FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Mambourin Small Business Loans
Tell me more about Mambourin Small Business Loans
Mambourin unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
What makes this Unsecured Loan different from an traditional company loan?
Apply for this Small Business Loan in under 10 minutes over the phone, receive an instant response and funds may be in your account within 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. We offer a company loan is a pre-paid loan therefore you’ll know ahead of time the amount you will have to pay, including any fees, charges or charges. This is then divided into a daily or weekly amount to be paid back.
What could be the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any company purpose including control of cash flow business renovations, marketing to purchase inventory, new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
About larger Mambourin Business Loans
What is the Larger Mambourin Business Loan?
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
How’s the Origination Fee calculated?
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
Can I get the Larger Business Loan?
To qualify for a loan of this size the company needs to have been operating for at least three years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
How can the funds be used for?
A Business Loan of a larger size can be used for almost any business use, including business improvements, purchasing 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 one that is secured?
Asset security is needed to access funding over $150,000. It is usually in the form of a charge against assets, which could also include registration on the PPSR or registering a caveat.
A director’s or personal ensure is a commitment to repay credit that is generally in nature rather than specifying security over an asset. The person who signs the ensure is personally liable if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR gives preference over private property granted according to the date the security interest was registered.
An affidavit is an official document filed to provide the legal claim on a property.
What is a pre-approval without Credit Check?
When you’re applying for larger company loans of $250K or more it is possible to offer an initial pre-approval that will help make the process. We may be able to make this decision without a credit check, and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial health questions. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you might receive could be based on different terms.
The application process
Are I eligible for funding?
You may be eligible for an business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand company (with a valid NZBN/IRD)
- must show at least six months of trading (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The process for applying is fast and easy. Just complete the online application in few minutes and a dedicated business lending specialist will call you to help you.
To be eligible for up to $100,000, you’ll need ID details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent twelve months bank statement, an IRD statements as well as the two most recent years’ financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
How fast will I get a decision?
For an unsecured loan ($5K and up) we can often offer an answer in just one hour, provided you make your application during quality company hours and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statements we can offer the decision in as little as 1 business day.
For Larger Business Loans ($100K and up) we could be capable of offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Some offers have been approved within 24 hours.
The quickest method would be to make sure you apply during normal company hours and let us use the advance bank verification link to instantly confirm your bank details online. If you decide to send us the copies of bank statement, it can take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer in just one hour – as long as you submit your request during normal business times and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements, we are able to offer the decision in as little as 1 business day.
For Larger Business Loans ($100K to $500K) we might be capable of offer you with conditional pre-approval in about six hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain agreements have been approved in 24 hours.
The most efficient method for you to apply is ensure you apply during normal business hours. You can also let us use the modern bank verification to verify your bank information online. If you upload the copies of bank statement, it takes a bit longer.
What’s the minimum amount I can borrow?
We provide loans ranging from $5,000 to $500,000. When you make an application for a particular amount, we take into consideration a range of variables for determining your well-being for your business and the amount of payments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances for your company.
When you submit an application for a particular amount, we look at a range of aspects to determine the well-being of your company as well as the amount of repayments that your business can afford. The total amount of your loan will depend on the particular circumstances for your company.
Fees & repayments
What is the cost for a company loan?
If you decide to request business loans with us business financing, we will assess the risk profile the business and provide you with a tailored proposal that includes the loan amount, the terms and interest rates. The business loan is an upfront priced loan so you will be aware of the total amount due, which includes any charges or interest.
What is the basis for the rate I pay?
Business loan interest rates depend on several variables like the amount to be borrowed, the business assets the funds are used to purchase as well as the field the business is operating in, how long the business is in operation, how long the business has sufficient cash flow to cover the loan, and overall health as well as creditworthiness company.
What are the charges?
There are no hidden costs for our company loans, and you’ll know precisely what you be required to pay and at what time, from the first day. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an application fee. You can apply for a loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
Can I pay out the loan in advance?
You can choose to repay the total amount of your loan in full at any time.
If you do decide to take this route, please contact our helpful business lending professionals. They will offer you with details on repayment along with an early payout estimate. This is calculated as the sum of the principal balance and the accrued interest up to the time of early payment and 1.5 percent of the remaining principal and any outstanding fees.
How do repayments work?
To ensure that you don’t miss payments and to work with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your nominated business account.
Security & privacy
Will my information be protected?
Protecting your information, and being upfront about how we collect information, use it, and exchange it, as well as ensure the security of your information is vital and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their security. We employ a highly sophisticated bank verification system to instantly verify the bank account details online so we can provide rapid response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when the company owner borrows from an asset that they own to secure a loan. The asset could be a personal asset like the family home, or it could be a company asset like a truck or other piece of machinery.
The majority of lending institutions, not just the banks with the biggest size, prefer to secure loans against an asset. If you have trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it is means of securing additional financing using the worth of the asset you already have.
Are I need security for a company loan?
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds however, we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan obligations (as detailed in the loan contract) the security of assets is not needed. For loans that exceed $150K, generally, you can get an individual ensure and security in the form a charge over assets.