FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Seaview Small Business Loans
Let me know what you think of the Seaview Small Business Loans
Seaview unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What makes this Unsecured Loan different from a traditional business loan?
It is possible to apply to your Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive a same day response and funds may be available in just 24 hours. Traditional company loans are based on an annual rate of interest together with additional fees and charges. The business loan is a pre-paid loan which means you know in advance the total amount due, which includes any fees, interest or charges. Then, it is divided into a daily or weekly repayment figure.
What can the Small Business Loan be used for?
The Small Business Loan can be used to fulfill almost any business need, such as cash flow management, company remodels and marketing to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
About larger Seaview Business Loans
What is the Larger Seaview Business Loan?
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan in this amount the company needs to have been in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
How can the funding be used for?
A larger company loan is a great option for almost every business use, including company improvements, purchasing equipment or inventory, as general working capital, and much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is needed for funding of more than $150,000. This is by way of charge against assets, and could be registered with the PPSR or making as a caveat.
A personal or director’s ensure is a commitment to repay credit that is generally based rather than specifying the security for a particular asset. The person who is signing the ensure is personally liable in the event that the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR permits the priority of personal property assigned according to the date a security interest was registered.
An affidavit is an official document that is filed to provide the legal claim to property.
What is a pre-approval minus Credit Check?
If you’re applying for larger business loans of $250K or more, we may offer a preliminary pre-approval to help smooth out the process. We could be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial health checks. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you may receive may be on different terms.
Can I be eligible for funding?
You may apply for an company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is simple and easy. Just complete the online application within a couple minutes, and a dedicated company loan specialist will be in touch to guide you through the process.
To apply for up to $100,000, you’ll need ID details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Information on the application including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables reports.
How quickly will I receive a decision?
For an unsecured loan ($5K to $100K) we can often offer an answer in just one hour, provided you make your application in quality company hours and you allow us to use 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 are able to provide an answer in as little as the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be able to offer you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The most effective method can be ensure you apply during normal company hours, and let us use the advance bank verification link to instantly verify your bank information online. If you send us duplicates of your banking statements it may take a bit longer.
How fast will I get the money?
For the Small Business Loan ($5K or more) we can often provide an answer in just one hour – provided you apply within normal business hours and permit us to use 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 will be able to offer a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be capable of offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval within 24 hours.
The fastest method can be make sure you apply during standard business hours. Also, let us use the advance bank verification link to confirm your bank details online. If you choose to upload documents from your account statement, it takes a bit longer.
How much can I borrow?
We offer loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of factors to determine the health of your business as well as the amount of payments your company can support. The total amount of your loan will be contingent on the particular circumstances of your business.
When you make an application for a specific amount we take into consideration a variety of variables to determine how much we can lend you such as well-being of your company as well as the amount of repayments that your company is able to afford. The total amount of your loan will depend on the specific circumstances the company.
Fees & repayments
How do you charge for a business loan?
When you apply for the company financing, we’ll assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. A company loan is an upfront priced loan therefore you will know the exact amount payable including any charges, interest rates or fees.
What determines the amount I’m charged?
Business loan interest rates vary due to factors such as the amount that is borrowed, the business assets the funds are used to purchase, the industry the business is operating in, how long the business is in operation, whether the company has sufficient cash flow to fund the loan, and general health as well as creditworthiness company.
What are the fees?
There are no hidden costs with our business loans, and you’ll be aware of the amount you need to pay and at what time, from the day you sign up. There’s no compounding interest, and no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You can apply for a loan no cost upfront or commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the loan amount.
Can I pay off the loan earlier?
You can repay all of your loan early at any time.
If you do decide to do this please contact our helpful business credit specialists. The specialists will offer you with repayment details along with an early payout estimate. This is calculated as the sum of the principal balance and any accrued interest at the time of the early payout, plus 1.5% of the remaining principal as well as any outstanding fees.
How do you make repayments work?
To help you avoid missing payment dates and to align with your cash flow standard, we provide repayments either weekly or daily. They are automatically deducted from your designated company account.
Security & privacy
Will my data be protected?
Protecting your information, and being clear about the ways we gather data, process, 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 employ industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We use an advanced bank verification system to immediately verify your bank account information online, allowing us to offer an immediate response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing is when a business owner borrows from the assets they have to secure the funding. The asset could be a personal asset like the family home or an company asset such as a truck or piece of equipment.
The vast majority of the lenders not just the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then your asset may be offered for sale by the lender. In essence it’s the process of securing additional financing using the value of what you already have.
Do I need security for a company loan?
For loans of up to $150,000, it is not necessary to secure assets before you are able to access the money however, we do need the personal guarantee. If you adhere to the loan terms (as stipulated in the loan contract) Asset security is not required. If you take out loans in excess of $150,000 generally there is an individual guarantee and security that is in the form a charge over assets.