FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Tuscany Estates Small Business Loans
Tell me how you can avail the Tuscany Estates Small Business Loans
Tuscany Estates unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from a traditional company loan?
The application to this Small Business Loan in under 10 minutes on the internet or by phone. You will receive an instant response and have the funds on your account within 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. This company loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including any fees, charges or charges. Then, it is broken down into either weekly or daily amount to be paid back.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly any company use, including the management of cash flow, business remodels and marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal reasons.
About larger Tuscany Estates Business Loans
What is the Larger Tuscany Estates Business Loan?
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
How is the Origination Fee calculated?
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
Am I eligible for the Larger Business Loan?
To be eligible for a loan that is this large, your company needs to have been in operation for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (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 larger company loan can be used for nearly every company need, including company remodeling, buying new equipment or inventory or as general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan a secured loan?
Asset security is required to obtain funding above $150,000. It’s by taking a charge on assets and can include registration with the PPSR or registering a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person who is signing the ensure is personally liable in the event that the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including items or assets). The PPSR gives the priority of personal property assigned in accordance with the date on which a security interest has been registered.
Caveats are legal form of document to provide 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 $250,000, we may offer an initial pre-approval to simplify the process. We could be able 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 answering a couple of financial well-being checks. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you may receive may be based on different conditions.
The application process
Do I have the right to receive funds?
You can apply for an business loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is fast and simple. Just fill out the online application within a couple minutes, and a dedicated business expert in lending will call you to guide you through the process.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) We can usually offer a response in one hour, provided you apply within standard company timings and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements we can provide the decision within just an business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be likely to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Certain agreements have been approved within less than 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours, and let us use the modern bank verification link to verify your bank account information online. If you decide to upload the copies of bank accounts, it takes a bit longer.
How fast will I get the cash?
For the Small Business Loan ($5K or more) we typically offer a response in one hour if you apply in normal business time and permit us to make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements we can offer the decision within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to provide you with a 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 it could be faster based on the specifics of each application. Certain transactions have received approval in just 24 hours.
The fastest method can be make sure you apply during standard business hours. Also, let us use the advanced bank verification system link to instantly confirm your bank details online. If you upload the copies of bank accounts, it can take a bit longer.
What’s the minimum amount I can borrow?
We provide loan amounts between $5,000 and $500,000. If you apply for a particular amount, we look at a variety of factors that determine what is the well-being of your company and the amount of repayments that your company is able to afford. The amount you receive from the loan will be determined by the specifics the business.
When you make an application for a particular amount, we will consider a number of aspects to determine how much we can lend you such as health of your business and the extent of repayments your company will be able to support. The amount you receive from your loan will depend on the particular circumstances the business.
Fees & repayments
What is the cost for a business loan?
When you request one of our business financing, we will assess the risk assessment for your business and offer you with a customised offer that includes the amount of loan, the term and the interest rates. The company loan is an upfront priced loan and you’ll be aware in advance of the total amount payable including any charges, interest rates or fees.
What determines the rate that I pay?
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the company assets the money are used to purchase and the sector the business is operating in, how long the company is in operation, what percentage of the company has sufficient cash flow to fund the loan, and overall well-being 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 at what time, from the first day. There’s not any compounding interest and no extra fees (as as you make your payments punctually).
We don’t charge an application fee. You are able to get a cash loan without any upfront costs or obligation to proceed.
The Origination Fee covers the costs 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 percentage of the amount of loan.
Can I repay the loan in advance?
You can repay the entire amount of the loan in full at any time.
If you are deciding to do this please talk to one of our helpful business loans specialists. The specialists will provide you with the details of your repayment as well as an early payout amount. This is calculated as the total of the remaining principal amount and any accrued interest at the time of early payout and 1.5% of the principal remaining and any fees that remain unpaid.
How do you make repayments work?
To make sure that you don’t miss payment dates and to align your cash flow schedule, we offer repayments either daily or weekly. These are automatically withdrawn from your company account.
Security & privacy
Will my data be secure?
Protecting your information, and knowing how we collect the information we collect, use, share and ensure the security of your information is crucial and an integral part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We employ a highly sophisticated bank verification system that allows you to immediately verify your bank account information online so we can provide rapid response.
About business loans
What exactly is an asset-based loan (a secured loan)?
The term "asset-based" refers to borrowing where the business owner uses the assets they have to make the funds for a loan. The asset could be an individual property, such as the family home or a business property like a truck as well as a piece of machine.
The majority of lending institutions, including the major banks, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan, the asset might be taken over by the lender. In essence it is a way of securing new financing making use of the value of what you already have.
What do I need security to secure an company loan?
For loans of up to $150K, the requirement for asset security is not required upfront to access the money However, we do require a personal guarantee. As long as you follow your loan obligations (as stated in your loan contract), asset security is not needed. If you take out loans in excess of $150,000 generally, there is an individual guarantee and security in the form charges on assets.