Real Finance is a Responsible Lender - We ensure we exercise the care, diligence, and skill of a Responsible Lender at all times, including making certain our disclosures to our clients are thorough and correct.Below are frequently asked questions for our business customers. If you have any questions, please contact us.
We provide business finance for smaller business’ establishing themselves, medium business looking to become larger, and large business looking to continue their growth trajectories.
Whether it is Asset Finance, Capital Investment or Kickstarting your new business into life, you’ll be better off with business finance through Real Finance.
Our business finance range begins at $5,000 ~ $300,000.
This depends on the type of loan and your business circumstances. Terms range up to 60 months.
You need to be at least 18 years of age to apply.
Business finance repayments are usually structured to be monthly, but if you wish to reduce the interest your business will repay over time, we can structure loan agreements to have weekly or fortnightly repayments also.
Real Finance prefers Direct Debits, but you can pay by cash at our branches, deposit at any BNZ branch nationwide, all Smart ATM Machines, Payclerk Deduction, Automatic Payment or Telephone Banking.
At least one of the directors of your business will need to be a NZ resident, and the business (if registered) will need to be a NZ Company.
When you apply to borrow money a Lender must carry out a credit check on you. There are three credit bureaus currently in NZ (Equifax, Centrix & Illion) and depending on which Lender uses who (and whether they use the quote system or not), any credit check will result in that company being displayed on your file, along with the date of the application and any other information supplied.
Multiple inquiries in short succession, many different living addresses with the last 3 years, bad debts, insolvency, court judgments, multiple names (aliases), can all negatively effect your credit score.
Comprehensive Credit Reporting (CCR) was introduced into NZ in 2012. CCR, or positive reporting allows for more information to be collected and reported on by credit reporters. In doing so, this creates a more balanced view of an individuals credit history. Type of account, Amount of credit, Status of Account, Credit Provider Details, and 24 months repayment history are all invaluable additions to the reporting system. Real Finance is a provider of, and a recipient of this type of credit data.
Repayment history data like this offers credit providers valuable insights into their customers’ credit behaviour. This information can alert credit providers to hardship or financial difficulty and ensure a customer isn’t further indebted without having sufficient capacity to repay financial commitments. Repayment history also gives consumers the ability to demonstrate they have rehabilitated their credit behaviour following an adverse event; for example, a clear repayment history over a period of up to 24 months after a payment default. This data may then allow the consumer to access quality credit at a more reasonable price without being penalised for a previous adverse event.
It is important to understand and take care of your credit score, and you can do this is a number of ways.
When borrowing as a business we need to know our customer. This means obtaining knowledge of the directors and any beneficial owners. So, no you don’t have to have excellent credit, but good credit helps when it comes to determining the risk profile of you and your business.
You must disclose this to us at the time you apply for finance for each and every director or beneficial owner.
Yes! Unlike some companies,we don’t penalise you if you want to make higher repayments, and your full repayment is used to reduce your balance and calculate the interest that should be charged to your account.
We charge an early settlement fee on all Business Finance products but paying off quicker still saves your business a lot in interest and administration fees (if applicable).
Security (also called collateral) can be certain Business Chattels, Physical Assets, Intangible Assets, Vehicles, Boats, Property etc, so long as it is owned in your name/s or your business’ and is not on finance elsewhere (or will be paid off by the funds we lend you).
If you miss a loan repayment we’ll notify you straight away. If you stay in default for too long, then we’ll send you a pre-possession notice and after 15 days (if you still have not made contact), we’ll have to repossess any security and sell it to recover the loan’s balance, including the cost of any repossession expenses. If there is a still a balance after that we may take you to Court to obtain a judgment against each of the parties to the loan, and have the loan repaid via court order.
The best way to avoid this is to simply make your repayments, but if you encounter any issues during the course of your loan, you should contact us on 0800 21 21 21 or via any other contact method outlined in your contract documentation as soon as possible.
If you change any details you should contact us straight away with and provide any new information, along with any new phone numbers or other contact details.
Real Finance oftens lends its business customers multiple finance agreements at once, usually when the business concerned is financing orders to pass onto its own customers once stock arrives. Invoice finance is a way to continue servicing your customers as your business grows, while you build up your own cash reserves, but we offer the same type of lending for almost all industry also.
Contact us today to find out more.
“Real Finance thoroughly explained all the terms and conditions of our business loan agreements before we signed. We had a few questions and they took the time to ensure we understood exactly what we were getting involved in.”