FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Moana Small Business Loans
Let me know more about Moana Small Business Loans
Moana unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
How is this Unsecured Loan different from an ordinary business loan?
The application to get this Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and the funds could be on your account within 24 hours. Traditional company loans have an annual rate of interest together with additional fees and charges. We offer a business loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any interest, fees or charges. Then, it is divided into weekly or daily amount to be paid back.
What can the Small Business Loan be used for?
The Small Business Loan can be used for almost any company use, including the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal purposes.
About the Larger Moana Business Loans
What is the Larger Moana Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly to work with your situation.
How is the Origination Fee determined?
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan in this amount, your business needs to be in operation for at least 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
How can the funding be utilised?
A large business loan is a great option for almost every business use, including business remodeling, buying inventory or new equipment as well as 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 necessary for accessing funds over $150,000. It’s by way of charge on assets, and may include registering this with the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to repay a loan which is general in nature rather than defining the security for a particular asset. The person who is signing the guarantee is personally liable if the business borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including goods or assets). The PPSR permits the priority of personal property assigned according to the date the registration of a security interest.
An affidavit is an official form of document to provide the legal claim on a property.
What is a pre-approval minus Credit Check?
When you’re applying for an enterprise loan that is greater than $250K we can offer an initial pre-approval that will help ease the process. We might be able to do this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being questions. This is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you receive could be subject to different terms.
The application process
Can I be eligible for funding?
You may apply for an company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, own a New Zealand business (with a valid NZBN/IRD)
- must show at least six months worth of trade (for you to qualify for unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and simple. Complete the online form in few minutes and a dedicated business expert in lending will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s License), a valid NZBN/IRD and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, in addition to interim financials for the current financial year such as age-related payables and aged Receivables reports.
How fast will I get an answer?
For an unsecured loan ($5K up to $100,000) we can often provide a response in one hour, provided you make your application within quality company times and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements , we will be able to provide a decision within 1 business day.
If you are applying for a Larger Business Loan ($100K and up) we may be in a position to provide you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved in less than 24 hours.
The quickest way to apply would be to ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you choose to send us the copies of bank statements it will take a little longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K or more) we can often offer an answer in just one hour – provided you apply at normal business hours and you allow us to use the bank verification system link to immediately verify your bank account information online. If you want to upload copies of your bank statements, we will be able to provide the decision within 1 business day.
For the Larger Business Loans ($100K or more) we may be likely to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending on the specifics of each application. Certain offers have been approved within 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours, and permit us to use the sophisticated bank verification to instantly verify your bank account information online. If you decide to upload duplicates of your banking statement, it will take a little longer.
What’s the minimum amount I can borrow?
We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount we will consider a number of elements to determine how much we can lend you health of your company and the level of the repayments your company is able to afford. The total amount of the loan will be determined by the specifics the company.
When you make an application for a set amount, we look at a range of aspects to determine the health of your business and the level of payments your company is able to afford. The amount you receive from your loan will depend on the specifics that are unique to your business.
Fees & repayments
What is the cost for an company loan?
When you request our company loans, we will assess the risk profile of your business and offer you with a customised offer including the loan amount, the terms and the interest rates. A company loan is an upfront cost loan so you will know the exact amount to be paid, including any charges or interest.
What is the factor that determines the price I pay?
Business loan interest rates vary due to factors such as the amount that is that is borrowed, what company assets the funds will be used for in addition to the industry that the company operates in, how long the company has been operating and what percentage of the company has enough cash flow to pay for the loan, and also the overall health or creditworthiness of the business.
What are the costs?
There aren’t any hidden costs with our business loans. You’ll know precisely how much you be required to pay and at what time, from day one. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
Can I repay the loan early?
You can decide to repay the total amount of your loan early at any time.
If you decide to pursue this option, please talk to one of our helpful business credit specialists. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout plus 1.5 percent of the remaining principal and any outstanding fees.
How do repayments work?
To ensure you do not miss due dates and also to be in line with your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your company account.
Security & privacy
Will my information be protected?
Making sure that your information is secure, and being clear about how we collect, use, exchange and protect your information, is of paramount importance and is an essential element of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to customer security and security. We use an advanced bank verification system that allows you to immediately verify your bank account details online, allowing us to offer quick responses.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing is when a business owner makes use of an asset they own to secure the loan. The asset can be an asset belonging to the personal, like the family home or an company asset like a truck or piece or equipment.
The vast majority of the lenders including the largest banks, are inclined to guarantee loans against an asset. If you’re struggling to pay back the loan, then the asset might be offered for sale by the lender. In essence, it is a way of securing new financing by using the worth of the asset you already own.
Should I require security to secure a company loan?
For loans that exceed $150,000, it is not necessary to secure assets in advance to gain access to the funds However, we require a personal guarantee. require the personal guarantee. So long as you comply with your loan obligations (as detailed in your loan contract document), asset security is not needed. If you take out loans in excess of $150K generally, there is an individual ensure and security in the form of charges on assets.