FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Maslin Beach Small Business Loans
Tell me what you think of the Maslin Beach Small Business Loans
Maslin Beach unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months and cash flow-friendly repayments that are either per day or weekly.
What is what makes the Unsecured Loan different from a traditional company loan?
The application for this Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and have the funds in your account in 24 hours. Traditional business loans refer to an interest rate per annum as well as other fees and charges. This business loan is a loan that is priced upfront therefore you’ll know in advance the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily payment amount.
What can the Small Business Loan be used for?
The Small Business Loan can be used for virtually any business need, such as the management of cash flow, company remodels and marketing to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
About Larger Maslin Beach Business Loans
What is the Larger Maslin Beach 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 up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
How’s the Origination Fee calculated?
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
In order to be eligible for a loan in this amount, your business needs to be operating for a minimum of 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
How can the funds be used for?
A large company loan is a great option for almost all business need, including business renovations, purchase of new equipment or inventory for general working capital, and much more. The loan is not available for personal purposes.
Is the Larger Business Loan a secured loan?
Asset security is needed for accessing funds over $150,000. It is usually by way of charge over assets, and could include registering this in the PPSR or the registration of a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally based rather than defining security over an asset. The person who signs the guarantee is personally accountable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR grants the priority of personal property granted according to the date the security interest that is registered.
Caveats are legal document filed to offer notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
When you’re applying for larger business loans of more than $250K we may be able to provide an initial pre-approval in order to make the process. We may be able to do this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being questions. It’s in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you might receive could be subject to different conditions.
The application process
Are I eligible for funding?
You may be eligible for an business 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 worth of trade (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 application process is quick and simple. Simply complete the online form within a few minutes and an experienced business credit specialist will be in touch to guide you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, plus interim current financial year financials such as age-related payables and aged Receivables reports.
How quickly will I receive a decision?
For an unsecured loan ($5K up to $100,000) we usually offer an answer within one hour – as long as you submit your request within quality company timings and permit us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements we can offer the decision in just an business day.
If you are applying for a Larger Business Loan ($100K or more) we might be able to offer you with a conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the circumstances of each application. Certain deals have been approved within 24 hours.
The quickest way to apply for you to apply is ensure you apply during standard business hours and permit us to use the modern bank verification link to verify your bank information online. If you opt to send us the copies of bank statement, it may take a bit longer.
What is the time frame to receive the funds?
For the Small Business Loan ($5K to $100K) we usually provide a response in one hour – as long as you submit your request in normal business times and let us use the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statements, we are able to offer a decision within one business day.
If you are applying for Larger Business Loans ($100K or more) We may be in a position to offer the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved within less than 24 hours.
The quickest method would be to ensure you apply during normal business hours and permit us to use the modern bank verification link to instantly verify your bank information online. If you opt to send us the copies of bank statements it may take a bit longer.
How much can I borrow?
We provide loans ranging from $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of elements in order to assess the health that is your business as well as the amount of payments your company can afford. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you submit an application for a particular amount, we consider a variety of variables to assess the well-being that is your business as well as the amount of the repayments your business can support. The total amount of your loan will be contingent on the particular circumstances for your company.
Fees & repayments
How do you charge for a company loan?
If you decide to make an application for our business financing, we will assess the risk assessment of your company and provide you with a tailored proposal that includes loan amount, term and the interest rates. The company loan is an upfront cost loan therefore you will be aware of the total amount to be paid, including any costs, fees, or interest rates.
What determines the rate that I am charged?
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the business assets the money will be used for in addition to the industry that the business operates in, how long the business has been in operation as well as in the event that the company has enough cash flow to support the loan, as well as the overall health or financial standing of the company.
What are the cost?
There aren’t any hidden charges for our business loans. You’ll know exactly how much it is that you be required to pay, and when, right from the very first day. There’s no compounding interest and no extra fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
Do I have the option of paying off the loan earlier?
You can repay the entire amount of your loan early at any time.
If you choose to pursue this option, please contact our helpful company loan professionals. They’ll offer you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the principal remaining and the accrued interest up to the date of early payout and 1.5 percent of the remaining principal as well as any outstanding fees.
How do you make repayments work?
To ensure you do not miss repayments and to fit in your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from the nominated business account.
Security & privacy
Will my information be secure?
Making sure that your information is secure, and making it clear the ways we gather, use, exchange and protect 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 make use of industry-standard encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system link to immediately verify your bank account details online so we can offer rapid response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when the business owner makes use of the assets they have to secure the funds for a loan. The asset can be either an individual property, such as the family home or it could be a company property like a truck or piece of equipment.
The majority of lending institutions, even the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan, then the asset might be sold by the lender. In essence it’s a way of securing new financing taking advantage of the value of what you already own.
What do I need security for an business loan?
For loans up to $150K the requirement for asset security is not required upfront to access the money However, we do require the personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract), asset security is not needed. For loans over $150K generally, there is a personal ensure and security in the form charges on assets.