FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Marino Small Business Loans
Let me know about the Marino Small Business Loans
Marino unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
What makes what makes the Unsecured Loan different from an ordinary business loan?
The application for the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and have the funds on your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. Our business loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes the interest, fees and charges. This is then broken down into either weekly or daily installment amount.
What can you use the Small Business Loan be used for?
A Small Business Loan can be used for virtually any company need, such as the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, for general working capital, and much more. The loan is not available for personal reasons.
About the 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 business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
How is the Origination Fee determined?
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan that is this large the company needs to be in operation for at least 3 years and generate an annual revenue of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
What can I use the funds for?
A large business loan can be used for nearly all company purpose including business remodeling, buying equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is needed for accessing funds over $150,000. It is usually by taking a charge over assets, which could also include the registration of this in the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to repay a loan which is generally in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally liable if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR gives priority over personal property to be granted according to the date the security interest was registered.
An affidavit is an official document lodged to provide the public notice of a legal claim against a property.
What exactly is a preapproval without Credit Check?
If you’re requesting the Larger Business Loan that exceeds $250K it’s possible to offer an initial pre-approval that will help make the process. It is possible to apply for this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial well-being questions. It’s not an offer or guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may have different conditions.
The application process
Do I qualify for funds?
You are eligible to apply for a company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, have a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months worth of trade (for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated business lending specialist will be in touch to assist you.
To apply for up to $100,000 you’ll need identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Application details including credit consent, 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables summaries.
How soon will I hear an answer?
For an unsecured loan ($5K and up) We can usually provide an answer within one hour if you submit your request during standard business time and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we will be able to offer the decision in just one business day.
For Larger Business Loans ($100K and up) we could be likely to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved in 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. You can also allow us to use our advanced bank verification system to verify your bank account information online. If you send us copies of your bank statement, it will take a little longer.
How soon will I receive the money?
For the Small Business Loan ($5K and up) we can often offer an answer in just one hour – as long as you make your application in standard business timings and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to submit copies of your bank statement, we’ll provide a decision in just 1 business day.
If you are applying for Larger Business Loans ($100K and up) we may be able to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval document, you will need to wait around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved in 24 hours.
The fastest method can be make sure you apply during normal business hours and let us use the modern bank verification to instantly verify your bank account information online. If you send us documents from your account statements it will take a little longer.
How much can I borrow?
We provide loans ranging from $5,000 to $500,000. If you apply for a particular amount, we will consider a number of variables to determine the well-being of the business and the extent of repayments your business will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you submit an application for a particular amount, we look at a range of elements to assess how much we can lend you such as health of the business and the amount of the repayments your company can support. The amount you receive from the loan will be determined by the particulars for your business.
Fees & repayments
How do you charge for an company loan?
When you apply for the business loan, we’ll assess the risk assessment for your company and offer an individualised proposal that includes loan amount, term and interest rates. The company loan is an upfront cost loan therefore you will know in advance the total amount to be paid, including any costs, fees, or interest rates.
What determines the amount I will be charged?
The interest rates on company loans rates depend on a variety of factors including the amount of money borrowed, the company assets the money will be used for and the sector the company operates in, how long the business has been running for, what percentage of the company has sufficient cash flow to fund the loan, and also the general health or financial standing of the business.
What are the costs?
There are no hidden fees with our company loans. You’ll know precisely what it is that you need to pay, and at what time, from day one. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You are able to apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of 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.
Do I have the option of paying off the loan early?
You can choose to repay all of your loan early at any time.
If you choose to take this route, please call our helpful business credit experts. The specialists will offer you with repayment details and an early payment figure. It will be calculated using the total of the principal amount remaining and any accrued interest at the time of early payment in addition to 1.5% of the principal remaining as well as any outstanding fees.
How do repayments work?
To ensure you do not miss payments and to work your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically withdrawn from your business account.
Security & privacy
Will my data be protected?
The security of your personal information, as well as being transparent about the ways we gather data, process, exchange and secure your information, is of huge importance and a vital part 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 as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their security. We use an advanced bank verification system that allows you to immediately verify your bank account information online, allowing us to offer rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
Asset-based borrowing is when the business owner borrows from the assets they have to make the loan. The asset can be either a personal asset like the family home, or it could be a business asset such as a vehicle or piece of equipment.
The majority of lending institutions, even the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan, then your assets could be sold by the lender. In essence, it’s the process of securing new financing making use of the value of what you already own.
Should I require security to get an company loan?
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. require a personal guarantee. As long as you follow your loan commitments (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. For loans over $150K generally, there is the option of a personal guarantee and security in the form an asset charge.