specifics that are unique to your business.
Fees & repayments
How much should you charge for the cost of a business loan?
If you decide to apply for the company loan, we will assess the risk profile that you have for your business and offer you with a tailored proposal that includes loan amount, term and the interest rates. The company loan is an upfront priced loan which means you be aware of the total amount to be paid, including any interest rates, fees or charges.
What is the factor that determines the price I’m charged?
Business loan interest rates depend on a variety of factors like the amount of money borrowed, the company assets the funds will be used for and the sector the business is operating in, how long the company has been running and what percentage of the company has enough cash flow to support the loan, and the general well-being or financial standing of the company.
What are the costs?
There aren’t any hidden charges with our business loans, and you’ll know precisely what you be required to pay and when, from the day you sign up. There’s no compounding interest, and no extra fees (as as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
Can I pay out the loan early?
You may choose to pay back the entire amount of the loan in full at any time.
If you do decide to do this please contact our helpful business loan specialists. They will offer you with repayment details as well as an early payout amount. This is calculated as the sum of the principal remaining and accrued interest to the time of the early payout and 1.5 percent of the principal remaining plus any outstanding fees.
What is the process for repayments?
To make sure that you don’t miss payments and to work with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as being transparent about the ways we gather, use, exchange and ensure the security of your information is of huge importance and is an essential element 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 as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account information online, allowing us to offer a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing is when an business owner makes use of an asset that they own to get the funds for a loan. The asset could be a personal asset like the family home or a company asset like a truck or piece or equipment.
The vast majority of lenders, even the banks with the biggest size, prefer to make loans secured by an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence it’s means of securing new funding using the value of what you already own.
Do I need security to secure a business loan?
Up to $150,000 in loans the requirement for asset security is not required prior to the loan’s access but we require a personal guarantee. require a personal guarantee. As long as you follow your loan obligations (as detailed in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans of over $150K typically, you will need a personal guarantee and security is provided in the form of a charge over assets.