FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Greenhithe Small Business Loans
Tell me what you think of the Greenhithe Small Business Loans
Greenhithe unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from the traditional company loan?
It is imaginable to apply for your Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and the money could be in your account within 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. We offer a business loan is a loan that is priced upfront so you will know in advance the total amount payable including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
What could be the Small Business Loan be used for?
The Small Business Loan can be used for almost every business use, including cash flow management, company improvements, advertising to purchase inventory, new equipment, as general working capital and so much more. The loan is not available for personal use.
About the Larger Greenhithe Business Loans
What is the Larger Greenhithe 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 that can last up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan in this amount, your business needs to have been operating for a minimum of 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
What can I use the funding for?
A Business Loan of a larger size is a great option for almost all business use, including business renovations, purchase of inventory or new equipment as well as for general working capital and so much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that is secured?
Asset security is necessary for accessing funds over $150,000. This is by taking a charge over assets and can include the registration of this in the PPSR or filing as a caveat.
A director’s or personal ensure is a commitment to repay credit that is general in nature, rather than defining the security for a particular asset. The person signing the ensure is personally responsible if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including goods or assets). The PPSR allows the priority of personal property granted depending on the date that a registration of a security interest.
An affidavit is an official document filed to offer notice of a legal claim on a property.
What exactly is a preapproval without Credit Check?
When you’re applying for an enterprise loan that is greater than $250K we can offer a preliminary pre-approval to help make the process. We could be able to do this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial assessment that includes the answer to a series of financial health questions. It is not an offer of credit or guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be on different conditions.
Application process
Can I be eligible for funding?
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)
- must show at least six months of business (for a unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is fast and simple. Simply complete the online form within a few minutes and a dedicated company lending specialist will be in touch to guide you.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) as well as a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent twelve months of bank records, IRD statement as well as the two most recent years’ financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour – as long as you submit your request in quality company hours and let us use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statement, we’ll provide an answer in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to offer you with conditional pre-approval in about six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some offers have been approved within just 24 hours.
The quickest method for you to apply is make sure you apply during normal company hours. You can also let us use the advanced bank verification system to instantly confirm your bank details online. If you opt to send us the copies of bank statements it can take a bit longer.
How soon will I receive the funds?
For the Small Business Loan ($5K to $100K) we typically provide an answer within one hour, provided you make your application at normal business hours and let us utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statement, we’ll offer an answer in just one business day.
If you are applying for Larger Business Loans ($100K and up) we might be in a position to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved within the space of 24 hours.
The most effective method for you to apply is make sure you apply during standard business hours. Also, allow us to use the modern bank verification to verify your bank account information online. If you upload documents from your account statements it takes a bit longer.
What’s the minimum amount I can borrow?
We provide loans ranging from $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of aspects in order to assess how much we can lend you well-being of the business and the extent of repayments that your company can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
If you apply for a particular amount, we take into consideration a variety of factors to determine how much we can lend you such as well-being of your business as well as the amount of repayments that your business will be able to support. The total amount of your loan will depend on the particulars for your business.
Fees & repayments
What is the cost for the cost of a business loan?
If you decide to request our company loans, we will assess the risk assessment that you have for your company and offer you with a tailored proposal that includes the loan amount, the terms and interest rates. It is a business loan is an upfront-priced loan so you will know the exact amount to be paid, including any interest rates, fees or charges.
What is the basis for the rate I am charged?
Interest rates for company loans rates depend on a variety of factors like the amount of money that is borrowed, what company assets the funds are used to purchase as well as the field the company is in, how long the business is in operation and what percentage of the business has sufficient cash flow to pay for the loan, and also the general well-being as well as creditworthiness company.
What are the costs?
There are no hidden fees with our company loans, and you’ll know precisely how much it is that you be required to pay, and when, right from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You are able to get a cash loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
Can I pay off 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 pursue this option, please speak to our friendly company credit experts. The specialists will offer you with details on repayment and an early payout figure. The figure will be calculated as the sum of the principal balance and any accrued interest at the time of early payment and 1.5 percent of the principal amount remaining and any outstanding fees.
How do you make repayments work?
To help you avoid missing payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from your designated company account.
Security & privacy
Will my information be secure?
Making sure that your information is secure, and being upfront about the ways we gather the information we collect, use, share and secure your information, is of paramount importance and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to customer security and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account details online, allowing us to provide an immediate response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when an company owner utilises an asset that they own to secure the funding. The asset may be an asset belonging to the personal, like the family home, or an business property like a truck or other piece of machinery.
The majority of the lenders even the big banks, tend to secure loans against assets. If you are having difficulty paying back the loan then the asset might be transferred to the lender. In essence it is means of securing new financing by taking advantage of the value of what you already own.
What do I require security to secure an company loan?
For loans of up to $150,000, the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. require an individual guarantee. In the event that you fulfill your loan obligations (as specified in the loan contract) and you are able to meet your obligations, asset security will never be needed. For loans of over $150K generally, you are able to get a personal guarantee and security that is in the form charges on assets.