FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Point England Small Business Loans
Tell me more about Point England Small Business Loans
Point England unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from a traditional business loan?
You can apply for this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and the funds could be on your account within 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. The business loan is an upfront priced loan so you will be aware of the total amount payable including any fees, charges or charges. This is then broken down into weekly or daily repayment figure.
What could the Small Business Loan be used for?
The Small Business Loan can be used to fulfill almost every business use, including managing cash flows, company renovations, marketing to purchase inventory, new equipment, for general working capital and so much more. The loan cannot be used for personal purposes.
About larger Point England Business Loans
What is the Larger Point England Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of that can last up to 36 months. The repayments are made weekly or fortnightly in order to accommodate you cashflow.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount the business needs to have been trading for at least 3 years with an annual turnover 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 business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
How can the funding be utilised?
A larger company loan is a great option for almost all company purpose including business renovations, to purchase equipment or inventory, as general working capital and much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is needed to access funding over $150,000. This is as a result of an charge over assets, and may be registered with the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than specifying the security of a specific asset. The person who signs the guarantee is personally accountable if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR gives preference over private property assigned according to the date a security interest that is registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re applying for a Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval in order to ease the process. We could be able to do this without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial well-being questions. It is neither an offer nor a guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer you are offered could be based on different conditions.
The application process
Are I eligible for funding?
You may be eligible 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 demonstrate at minimum 6 months worth of trade (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 easy. Just fill out the online application within a couple minutes, and an experienced company credit specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables reports.
What speed will I be able to get a decision?
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour, provided you submit your request during quality company hours and you allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can offer a decision in just one business day.
For the Larger Business Loan ($100K or more) we may be able to offer you with a conditional pre-approval in about six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be quicker based on the circumstances of each application. Certain agreements have been approved in less than 24 hours.
The fastest way can be ensure you apply during normal company hours. You can also let us use the modern bank verification link to instantly confirm your bank details online. If you decide to upload copies of your bank statements it may take a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K and up) we typically provide an answer within one hour, provided you make your application in normal business timings and permit us to use the bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements, we’ll be able to offer an answer in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be in a position to offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The quickest method can be make sure you apply during standard business hours, and let us use the modern bank verification to instantly confirm your bank details online. If you send us copies of your bank statements it takes a bit longer.
How much can I borrow?
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we take into consideration a range of variables to determine your well-being that is your company and the amount of repayments that your business can afford. The total amount of your loan will depend on the specifics for your company.
When you apply for a specific amount we look at a range of elements to determine your health for your company and the amount of the repayments your business can afford. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
Fees & repayments
How much do you charge for the cost of a company loan?
When you make an application for one of our company credit, we’ll assess the risk assessment that you have for your company and provide you with a customised proposal that includes the loan amount, the terms and interest rates. A company loan is an upfront priced loan therefore you will know the exact amount you will have to pay, including charges or interest.
What determines the amount I will be charged?
The interest rates on company loans rates differ based on various variables like the amount to be borrowed, the business assets the funds will be used for in addition to the industry that the business operates in, how long the company has been running as well as in the event that the business has sufficient cash flow to support the loan, and the overall well-being as well as creditworthiness business.
What are the fees?
There aren’t any hidden charges with our company loans, and you’ll know precisely how much it is that you be required to pay, and at what time, from day one. There’s no compounding and there are no additional charges (as as long as you pay your payments on time).
We don’t charge an application fee. You can make an application for loans with no cost upfront or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I pay out the loan earlier?
You may choose to pay back the entire amount of the advance loan at any time.
If you decide to take this route, please call our helpful business credit experts. They’ll provide you with details on repayment as well as an early payout amount. This will be calculated as the total of the principal amount remaining and accrued interest to the date of early payout plus 1.5 percent of the principal amount remaining plus any outstanding fees.
How do repayments work?
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from the nominated company account.
Security & privacy
Will my information be protected?
The security of your personal information, as well as being clear about how we collect, use, exchange and safeguard your data, is vital 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 secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated bank verification system to immediately verify the bank account details online. This allows us to offer rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when an company owner borrows from assets they own to obtain the funding. The asset can be either a personal asset like the family home or a company asset such as a truck or piece or equipment.
The majority of banks, not just the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence, it is an opportunity to secure new funding using the worth of the asset you already have.
Should I require security to get a company loan?
For loans that exceed $150K, the requirement for asset security is not required before you can access the money, however we do need a personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract document) Asset security will never be needed. If you take out loans in excess of $150K generally there is personal ensure and security in the form of an asset charge.