FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Haywards Small Business Loans
Let me know more about Haywards Small Business Loans
Haywards unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from an traditional business loan?
You can apply to the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the funds could be available in just 24 hours. Traditional company loans are based on an interest rate per annum together with additional fees and charges. We offer a company loan is a cash-based loan so you will know ahead of time the total amount due, which includes any fees, charges or charges. This is then broken down into a daily or weekly repayment figure.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used for almost any company use, including cash flow management, business remodeling, marketing for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used to fund personal expenses.
About the Larger Haywards Business Loans
What is the Larger Haywards Business Loan?
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly to work with you cashflow.
How’s the Origination Fee determined?
A Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount, your company needs to be in operation for at least 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
What can I use the funding for?
A larger company loan can be used for nearly every company use, including company improvements, purchasing inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is needed to access funding over $150,000. This is by way of charge on assets, which could also be registered on the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to repay a loan which is general in nature, rather than specifying security over a particular asset. The person who is signing the ensure is personally responsible if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR gives priority over personal property to be assigned in accordance with the date on which a security interest was registered.
A caveat is a legal form of document to provide an official notice of a claim against a property.
What is a pre-approval without Credit Check?
If you’re applying for larger company loans of more than $250,000 we can offer an initial pre-approval that will help make the process. It is possible to make this decision without a credit check and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial well-being checks. This is neither an offer nor a guarantee of credit. A conditional approval is subject a full credit assessment and any offer that you might receive could be subject to different conditions.
Application process
Do I qualify for funds?
You are eligible to apply for a 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)
- can demonstrate at least 6 months of trading (for for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is quick and simple. Complete the online form within a few minutes and an experienced company loan specialist will call you to guide you through the process.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s License) as well as a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent, 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables summary.
How fast will I get a decision?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within an hour – as long as you submit your request during quality company hours and allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements , we’ll be able to offer an answer within an business day.
For the Larger Business Loan ($100K or more) we could be able to provide the conditional pre-approval within about six 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 specifics of each application. Certain offers have been approved within 24 hours.
The quickest method would be to ensure you apply during standard company hours. You can also allow us to use the advance bank verification link to confirm your bank details online. If you opt to upload duplicates of your banking statement, it can take a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K up to $100,000) we can often provide a response in one hour if you apply within standard business timings and you allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statement, we’ll provide an answer in just 1 business day.
For Larger Business Loans ($100K up to $500,000) We may be likely to provide you with conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Some deals have been approved within less than 24 hours.
The fastest way is to make sure you apply during normal business hours. Also, permit us to use the modern bank verification link to instantly check your bank’s information online. If you upload the copies of bank statements, it will take a little longer.
How much can I borrow?
We provide the loan amount between $5,000 to $500,000. If you apply for a certain amount, we look at a variety of variables that determine how much we can lend you well-being of the business and the amount of payments your company can support. The total amount of the loan will be determined by the specific circumstances of your company.
When you submit an application for a particular amount, we will consider a number of variables to assess your well-being of the business and the extent of repayments that your company can support. The amount you receive from the loan will be determined by the particulars of your business.
Fees & repayments
How do you charge for an business loan?
If you decide to make an application for business loans with us company credit, we’ll assess the risk assessment for your company and offer you with a customised proposal that includes loan amount, term and interest rates. This company loan is an upfront cost loan which means you be aware in advance of the total amount to be paid, including any interest rates, fees or charges.
What is the basis for the rate I will be charged?
Business loan interest rates depend on several factors such as the amount that is borrowed, the business assets the money will be used for as well as the field the company is operating in, how long the company has been running, what percentage of the company has enough cash flow to pay for the loan, as well as the general well-being or creditworthiness of the business.
What are the charges?
There are no hidden costs with our business loans, and you’ll be aware of the amount it is that you need to pay, and when, starting from the very first day. There’s no compounding interest and there are no additional charges (as long as you make your payments in time).
We don’t charge an application fee. You can get a cash loan with with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
Can I repay the loan in advance?
You can decide to repay the entire amount of your loan early at any time.
If you are deciding to pursue this option, please contact our helpful company credit experts. The specialists will offer you with repayment details and an early payment figure. This will be calculated as the sum of the principal balance and any accrued interest at the date of early payout and 1.5 percent of the principal remaining and any fees that remain unpaid.
What is the process for repayments?
In order to help you avoid missing repayments and to fit in your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your nominated company account.
Security & privacy
Will my information be secure?
Making sure that your information is secure, and knowing how we collect data, process, exchange and safeguard your data, is of paramount importance and an integral aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and security. We utilise a sophisticated bank verification system to immediately verify your bank account details online so we can offer rapid response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when an company owner borrows from an asset they own to obtain the funds for a loan. The asset may be a personal asset like the family home, or it could be a company asset like a truck or piece or equipment.
The majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it is a way of securing additional financing using the value of what you already have.
What do I require security to secure an business loan?
For loans that exceed $150,000, it is not necessary to secure assets before you can access the money however, we do require an individual guarantee. In the event that you fulfill the terms of your loan (as stated in your loan contract document) the security of assets is not needed. For loans that exceed $150,000, generally, you can get a personal ensure and security is provided in the form of the charge of assets.