FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Maribyrnong Small Business Loans
Tell me more about Maribyrnong Small Business Loans
Maribyrnong unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
What makes this Unsecured Loan different from an ordinary company loan?
Apply to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and the funds could be in your account in 24 hours. Traditional business loans have an annual interest rate along with other charges and fees. We offer a company loan is a cash-based loan which means you be aware in advance of the total amount payable including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
What could the Small Business Loan be used for?
A Small Business Loan can be used for almost any business purpose including cash flow management, company renovations, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal use.
About the Larger Maribyrnong Business Loans
What is the Larger Maribyrnong Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on the flow of cash.
How’s the Origination Fee calculated?
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit of this size the company needs to have been operating for a minimum of 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
What can the funding be used for?
A Larger Business Loan is a great option for almost any business purpose including company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan cannot be used for personal use.
Is the Larger Business Loan one that requires security?
Asset security is needed to obtain funding above $150,000. It’s in the form of a charge over assets, which could also be registered with the PPSR or filing as a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature rather than defining security over an asset. The person who signs the guarantee is personally responsible if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date the security interest was registered.
Caveats are legal document filed to offer an official notice of a claim to property.
What is a pre-approval without Credit Check?
When you’re applying for larger business loans that exceeds $250,000, we may offer a preliminary pre-approval to help simplify the process. We could be able to do this without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial health questions. It is neither an offer nor a guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be based on different terms.
Application process
Are I eligible for funding?
You are eligible to apply for an company 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)
- can demonstrate at least 6 months of business (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. Simply complete the online form within a couple minutes, and an experienced company loan specialist will call you to help you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K – $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent, 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K and up) we usually provide an answer within one hour, provided you submit your request during quality company times and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statements , we’ll be able to offer the decision within just an business day.
For Larger Business Loans ($100K or more) we may be in a position to provide you with conditional pre-approval within 6 hours. Once you’ve signed the 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 just 24 hours.
The quickest way to apply can be ensure you apply during standard company hours. Also, permit us to use the advance bank verification to confirm your bank details online. If you opt to upload documents from your account accounts, it may take a bit longer.
How soon will I receive the money?
For the Small Business Loan ($5K and up) We can usually provide an answer within an hour if you apply within standard business time and allow us to use the bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we will be able to offer a decision within the span of one business day.
If you are applying for Larger Business Loans ($100K or more) we could be likely to provide you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Some deals have been approved within the space of 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. Also, allow us to use our sophisticated bank verification link to instantly confirm your bank details online. If you upload documents from your account statements it may take a bit longer.
What is the maximum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. When you make an application for a specific amount we take into consideration a range of variables to determine what is the well-being of your business and the level of payments your business can afford. The amount you receive from the loan will be determined by the specific circumstances that are unique to your company.
When you make an application for a certain amount, we take into consideration a variety of factors to determine the health for your business and the extent of repayments your business can support. The amount you receive from your loan will depend on the particular circumstances for your business.
Fees & repayments
What is the cost for an company loan?
If you decide to make an application for one of our business credit, we will assess the risk assessment for your business and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. This company loan is a loan that is priced upfront which means you be aware of the total amount to be paid, including any charges or interest.
What is the factor that determines the price I’m charged?
Interest rates for business loans rates depend on a variety of variables like the amount to be borrowed, the company assets the money are used to purchase as well as the field the business operates in, how long the business has been operating, whether the company has enough cash flow to fund the loan, and the general health or creditworthiness of the business.
What are the charges?
There are no hidden costs with our business loans, and you’ll be aware of the amount you need to pay and at what time, from the very first day. There’s no compounding and the loan comes with no additional fees (as as you make your payments on time).
We don’t charge an application fee. You can make an application for loans with no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
Can I pay off the loan in advance?
You can repay the total amount of your loan early at any time.
If you do decide to take this route, please speak to our friendly business credit specialists. They’ll provide you with the details of your repayment and an early payout figure. This will be calculated as the total of the principal balance and accrued interest to the time of early payout, plus 1.5% of the principal amount remaining and any fees that remain unpaid.
How do repayments work?
To ensure you do not miss repayments and to fit in your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn 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, use, exchange and secure your information, is vital and a vital element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to security for our customers and security. We employ an exceptionally sophisticated bank verification system that allows you to immediately verify your bank account details online. This allows us to provide quick responses.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing occurs when a business owner makes use of an asset that they own to get the funds for a loan. The asset may be an individual asset, such as the family home or a company property like a truck or piece of equipment.
The majority of banks, not just the largest banks, are inclined to guarantee loans against assets. If you are having difficulty paying back the loan, then the asset might be transferred to the lender. In essence, it is the process of securing new financing by using the worth of the asset you already have.
Should I need security to secure an company loan?
For loans of up to $150K, the requirement for asset security is not required before you are able to access the money However, we require a personal guarantee. require an individual guarantee. If you adhere to the terms of your loan (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 generally there is the option of a personal ensure and security in the form an asset charge.