FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Mount Waverley Small Business Loans
Let me know more about Mount Waverley Small Business Loans
Mount Waverley unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
What is the Unsecured Loan different from the traditional business loan?
The application for this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and have the funds in your account in 24 hours. Traditional company loans are based on an annual rate of interest plus other fees and charges. The company loan is a pre-paid loan therefore you’ll be aware of the total amount due, which includes any fees, charges or charges. Then, it is divided into weekly or daily amount to be paid back.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for almost any company use, including control of cash flow company remodeling, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal reasons.
About larger Mount Waverley Business Loans
What is the Larger Mount Waverley Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
How’s the Origination Fee determined?
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
Do I qualify for the Larger Business Loan?
To be eligible for a loan in this amount the company needs to have been in operation for at least 3 years and generate an annual revenue of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
What can I use the funds for?
A larger company loan is a great option for almost all business reason, such as company improvements, purchasing 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 requires security?
Asset security is necessary to access funding over $150,000. It’s by taking a charge over assets and can be registered with the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally in nature rather than defining security over an asset. The person signing the ensure is personally responsible if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR permits preference over private property assigned depending on the date that a security interest that is registered.
Caveats are legal document that is filed to offer notice of a legal claim to a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for larger company loans of $250K or more, we may offer a preliminary pre-approval to help ease the process. We could be able to apply for this without credit checks and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial well-being questions. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you may receive may be on different terms.
The application process
Do I qualify for funds?
You may apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and own a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of trading (for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application in few minutes and a dedicated business credit specialist will contact you to guide you through the process.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year, Aged Payables and Aged Receivables summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K up to $100,000) We can usually provide a response in one hour – as long as you apply within standard company timings and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statements we can provide a decision within 1 business day.
For the Larger Business Loan ($100K to $500K) we could be capable of provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however this can be quicker based on the particular circumstances of each application. Certain transactions have received approval within the space of 24 hours.
The quickest way to apply can be ensure you apply during standard company hours. You can also allow us to use our advanced bank verification system link to confirm your bank details online. If you send us the copies of bank statements , it can take a bit longer.
How fast will I get the money?
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within one hour – as long as you apply in standard business timings and let us use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your banking statements we can provide the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) we may be capable of provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval, however this can be faster depending on the specifics of each application. Certain deals have been approved in the space of 24 hours.
The quickest method can be ensure you apply during normal business hours. You can also let us use the advance bank verification to instantly verify your bank information online. If you upload duplicates of your banking statements it can take a bit longer.
What is the maximum amount I can borrow?
We offer loans that range from $5,000 to $500,000. When you make an application for a specific amount we consider a variety of factors in order to assess your health of the company and the extent of repayments that your company will be able to support. The total amount of the loan will be determined by the specifics for your business.
If you apply for a certain amount, we will consider a number of variables to assess your well-being that is your company and the extent of repayments that your company can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
Fees & repayments
How much do you charge for the cost of a company loan?
If you decide to make an application for our company credit, we’ll assess the risk profile that you have for your company and offer you with a tailored offer that includes the loan amount, the terms and the interest rates. It is a company loan is a loan that is priced upfront therefore you will know in advance the total amount to be paid, including any interest rates, fees or charges.
What determines the rate that I pay?
Business loan interest rates differ based on various factors including the amount borrowed, what company assets the funds will be used for as well as the field the business operates in, the long the business has been in operation and how long the company has enough cash flow to pay for the loan, as well as the overall health and creditworthiness of the company.
What are the fees?
There aren’t any hidden charges with our business loans. You’ll know precisely what you’ll be required to pay and at what time, from the day you sign up. There’s no compounding interest and no extra fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
Can I pay off the loan early?
You can choose to repay the entire amount of the loan early at any time.
If you decide to do this please call our helpful business loans specialists. The specialists will offer you with details for repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of early payment and 1.5 percent of the principal remaining and any fees that remain unpaid.
How do you make repayments work?
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. They are automatically deducted from your company account.
Security & privacy
Will my information be secure?
The security of your personal information, as well as knowing how we collect data, process, exchange and protect your information, is of huge importance and is a crucial part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We employ an exceptionally sophisticated bank verification system link to immediately verify your bank account information online so we can offer rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing occurs when an company owner uses assets they own to make the funding. The asset can be either an individual property, such as the family home or an company asset such as a vehicle or piece of equipment.
The majority of the lenders not just the largest banks, are inclined to make loans secured by an asset. If you are having difficulty paying back the loan, your asset may be transferred to the lender. In essence it’s an opportunity to secure new financing by taking advantage of the value of what you already have.
What do I need security to get an business loan?
For loans that exceed $150K, it is not necessary to secure assets prior to the loan’s access however, we do need the personal guarantee. In the event that you fulfill the terms of your loan (as specified in your loan contract document) Asset security is not required. For loans that exceed $150K, generally, there is the option of a personal guarantee and security is provided in the form of the charge of assets.