Growing your business is good for our business. But of course we'd say that, right?
Talk to the decision maker
You will deal directly with the person who is making the decision. Novel idea we know, but an important distinction that differentiates us from the bankers out there.
24 hour approval
You're talking to the decision maker, that means we can get what we need
to know to say yes or no within 24 hours of receiving all information. No more waiting for bank bureaucracy.
Loans over $50,000 may require a visit. A lawyer will be required
to authorise securities and documents. These will be verified and
actioned by Fico Finance’s lawyer who will liase with your business
lawyer. This may make the 24 hour approval impossible, but we will do
our best to be as quick as humanly possible.
HQ to You
We are the HQ. That means your are dealing with the top of the Fico food chain at all times.
Loans are our business
We are business people not bankers. No need to feel guilty about asking
us for a loan. We only make money if we say yes, so saying yes is what
we love doing.
It's not an interrogation, it's an application.
We need to know enough about you to make sure we are lending
responsibly. Our questions are to clarify your requirements and your
ability to afford the loan. If all this all adds up, you get to hear what you've been asking for, a resounding 'yes'.
Fico Finance Commercial Loans start from 11.95% - and we reckon that’s a pretty good rate for not having to be kept waiting around waiting for an answer from bankers.
11.95% is Fico Finance’s lowest lending rate on Commercial Loans. We are proud to be a New Zealand business, so it makes sense our loans are designed to suit New Zealand Companies and Trusts. To achieve the best rate you must meet certain lending criteria (all quite simple and straight forward). See the list below. The individual circumstances and overall situation of your business is also taken into consideration by us during your loan application process (another way we’re not bankers).
NZ resident 18+
Before we start, you must reside in New Zealand for the term of your
Fico Loan (and) all security must be in this country. You must be over
18 years of age (unless someone over 18 guarantees your loan).
How much does your business want to borrow?
Fico Finance only lend between $5,000 and $450,000 on Commercial Loans. If your loans between those 2 amounts then we’re off to a great start and you can go onto the next step.
What type of business are you in?
While Fico Finance provides loans to most sectors, there are certain ones that we will not loan to. A small amount of background information about your business and its industry is what helps us stay in the business of helping businesses.
What do you want the money for?
Let’s be up front, there are a multitude of reasons why your business may need cash. The reason we’re asking is to gain an insight into the current situation and circumstances of the overall business operation. The more information, the better our understanding. Obviously this makes good business sense to both parties.
Let’s talk security
Fico Finance recognises security is typically vehicles and property. But we will consider plant and machinery and other business assets of the business. Just as long as they are reasonable and sensible. All security used must be insured, Fico Finance does not do unsecured Commercial loans. It’s as easy as no security, no loan. Death cover may also be required on the key personnel within the business operation.
First mortgage is typically 11.95% to 13.95%
Second mortgage is typically 15.95% to 16.95%
Vehicle loan typically 17.95% to 19.95%
Plant and equipment typically 17.95% to 19.95%
At the end of the day your security will play a major role in what interest rate we can offer you. So, if security’s not a problem, we’re still all go.
We want to understand your business
It is in our interest to find out about your actual business and all the people who will appear on the loan. After all we want to do business with good business people. So please note that we will perform the usual business checks, it goes without saying these will be done privately and discreetly. But if there’s anything that needs to be examined closer or explained it is in your best interests to bring it to our attention early on. This is why we can say we’re not real bankers. Still with us? Great.
Can your business afford the loan?
Even though this is a bit of a ‘no brainer’ and goes without saying. Fico Finance is a responsible lender and all our clients must be able to comfortably afford the loan repayments.
Congratulations you’ve made it this far. Just the paperwork to go. Now everyone hates paperwork, so we’ve kept it to the bare (and legal) minimum. You just need the 3 pieces below and we can approve your loan within 24 hours of our meeting.
The 3 essential pieces for Commercial Loan approval within 24 hours
Completed Fico Finance Loan Application
- Last 3 months of Business Bank Statements
- Proof of ID of Directors and Shareholders
The (Lucky) Last 2 Bits So We Can Pay You Your Commercial Loan
Proof that Fico Finance has been noted on all insurance policies associated with loan approval
- Your bank account number (so we can put your money where you would like it to be)