FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The St Peters Small Business Loans
Tell me more about St Peters Small Business Loans
St Peters unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
What makes the Unsecured Loan different from a traditional company loan?
It is possible to apply for this Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and funds may be available in just 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. Our business loan is an upfront priced loan therefore you’ll be aware in advance of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either weekly or daily installment amount.
What could the Small Business Loan be used for?
The Small Business Loan can be used for almost every company purpose including cash flow management, business renovations, marketing to purchase inventory, new equipment, for general working capital and much more. The loan is not available for personal purposes.
About the Larger St Peters Business Loans
What is the Larger St Peters Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are 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 be eligible for a loan that is this large, your company needs to be operating for a minimum of 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as 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 funds for?
A Larger Business Loan is a great option for almost any business need, including business renovations, purchase of new equipment or inventory or as general working capital and so much more. The loan is not available for personal use.
Is the Larger Business Loan a secured loan?
Asset security is necessary to access funding over $150,000. This can be done by way of charge over assets and can include registration on the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to repay a loan which is generally based rather than specifying the security for a particular asset. The person who signs the guarantee is personally responsible if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
A caveat is a legal form of document to provide the legal claim on a property.
What is a pre-approval that does not require Credit Check?
If you’re seeking the Larger Business Loan of more than $250,000 it is possible to offer a preliminary pre-approval to help smooth out the process. We could be able to apply for this without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. This is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you receive could be based on different conditions.
Application process
Are I eligible for funding?
You may be eligible for an business 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)
- you must demonstrate at minimum 6 months worth of trade (for a unsecured loan $5K – $100K) or three years of trading (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 expert in lending will call you to guide you.
To apply for up $100,000, you’ll need identification details (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent twelve month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
How soon will I hear a decision?
For an unsecured loan ($5K and up) we usually provide an answer in just one hour – as long as you make your application within standard company hours and permit us to utilise the bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll offer the decision within one company day.
For the Larger Business Loan ($100K or more) we might be likely to provide you with a conditional pre-approval within about 6 hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours. You can also let us use the modern bank verification to check your bank’s information online. If you choose to send us the copies of bank accounts, it can take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K to $100K) we typically provide an answer within an hour, provided you make your application in standard business hours and you allow us to use the bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements we can offer an answer in just the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to provide you with conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Some agreements have been approved in 24 hours.
The quickest method is to make sure you apply during normal business hours. You can also allow us to use the advanced bank verification system link to check your bank’s information online. If you choose to send us documents from your account statements it takes a bit longer.
What’s the minimum amount I can borrow?
We provide loan amounts between $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of elements to determine your health of the company as well as the amount of repayments your business is able to afford. The total amount of the loan will be determined by the particular circumstances of your company.
When you make an application for a certain amount, we take into consideration a variety of factors to assess your well-being of your business and the amount of payments your business is able to afford. The total amount of your loan will depend on the particular circumstances the company.
Fees & repayments
How much should you charge for an company loan?
If you decide to apply for the business loan, we’ll assess the risk profile the business and provide an individualised proposal that includes the amount of the loan, the duration and interest rates. It is a company loan is an upfront priced loan therefore you will be aware of the total amount due, which includes any costs, fees, or interest rates.
What is the factor that determines the price I will be charged?
Business loan interest rates depend on a variety of factors such as the amount that is of money borrowed, the company assets the funds are used to purchase and the sector the company is operating in, how long the company has been in operation for, what percentage of the company has enough cash flow to support the loan, as well as the overall health as well as creditworthiness business.
What are the charges?
There are no hidden fees for our business loans. You’ll know exactly how much it is that you be required to pay and when, from the first day. There’s not any compounding interest and no extra fees (as as you make your payments in time).
We don’t charge an Application Fee. You can get a cash loan without any upfront costs or obligation to proceed.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5% of the loan amount.
Can I pay off the loan early?
You can decide to repay the entire amount of the advance loan at any time.
If you do decide to do this please talk to one of our helpful business lending specialists. The professionals will provide you with details for repayment and an early payment figure. It will be calculated using the total of the remaining principal amount and the accrued interest up to the date of early payout in addition to 1.5% of the principal balance and any fees that remain unpaid.
How do you make repayments work?
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide repayments either daily or weekly. These are automatically withdrawn from the nominated company account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as knowing the ways we gather, use, exchange and secure your information, is of huge importance and an integral part 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 personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We utilise a sophisticated bank verification system that allows you to immediately confirm your bank account information online, allowing us to provide rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when the company owner borrows from the assets they have to make the funds for a loan. The asset can be an asset belonging to the personal, like the family home, or it could be a company property like a truck or piece of equipment.
The majority of banks, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then your assets could be transferred to the lender. In essence, it is means of securing new financing making use of the value of what you already have.
Should I need security to get a business loan?
For loans of up to $150K, there is no requirement for asset security prior to the loan’s access, however we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract document), asset security is not needed. If you take out loans in excess of $150,000 generally, there is an individual guarantee and security is provided in the form of an asset charge.