FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Beverly Hills Small Business Loans
Let me know more about Beverly Hills Small Business Loans
Beverly Hills unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from an traditional company loan?
The application to get your Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be on your account within 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. We offer a business loan is a loan that is priced upfront and you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily repayment figure.
What could be the Small Business Loan be used for?
A Small Business Loan can be used for nearly any business reason, such as the management of cash flow, business improvements, advertising, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
About Larger Beverly Hills Business Loans
What is the Larger Beverly Hills Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
How’s the Origination Fee calculated?
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
In order to be eligible for a loan in this amount the business needs to be operating for a minimum of 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
What can the funds be used for?
A large business loan is a great option for almost every company reason, such as business renovations, purchase of equipment or inventory or as general working capital and much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan one that requires security?
Asset security is required for accessing funds over $150,000. It’s as a result of an charge on assets and can be registered on the PPSR or filing a caveat.
A director’s or personal guarantee is a promise to repay credit that is general in nature, rather than specifying the security of a specific asset. The person who is signing the ensure is personally liable 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 contains security interests registered in respect of personal property (including items or assets). The PPSR allows the priority of personal property granted according to the date a security interest was registered.
The caveat can be described as a formal form of document to provide notice of a legal claim to a property.
What is a pre-approval without Credit Check?
If you’re requesting the Larger Business Loan that exceeds $250K, we may offer a preliminary pre-approval to help make the process. We may be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial well-being checks. It’s neither an offer nor a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you might receive could be subject to different terms.
The application process
Can I be eligible for funding?
You may be eligible for a 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)
- can demonstrate at least 6 months of business (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is fast and simple. Complete the online form in few minutes and a dedicated company loan specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details for application including credit consent as well as 12 months bank statement, an IRD statement, last 2 years finalised financial statements, plus interim financials for the current financial year as well as Aged Payables and Receivables summaries.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) we usually offer a response in one hour, provided you submit your request at standard company times and permit us to utilise the bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements , we will be able to offer a decision in just the span of one company day.
For the Larger Business Loan ($100K or more) we might be in a position to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this can be quicker based on the specifics of each application. Some deals have been approved within the space of 24 hours.
The quickest method is to ensure you apply during normal company hours and allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to send us duplicates of your banking statements it can take a bit longer.
How soon will I receive the cash?
For the Small Business Loan ($5K or more) we can often provide an answer within an hour – provided you submit your request during standard business timings and you allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements, we’ll be able to provide the decision within the span of one business day.
For Larger Business Loans ($100K up to $500,000) we could be likely to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved within 24 hours.
The quickest method would be to make sure you apply during normal business hours. You can also allow us to use the advance bank verification to check your bank’s information online. If you choose to send us the copies of bank statements, it may take a bit longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of elements for determining what is the health for your company and the extent of the repayments your business can afford. The amount you receive from the loan will be determined by the specifics that are unique to your business.
When you make an application for a certain amount, we will consider a number of variables to determine how much we can lend you such as health of your business and the extent of repayments that your business is able to afford. The total amount of your loan will depend on the particular circumstances for your business.
Fees & repayments
How much should you charge for the cost of a business loan?
If you decide to make an application for one of our company loan, we will assess the risk profile that you have for your company and provide an individualised offer, including loan amount, term and the interest rates. A business loan is an upfront priced loan and you’ll know in advance the total amount payable including any charges or interest.
What determines the amount I will be charged?
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the business assets the money will be used for and the sector the company operates in, how long the company has been operating, in the event that the company has sufficient cash flow to cover the loan, as well as the general health or creditworthiness of the business.
What are the fees?
There are no hidden fees for our company loans, and you’ll be aware of the amount you’ll need to pay, and when, starting from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you make your payments in time).
We do not charge an Application Fee. You can request a credit loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated with the setting up and management of 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 amount of loan.
Do I have the option of paying off the loan early?
You can repay the total amount of your loan early at any time.
If you are deciding to pursue this option, please talk to one of our helpful company loans experts. They’ll provide you with details for repayment and an early payment figure. It will be calculated using the total of the principal amount remaining and any accrued interest at the time of early payment and 1.5 percent of the remaining principal as well as any outstanding fees.
What are the repayment methods?
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide repayments either daily or weekly. They will be automatically deducted from your nominated business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as being upfront about how we collect, use, exchange and ensure the security of your information is crucial and is an essential part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and security. We make use of an advanced bank verification system to instantly confirm your bank account information online to provide a fast response.
About business loans
What’s an asset-based borrow (a secured loan)?
The term "asset-based" refers to borrowing where a business owner makes use of assets they own to secure the funds for a loan. The asset can be a personal asset like the family home, or an business asset such as a vehicle as well as a piece of machine.
The majority of the lenders not just the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan then your asset may be offered for sale by the lender. In essence, it is a way of securing new financing by making use of the value of what you already have.
Do I need security to get an company loan?
For loans of up to $150K, there is no requirement for asset security before you are able to access the money, however we require a personal guarantee. require the personal guarantee. As long as you follow the terms of your loan (as stipulated in the loan contract) the security of assets is not needed. For loans over $150K generally, there is an individual guarantee and security that is in the form a charge over assets.