FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Tuscany Estates Small Business Loans
Let me know how you can avail the Tuscany Estates Small Business Loans
Tuscany Estates unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
How is the Unsecured Loan different from an traditional business loan?
Apply to get this Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and the funds could be available in just 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. The company loan is a cash-based loan and you’ll be aware of the total amount payable including any fees, interest or charges. Then, it is broken down into a daily or weekly installment amount.
What can be the Small Business Loan be used for?
A Small Business Loan can be used for nearly every company use, including control of cash flow business remodeling, marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available to fund personal expenses.
Concerning Larger Tuscany Estates Business Loans
What is the Larger Tuscany Estates Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are either weekly or fortnightly depending on your cash flow.
How’s the Origination Fee determined?
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan of this size, your business needs to have been in operation for at least 3 years, and have an annual income of $700K. You must be 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 of proving at least 12 months of trading.
How can the funding be used for?
A large business loan is a great option for almost any business use, including company improvements, purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that requires security?
Asset security is needed for accessing funds over $150,000. It is usually as a result of an charge against assets and can include registration with the PPSR or making a caveat.
A director’s or personal guarantee is a promise to repay credit that is general in nature, rather than stipulating the security for a particular asset. The person signing the ensure is personally accountable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR gives priority over personal property to be granted according to the date the security interest that is registered.
Caveats are legal document that is filed to offer notice of a legal claim to a property.
What is a pre-approval minus Credit Check?
When you’re applying for an enterprise loan that is greater than $250K, we may offer an initial pre-approval to simplify the process. We might be able to apply for this without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health checks. It is not an offer or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you receive could be on different conditions.
The 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 18 years or older, own a New Zealand business (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 trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and simple. Just complete the online application within a few minutes and an experienced company loan specialist will be in touch to assist you.
To apply for up $100,000 you’ll need identification details (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables reports.
How quickly will I receive a decision?
For an unsecured loan ($5K to $100K) we usually offer a response in one hour, provided you make your application in quality business timings and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statement, we’ll offer the decision in as little as 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to offer you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain offers have been approved within less than 24 hours.
The most efficient method would be to make sure you apply during normal business hours. Also, permit us to use the advanced bank verification system link to check your bank’s information online. If you decide to send us the copies of bank statement, it may take a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K and up) We can usually provide an answer within an hour – as long as you apply during normal business times and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements, we will be able to offer the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some deals have been approved in less than 24 hours.
The quickest method is to ensure you apply during standard business hours and let us use the advance bank verification link to instantly verify your bank account information online. If you opt to send us copies of your bank statement, it may take a bit longer.
What is the maximum amount I can borrow?
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount, we take into consideration a range of aspects for determining what is the health for your business as well as the amount of repayments that your business is able to afford. The amount you receive from your loan will depend on the particular circumstances that are unique to your business.
If you apply for a certain amount, we look at a range of variables to assess how much we can lend you such as health that is your company and the amount of repayments that your company can afford. The amount you receive from your loan will depend on the specifics for your company.
Fees & repayments
What is the cost for an company loan?
If you decide to make an application for business loans with us company loans, we will assess the risk assessment that you have for your business and offer you with a tailored proposal that includes the loan amount, the terms and the interest rates. This company loan is an upfront priced loan which means you know in advance the total amount due, which includes any charges, interest rates or fees.
What determines the amount I will be charged?
Interest rates for company loans rates depend on a variety of factors like the amount of money borrowed, what company assets the money are used to purchase in addition to the industry that the business is in, how long the company has been operating for, what percentage of the business has enough cash flow to pay for the loan, and the overall health or financial standing of the company.
What are the costs?
There are no hidden fees with our company loans. You’ll know exactly how much you’ll need to pay and at what time, from day one. There’s no compounding interest and no extra fees (as as you make your payments in time).
We don’t charge an application fee. You can request a credit loan with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I pay off the loan early?
You can choose to repay all of your loan in full at any time.
If you decide to pursue this option, please call our helpful company lending experts. They’ll provide you with repayment details as well as an early payout amount. This is calculated as the total of the principal balance and any accrued interest at the date of early payout, plus 1.5% of the principal balance as well as any outstanding fees.
How do you make repayments work?
To ensure you do not miss 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 data be protected?
Making sure that your information is secure, and knowing how we collect the information we collect, use, share and safeguard your data, is vital 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 standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to customer security and privacy. We make use of an advanced bank verification system to instantly verify the bank account details online to offer quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
The term “asset-based” refers to borrowing where an business owner uses assets they own to secure the funding. The asset could be an individual asset, such as the family home, or a business asset such as a truck or piece of equipment.
The majority of banks, even the banks with the biggest size, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it’s the process of securing new financing by using the value of what you already own.
Do I require security for a company loan?
For loans up to $150K there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. need an individual guarantee. In the event that you fulfill the terms of your loan (as specified in the loan contract) the security of assets will never be needed. For loans that exceed $150K, generally, there is personal ensure and security is provided in the form of the charge of assets.