FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Marino Small Business Loans
Tell me what you think of the Marino Small Business Loans
Marino unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
What makes how is the Unsecured Loan different from a traditional business loan?
You can apply for the Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. This company loan is a loan that is priced upfront which means you know ahead of time the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either a daily or weekly payment amount.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually every company use, including cash flow management, business remodels and marketing, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal use.
About Larger Marino Business Loans
What is the Larger Marino Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly, depending on your situation.
How is the Origination Fee determined?
A Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the amount of the loan.
Can I get the Larger Business Loan?
In order to be eligible for a loan that is this large the business needs to be operating for at least three years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
What can I use the funds for?
A Business Loan of a larger size can be used for almost all business need, including company renovations, to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
Is the Larger Business Loan a secured loan?
Asset security is needed to access funding over $150,000. It is usually as a result of an charge over assets, and may include the registration of this through the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature, rather than specifying the security for a particular asset. The person signing the guarantee is personally responsible if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR gives prioritisation over property that is personal to be assigned according to the date the registration of a security interest.
An affidavit is an official document lodged to offer the legal claim on a property.
What is a pre-approval minus Credit Check?
If you’re applying for an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval in order to smooth out the process. We might be able to make this decision without a credit verification and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health questions. It’s neither an offer nor a guarantee of finance. A conditional approval is subject an exhaustive credit evaluation, and any offer you receive could be on different conditions.
The application process
Are I eligible for funding?
You can apply for an company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months’ worth of transactions (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The process for applying is fast and easy. Complete the online form in just a few minutes, and a dedicated business expert in lending will call you to assist you.
To apply for up $100,000, you’ll require proof of identity (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Information on the application including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables summary.
What speed will I be able to get a decision?
For an unsecured loan ($5K to $100K) We can usually provide an answer in just one hour – as long as you apply at quality business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statement, we’ll offer an answer in as little as the span of one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be capable of provide you with conditional pre-approval within about 6 hours. Once 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 circumstances of each application. Certain offers have been approved within 24 hours.
The most efficient method for you to apply is ensure you apply during standard company hours. Also, allow us to use our advance bank verification link to check your bank’s information online. If you decide to upload copies of your bank statement, it may take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K to $100K) we typically provide an answer within an hour, provided you make your application at standard business time and let us use the bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements, we will be able to offer a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to offer you with conditional pre-approval in around six hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The quickest method is to ensure you apply during normal business hours. You can also allow us to use our sophisticated bank verification link to instantly check your bank’s information online. If you opt to send us documents from your account statements, it can take a bit longer.
How much can I borrow?
We offer loans ranging from $5,000 and $500,000. If you apply for a particular amount, we look at a variety of variables for determining your health that is your business and the level of repayments your company can support. The amount you receive from the loan will be determined by the specifics the business.
When you submit an application for a certain amount, we take into consideration a variety of aspects to determine the well-being that is your company and the level of the repayments your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances that are unique to your business.
Fees & repayments
How much should you charge for a company loan?
If you decide to request our business loans, we will assess the risk profile the business and offer an individualised offer including the amount of loan, the term and interest rates. This company loan is an upfront cost loan and you’ll be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
What determines the rate that I am charged?
Interest rates for business loans rates depend on several variables like the amount to be of money borrowed, the company assets the money will be used for, the industry the company operates in, the long the company has been in operation, whether the business has enough cash flow to fund the loan, and also the general health or creditworthiness of the business.
What are the charges?
There are no hidden fees for our company loans. You’ll know exactly how much you need to pay and when, starting from the first day. There’s no compounding and no additional fees (as as you make your payments on time).
We do not charge an application fee. You can request a credit loan no cost upfront or obligation to proceed.
The Origination Fee is the cost associated with establishing and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
Can I pay off the loan early?
You can choose to repay the entire amount of the advance loan at any time.
If you are deciding to take this route, please contact our helpful business loan professionals. They will offer you with details on repayment and an early payout figure. It will be calculated using the sum of the remaining principal amount plus any accrued interest as of the time of early payment, plus 1.5% of the principal balance plus any outstanding fees.
What are the repayment methods?
In order to help you avoid missing payment dates and to align with your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from the nominated business account.
Security & privacy
Will my information be protected?
Protecting your information, and making it clear how we collect information, use it, and exchange it, as well as safeguard your data, is vital and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to customer security and security. We make use of an advanced bank verification system to immediately verify the bank account details online, allowing us to provide an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
An asset-based loan is when a company owner uses the assets they have to secure the loan. The asset can be an individual asset, such as the family home, or a company asset such as a vehicle as well as a piece of machine.
The majority of lenders, including the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, then your assets could be transferred to the lender. In essence, it is means of securing new financing by taking advantage of the value of what you already own.
Should I need security to secure an business loan?
For loans of up to $150K, it is not necessary to secure assets in advance to gain access to the funds however, we do require the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract document), asset security will never be required. For loans of over $150,000 generally there is an individual ensure and security in the form charges on assets.