FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Whiteside Small Business Loans
Tell me how you are able to avail the Whiteside Small Business Loans
Whiteside unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
What is how is the Unsecured Loan different from the traditional company loan?
Apply to get your 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 in your account in 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. This business loan is a pre-paid loan and you’ll be aware in advance of the total amount payable including any fees, interest or charges. This is then broken down into either weekly or daily amount to be paid back.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every business reason, such as the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan is not available for personal purposes.
Concerning Larger Whiteside Business Loans
What is the Larger Whiteside Business Loan?
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
How’s the Origination Fee calculated?
The Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan of this size the business needs to have been operating for at least three years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
How can the funds be used for?
A larger business loan is a great option for almost any company purpose including company remodeling, buying inventory or new equipment as well as for general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is necessary to access funding over $150,000. This is by taking a charge on assets, which could also be registered on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than stipulating security over an asset. The person who signs the ensure is personally responsible 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 records security interests that have been that are registered for personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
The caveat can be described as a formal document filed to offer an official notice of a claim on a property.
What is a pre-approval without Credit Check?
When you’re applying for a Larger Business Loan of more than $250K we can offer an initial pre-approval in order to make the process. It is possible to get this done without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes you answering some financial well-being questions. This is in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may have different conditions.
The application process
Can I be eligible for funding?
You are eligible to apply for a company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of business (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is quick and simple. Complete the online form in few minutes and a dedicated business credit specialist will call you to guide you through the process.
To apply for up to $100,000, you’ll require identification details (valid Driver’s Licence) and an active NZBN/IRD, and at least six months of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank records, IRD statement, last 2 years finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables summaries.
How soon will I hear an answer?
For an unsecured loan ($5K up to $100,000) we can often offer an answer in just one hour if you make your application within quality business time and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you opt to send us copies of your bank statements , we are able to offer an answer in just the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we could be able to provide you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Some transactions have received approval within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during standard company hours. Also, allow us to use the modern bank verification to instantly verify your bank account information online. If you decide to upload documents from your account statements it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K and up) we usually provide a response in one hour, provided you submit your request at normal business times and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements, we are able to offer an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be capable of provide you with conditional pre-approval in around six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved within 24 hours.
The fastest way would be to make sure you apply during normal business hours. Also, allow us to use the advanced bank verification system link to instantly check your bank’s information online. If you upload duplicates of your banking statements, it will take a little longer.
How much can I borrow?
We offer loans ranging from $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of factors in order to assess your well-being for your business as well as the amount of repayments your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances the business.
When you apply for a set amount, we will consider a number of elements to assess how much we can lend you such as health that is your business and the level of repayments your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances that are unique to your business.
Fees & repayments
How do you charge for the cost of a business loan?
When you make an application for business loans with us company financing, we will assess the risk assessment of your company and provide you with a tailored offer, including the loan amount, the terms and the interest rates. The business loan is an upfront-priced loan and you’ll know the exact amount to be paid, including any costs, fees, or interest rates.
What determines the rate that I will be charged?
The interest rates on business loans rates depend on several factors such as the amount that is of money borrowed, the business assets the money will be used for and the sector the business operates in, the long the business is in operation as well as what percentage of the business has enough cash flow to support the loan, as well as the general health or financial standing of the business.
What are the fees?
There are no hidden fees with our business loans, and you’ll be aware of the amount you’ll be required to pay, and at what time, from the day you sign up. There’s no compounding and there are no additional charges (as as you make your payments on time).
We do not charge an application fee. You are able to make an application for loans with without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
Can I repay the loan early?
You can repay the entire amount of your loan in full at any time.
If you do decide to do this please talk to one of our helpful company credit experts. The specialists will offer you with repayment details along with an early payout estimate. This is calculated as the sum of the remaining principal amount plus any accrued interest as of the time of the early payout and 1.5% of the principal remaining plus any outstanding fees.
How do repayments work?
To make sure you do not miss payment dates and to align with your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your company account.
Security & privacy
Will my information be protected?
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is of huge importance and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We make use of an advanced banking verification system to immediately verify your bank account details online, allowing us to provide a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when the business owner borrows from the assets they have to make a loan. The asset can be either an asset belonging to the personal, like the family home or a company asset like a truck as well as a piece of machine.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan then your assets could be sold by the lender. In essence it is a way of securing new financing using the value of what you already own.
Are I require security to secure a business loan?
For loans up to $150K there is no requirement for asset security prior to the loan’s access but we do require an individual guarantee. So long as you comply with your loan commitments (as detailed in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150,000, generally, there is personal ensure and security in the form of the charge of assets.