Please scroll down for important information on interest and terms.
What is Just Dollars?
Just Dollars is a local charitable trust who provide small business loans to people on low incomes who can't access bank finance.
How can Just Dollars help me?
Just Dollars lends up to $10,000 to low income people wanting to finance a new or existing business but who have been refused bank finance. Loans are unsecured to $4,000. We additionally need security in the form of a guarantor or a caveat over real estate for loans over $4,000.
What do I need to do?
You need to be declined finance by your bank and we need to see a business plan, including a cashflow forecast. We can supply you with an easy to follow business planning guide. You need to show us that your idea is going to be viable – this can be through forward work, letters of support, or if it's an existing business, we'll look at your accounts for the period you've been operating.
And after that?
You'll meet with Trust Co-ordinator Carolynn Hull for a lending interview. At this time we go over your business plan with you and any questions we may have. All applications go to the Board of Trustees who make the final decision on any loan.
Once you've filled in the application forms and completed your business plan, get in contact with us to get your application underway!
We don't lend for projects which involve the following:
- Refinancing of existing debt
- Breaches of the Treaty of Waitangi
We are not a car dealer and generally will NOT lend for vehicles. A very strong case would need to be presented showing why a vehicle is essential.
We will only consider applications for vehicle finance if two or more of the following criteria are met:
1. The business has been in operation for at least 12 months and can provide financial accounts for that period (preferably showing a profit)
2. The business is generating a full time income or close to achieving this.
3. A replacement vehicle is required e.g van, ute for transportation of tools/equipment if existing vehicle is more suited to domestic use.
The fine print:
The interest rate is 14.2%. The interest rate is reviewed quarterly.
Interest will be calculated on the loan principal amount on a straight line basis and charged at a rate of 14.2% per annum calculated on a daily basis on the outstanding balance of the loan (at the end of each day based on a 365 day year. The end of the day will be the time of day as determined by the Lender from time to time).
Default interest charges and default fees
In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable. Your credit contract may allow the creditor to vary these fees and charges.
If the Lender does not pay any loan repayment on the day it is due, the Lender may charge additional interest on the overdue amount calculated on a daily basis from the due date to actual payment (both before and after the date of any Court judgement made against the Borrower.) Such additional interest will be at the Default Interest Rate of 16% per annum (and capitalised at such intervals as determined by the Lender).
If you pay the unpaid in full before the final payment is due (full prepayment) you may be required to pay a fee or charge to compensate the creditor for any loss resulting from the full prepayment. The creditor may have suffered a loss if the creditor's current interest rate is lower than the interest rate applying to your original consumer credit contract. You may also have to pay the creditor's administrative costs relating to the full prepayment.
The amount you may have to pay to compensate the creditor for the loss is calculated using the formula prescribed in regulation 9 or regulation 11 of the Credit Contracts and Consumer Finance Regulations 2004.
JUST DOLLARS CHARGES NO FEES FOR EARLY REPAYMENT OF THE LOAN.
Management & Accountability
We ask you to sign this agreement which outlines your obligations and ours. We want to be kept informed with what's happening with your business as we want you to succeed. The agreement can be viewed here