FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Marleston Small Business Loans
Let me know more about Marleston Small Business Loans
Marleston unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
What is what makes the Unsecured Loan different from the traditional business loan?
It is possible to apply for the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and have the funds on your account within 24 hours. Traditional business loans have an annual rate of interest together with additional fees and charges. Our business loan is an upfront priced loan so you will know in advance the total amount payable including any fees, interest or charges. Then, it is divided into a daily or weekly installment amount.
What could be the Small Business Loan be used for?
It is a Small Business Loan can be used for almost any business need, such as cash flow management, business remodels and marketing to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal use.
About larger Marleston Business Loans
What is the Larger Marleston 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 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
How is the Origination Fee calculated?
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
Do I qualify for the Larger Business Loan?
To be eligible for a credit in this amount the company needs to be in operation for at least 3 years and generate an annual revenue of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
How can the funding be utilised?
A Larger Business Loan can be used for nearly all business use, including company remodeling, buying new equipment or inventory or as general working capital, and much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is needed to obtain funding above $150,000. This is by way of charge against assets, and may include registering this with the PPSR or the registration of as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is generally based rather than specifying the security of a specific asset. The person signing the ensure is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR gives the priority of personal property assigned according to the date a security interest has been registered.
A caveat is a legal form of document to provide the legal claim to property.
What is a pre-approval without Credit Check?
If you’re seeking an enterprise loan that exceeds $250,000, we may offer an initial pre-approval that will help ease the process. It is possible to do this without a credit verification and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. This is neither an offer nor a guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different conditions.
Application process
Do I qualify for funds?
You can apply for a company loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are at least 18 years old, own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months of business (for for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The process for applying is fast and easy. Just fill out the online application within a few minutes and an experienced business credit specialist will call you to guide you through the process.
To apply for up $100,000 you’ll require identification details (valid Driver’s License) along with an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Application requirements, 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 statement and the last two years’ finalised financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
How fast will I get a decision?
For an unsecured loan ($5K up to $100,000) we can often offer an answer within one hour, provided you submit your request during quality company timings and allow us to utilise the bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statements , we’ll be able to provide an answer in as little as an business day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide you with a conditional pre-approval within six hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval in just 24 hours.
The most effective method is to make sure you apply during standard company hours, and let us use the advance bank verification link to verify your bank account information online. If you decide to send us documents from your account accounts, it may take a bit longer.
How quickly will I receive the money?
For the Small Business Loan ($5K and up) we can often provide an answer within one hour, provided you apply at normal business hours and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statements, we will be able to provide the decision in as little as one business day.
For Larger Business Loans ($100K or more) we might be capable of offer you with a conditional pre-approval in about 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval in just 24 hours.
The most effective method is to ensure you apply during standard business hours, and allow us to use our advance bank verification to instantly verify your bank account information online. If you decide to upload copies of your bank accounts, it can take a bit longer.
What’s the minimum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of aspects in order to assess how much we can lend you health of your company and the extent of payments your company is able to afford. The amount you receive from the loan will be determined by the specifics of your company.
When you make an application for a particular amount, we take into consideration a variety of factors to assess how much we can lend you such as health of your company and the extent of payments your business can afford. The total amount of your loan will be determined by the particulars the company.
Fees & repayments
How do you charge for a business loan?
When you apply for the company financing, we will assess the risk assessment for your business and offer you with a customised proposal that includes loan amount, term and interest rates. This company loan is an upfront cost loan which means you know in advance the total amount due, which includes any interest rates, fees or charges.
What determines the amount I will be charged?
Business loan interest rates depend on a variety of factors including the amount that is borrowed, what company assets the funds are used to purchase and the sector the business operates in, the long the company is in operation for, whether the business has sufficient cash flow to support the loan, and the general well-being as well as creditworthiness business.
What are the fees?
There aren’t any hidden costs with our company loans, and you’ll know precisely how much it is that you need to pay, and when, right from day one. There’s no compounding interest and no additional fees (as as you make your payments in time).
We do not charge an application fee. You are able to request a credit loan with no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
Can I pay out the loan earlier?
You may choose to pay back all of your loan at any point in time.
If you are deciding to do this please talk to one of our helpful business lending professionals. The professionals will provide you with details on repayment as well as an early payout amount. This will be calculated as the total of the principal balance and accrued interest to the time of early payment and 1.5 percent of the principal remaining as well as any outstanding fees.
What are the repayment methods?
In order to help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your company account.
Security & privacy
Will my data be secure?
Protecting your information, and being upfront about the ways we gather the information we collect, use, share and protect your information, is crucial and an integral part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We utilise a sophisticated banking verification system to instantly verify the bank account details online to offer rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
The term "asset-based" refers to borrowing where an company owner utilises an asset they own to get a loan. The asset can be either an individual asset, such as the family home or it could be a business asset such as a truck as well as a piece of machine.
The vast majority of the lenders including the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset might be transferred to the lender. In essence, it’s a way of securing new funding taking advantage of the value of what you already own.
Do I need security to get a business loan?
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds however, we do require the personal guarantee. As long as you follow the terms of your loan (as detailed in your loan contract), asset security is not needed. For loans over $150,000 generally, there is a personal guarantee and security in the form the charge of assets.