FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Anketell Small Business Loans
Tell me about the Anketell Small Business Loans
Anketell unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
What is how is the Unsecured Loan different from the traditional company loan?
It is imaginable to apply to get the Small Business Loan in under 10 minutes on the internet or over the phone, receive an immediate response, and have the funds in your account in 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. Our company loan is a loan that is priced upfront and you’ll know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into either weekly or daily amount to be paid back.
What could the Small Business Loan be used for?
The Small Business Loan can be used for virtually every business need, such as the management of cash flow, company remodeling, marketing to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
Concerning Larger Anketell Business Loans
What is the Larger Anketell Business Loan?
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are weekly or fortnightly to work with your cash flow.
How’s the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent 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 in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
How can the funding be used for?
A larger company loan can be used for nearly every company need, including company improvements, purchasing equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is necessary for funding of more than $150,000. It is usually by way of charge against assets, which could also include the registration of this on the PPSR or making as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is general in nature, rather than stating the security for a particular asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR allows the priority of personal property granted depending on the date that a security interest that is registered.
A caveat is a legal document filed to offer the public notice of a legal claim against a property.
What is a pre-approval without Credit Check?
If you’re seeking a Larger Business Loan of more than $250K we can offer an initial pre-approval to simplify the process. We may be able to get this done without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial health questions. It’s 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 you may receive may have different terms.
Application process
Do I qualify for funds?
You are eligible to apply for a business loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for a 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 simple and easy. Complete the online form within a couple minutes, and an experienced company credit specialist will call you to guide you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements, last 2 years finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables Summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K up to $100,000) we usually offer an answer in just one hour – as long as you make your application at quality company time and let us utilise the bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statements , we’ll be able to provide an answer within one company day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide you with pre-approval conditional to your application in about six hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval in just 24 hours.
The quickest way to apply can be ensure you apply during standard business hours and allow us to use the advanced bank verification system to instantly check your bank’s information online. If you opt to upload documents from your account accounts, it will take a little longer.
How fast will I get the cash?
For the Small Business Loan ($5K or more) we usually offer an answer within an hour – provided you submit your request during standard business hours and permit us to use the bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements, we are able to offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with pre-approval conditional to your application within about six hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this could be shorter based upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The fastest method is to ensure you apply during normal business hours and allow us to use our sophisticated bank verification link to verify your bank account information online. If you opt to send us copies of your bank accounts, it will take a little longer.
How much can I borrow?
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount we consider a variety of aspects in order to assess the well-being that is your business and the extent of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you apply for a particular amount, we consider a variety of variables to assess how much we can lend you such as health for your business as well as the amount of the repayments your business is able to afford. The total amount of your loan will be determined by the specific circumstances for your business.
Fees & repayments
What is the cost for a business loan?
If you decide to apply for one of our business loans, we’ll assess the risk profile the company and offer you with a customised offer that includes the loan amount, the terms and the interest rates. It is a business loan is an upfront cost 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?
Business loan interest rates vary due to factors like the amount of money borrowed, the company assets the money will be used for in addition to the industry that the company operates in, how long the company is in operation, whether the business has sufficient cash flow to pay for the loan, and also the general well-being as well as creditworthiness company.
What are the costs?
There aren’t any hidden costs with our company loans. You’ll know precisely how much you’ll be required to pay, and when, starting from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with setting up 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 pay off the loan early?
You can decide to repay all of your loan early at any time.
If you are deciding to take this route, please speak to our friendly business loans professionals. We will provide you with repayment details and an early payment figure. The figure will be calculated as the total of the principal balance and any accrued interest at the time of early payment and 1.5% of the remaining principal plus any outstanding fees.
What are the repayment methods?
To ensure you do not miss payment dates and to align with your cash flow general, we provide repayments either daily or weekly. They will be automatically deducted from your company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as knowing the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance 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 standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We employ an exceptionally sophisticated banking verification system to immediately verify the bank account details online so we can provide quick responses.
About business loans
What exactly is an asset-based loan (a secured loan)?
An asset-based loan is when an business owner utilises the assets they have to secure the funding. The asset may be a personal asset like the family home, or it could be a business asset such as a vehicle or other piece of machinery.
The majority of lenders, even the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan then the asset might be transferred to the lender. In essence it’s a way of securing new financing using the value of what you already have.
What do I require security to get a company loan?
For loans of up to $150,000, no asset security is required before you can access the money, however we require a personal guarantee. need the personal guarantee. If you adhere to your loan commitments (as specified in your loan contract document), asset security is not needed. For loans over $150K generally, there is personal ensure and security is provided in the form of an asset charge.