FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Murrumba Downs Small Business Loans
Tell me how you are able to avail the Murrumba Downs Small Business Loans
Murrumba Downs unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
What is this Unsecured Loan different from a traditional business loan?
The application to the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an immediate response, and funds may be in your account within 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. This company loan is a pre-paid loan therefore you’ll be aware in advance of the total amount payable including the interest, fees and charges. This is then broken down into either weekly or daily amount to be paid back.
What could you use the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost every company reason, such as cash flow management, business remodeling, marketing to purchase inventory or new equipment, for general working capital, and much more. The loan is not available to fund personal expenses.
Concerning Larger Murrumba Downs Business Loans
What is the Larger Murrumba Downs Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit in this amount, your business needs to be operating for a minimum of 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 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 funding be used for?
A larger company loan can be used for nearly any company reason, such as business remodeling, buying new equipment or inventory, 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 necessary to access funding over $150,000. It’s by taking a charge on assets, which could also be registered on the PPSR or making as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature rather than defining the security of a specific asset. The person who signs the guarantee is personally liable in the event that the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including items or assets). The PPSR permits preference over private property granted according to the date the registration of a security interest.
A caveat is a legal document that is filed to provide an official notice of a claim to a property.
What is a pre-approval without Credit Check?
If you’re requesting the Larger Business Loan that exceeds $250,000, we may offer a preliminary pre-approval to help ease the process. We may be able to do this without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. It is neither an offer nor a guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer you are offered could have different terms.
The application process
Do I have the right to receive funds?
You can apply for a company loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, have a New Zealand business (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months worth of trade (for you to qualify for unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is simple and easy. Just fill out the online application within a few minutes and a dedicated company credit specialist will call you to guide you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License), 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 require:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details for application including credit consent and 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables summary.
How fast will I get an answer?
For an unsecured loan ($5K and up) we typically provide an answer in just one hour if you apply during quality business time and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide a decision in just one business day.
For Larger Business Loans ($100K or more) we may be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Certain transactions have received approval in 24 hours.
The most efficient method can be make sure you apply during standard company hours. Also, allow us to use our advanced bank verification system link to confirm your bank details online. If you decide to send us copies of your bank statement, it takes a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K up to $100,000) we can often provide a response in one hour – provided you submit your request during normal business timings and let us use the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements, we are able to offer a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be likely to offer the conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval within the space of 24 hours.
The fastest method is to ensure you apply during normal business hours, and allow us to use the sophisticated bank verification to check your bank’s information online. If you upload the copies of bank statement, it can take a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we consider a variety of variables for determining your well-being for your company as well as the amount of repayments your business can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you submit an application for a certain amount, we will consider a number of factors to determine how much we can lend you such as health that is your company and the level of repayments that your business will be able to support. The total amount of the loan will be determined by the specific circumstances of your company.
Fees & repayments
What is the cost for an company loan?
If you decide to apply for business loans with us business credit, we’ll assess the risk profile the business and provide you with a customised offer that includes loan amount, term and the interest rates. The company loan is an upfront-priced loan and you’ll know the exact amount due, which includes any charges, interest rates or fees.
What determines the amount I’m charged?
The interest rates on company loans rates vary due to factors like the amount of money borrowed, what company assets the funds are used to purchase as well as the field the business operates in, the long the company has been operating as well as in the event that the company has sufficient cash flow to pay for the loan, and overall health as well as creditworthiness business.
What are the fees?
There aren’t any hidden charges with our business loans. You’ll know precisely what it is that you need to pay and at what time, from day one. There’s no compounding and no extra fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You are able to request a credit loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
Can I pay off the loan early?
You can repay the total amount of your loan at any point in time.
If you are deciding to pursue this option, please contact our helpful company loans professionals. The experts will offer you with details on repayment and an early payout figure. This will be calculated as the sum of the principal remaining plus any accrued interest as of the date of early payout and 1.5 percent of the principal amount remaining as well as any outstanding fees.
How do repayments work?
To help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your designated business account.
Security & privacy
Will my data be secure?
Protecting your information, and knowing the ways we gather information, use it, and exchange it, as well as safeguard your data, is crucial and an integral part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and security. We utilise a sophisticated bank verification system to immediately verify the bank account details online to offer a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when an company owner uses an asset that they own to secure the funds for a loan. The asset may be an individual asset, such as the family home, or an company asset like a truck as well as a piece of machine.
The vast majority of lending institutions, even the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, then your asset may be offered for sale by the lender. In essence it’s means of securing new funding using the worth of the asset you already have.
Do I require security to get a company loan?
For loans that exceed $150,000, it is not necessary to secure assets prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. As long as you follow the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security is not needed. For loans of over $150,000 generally, there is an individual guarantee and security is provided in the form of a charge over assets.