FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Jindalee Small Business Loans
Let me know more about Jindalee Small Business Loans
Jindalee unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What is how is the Unsecured Loan different from an ordinary business loan?
You can apply for the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the money could be on your account within 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. We offer a company loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into weekly or daily installment amount.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly every company purpose including the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, or as general working capital and so much more. The loan is not available to fund personal expenses.
About the Larger Jindalee Business Loans
What is the Larger Jindalee 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 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
How is the Origination Fee determined?
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan in this amount the company needs to have been in operation for at least 3 years and generate an annual revenue of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or 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 funds for?
A large company loan is a great option for almost every business purpose including business remodeling, buying equipment or inventory, as general working capital and much more. The loan cannot be used for personal purposes.
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, which could also include registration through the PPSR or the registration of a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally in nature rather than defining security over a particular asset. The person who is signing the ensure is personally liable in the event that the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR allows the priority of personal property granted according to the date the security interest was registered.
The caveat can be described as a formal document filed to offer the public notice of a legal claim to a property.
What is a pre-approval without Credit Check?
If you’re requesting a Larger Business Loan of $250K or more we may be able to provide a preliminary pre-approval to help smooth out the process. We might be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves you answering a few financial health questions. This is not an offer of credit or guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could be subject to different terms.
The application process
Are I eligible for funding?
You are eligible to apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, have a New Zealand business (with a valid NZBN/IRD)
- can demonstrate at least 6 months of trading (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The process for applying is fast and easy. Just complete the online application in few minutes and a dedicated company loan specialist will call you to guide you.
For a loan of up to $100,000 you’ll need the right identification documents (valid Driver’s License), a valid NZBN/IRD and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour – as long as you make your application at quality business times and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statements we can provide an answer in just the span of one company day.
For the Larger Business Loan ($100K and up) we may be in a position to offer the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based upon the circumstances for each application. Certain deals have been approved in 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours and permit us to use the advanced bank verification system link to verify your bank account information online. If you decide to send us the copies of bank statements it may take a bit longer.
How fast will I get the money?
For the Small Business Loan ($5K to $100K) We can usually offer an answer within an hour – provided you submit your request within normal business times and let us make use of the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statement, we’ll provide a decision in just one business day.
For Larger Business Loans ($100K to $500K) we could be likely to offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Certain agreements have been approved in 24 hours.
The fastest method would be to ensure you apply during normal business hours. Also, let us use the advance bank verification to instantly check your bank’s information online. If you decide to upload the copies of bank statements, it may take a bit longer.
What is the maximum amount I can borrow?
We provide loans ranging from $5,000 to $500,000. If you apply for a specific amount we will consider a number of factors that determine your health for your business and the amount of the repayments your business can support. The total amount of the loan will be determined by the particular circumstances of your business.
When you make an application for a certain amount, we will consider a number of factors to determine your well-being for your company as well as the amount of payments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
Fees & repayments
What is the cost for the cost of a business loan?
When you make an application for the business financing, we will assess the risk assessment for your company and offer you with a customised offer, including the amount of loan, the term and the interest rates. It is a company loan is an upfront-priced loan so you will be aware of the total amount to be paid, including any charges or interest.
What is the factor that determines the price I am charged?
Interest rates for business loans rates depend on several factors like the amount of money of money borrowed, the business assets the funds are used to purchase, the industry the company operates in, the long the business has been in operation, how long the company has sufficient cash flow to support the loan, and overall health or financial standing of the business.
What are the charges?
There are no hidden costs for our company loans. You’ll know precisely what it is that you need to pay, and when, from the first day. There’s no compounding interest and no additional fees (as long as you are able to make your payments punctually).
We don’t charge an application fee. You are able to request a credit loan with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
Can I repay the loan in advance?
You may choose to pay back all of your loan early at any time.
If you choose to pursue this option, please call our helpful company loan experts. They’ll offer you with the details of your repayment and an early payout figure. This is calculated as the total of the principal remaining and any accrued interest at the time of the early payout plus 1.5% of the principal amount remaining plus any outstanding fees.
How do repayments work?
To help you avoid missing due dates and also to be in line with your cash flow standard, we provide repayments either weekly or daily. They are automatically deducted from your designated business account.
Security & privacy
Will my information be protected?
Protecting your information, and being transparent about how we collect the information we collect, use, share and secure your information, is of huge importance and is an essential part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to security for our customers and security. We employ a highly sophisticated bank verification system to instantly confirm your bank account information online so we can offer a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when a company owner uses the assets they have to secure the funding. The asset may be a personal asset like the family home, or a business asset such as a vehicle or other piece of machinery.
The majority of banks, even the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it is the process of securing new funding making use of the value of what you already have.
What do I need security to get an company loan?
For loans of up to $150,000, it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. require an individual guarantee. In the event that you fulfill the loan terms (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 an individual ensure and security that is in the form a charge over assets.