FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Manly Small Business Loans
Let me know more about Manly Small Business Loans
Manly unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
What is this Unsecured Loan different from an traditional business loan?
It is imaginable to apply to this Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and funds may be available in just 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. The business loan is a loan that is priced upfront which means you know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is divided into a daily or weekly payment amount.
What can the Small Business Loan be used for?
It is a Small Business Loan can be used for nearly any company use, including cash flow management, business improvements, advertising to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal reasons.
About Larger Manly Business Loans
What is the Larger Manly Business Loan?
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
How’s the Origination Fee calculated?
It is important to note that the 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 of this size, your business needs to have been trading for at least 3 years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, 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 Business Loan of a larger size is a great option for almost all company purpose including company remodeling, buying inventory or new equipment or as general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is required to obtain funding above $150,000. This can be done by way of charge against assets, and could be registered on the PPSR or registering as a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR permits preference over private property assigned in accordance with the date on which a security interest has been registered.
A caveat is a legal document lodged to provide notice of a legal claim to a property.
What exactly is a preapproval without Credit Check?
If you’re applying for the Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval to make the process. We could be able to do this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health checks. It is neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer that you may receive may have different conditions.
The application process
Can I be eligible for funding?
You are eligible to apply for an business loan if you
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and own a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months’ worth of transactions (for a unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The application process is quick and easy. Complete the online form in few minutes and an experienced company lending specialist will call you to help you.
To be eligible 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’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables summary.
What speed will I be able to get a decision?
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour – as long as you submit your request within quality company times and allow us to utilise the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we’ll be able to provide a decision in just the span of one company day.
For Larger Business Loans ($100K up to $500,000) we could be able to offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved within 24 hours.
The fastest way can be ensure you apply during standard business hours, and let us use the advance bank verification to verify your bank information online. If you opt to send us the copies of bank statements , it will take a little longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K up to $100,000) we can often provide a response in one hour if you apply at standard business timings and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statements, we will be able to provide an answer within the span of one business day.
For the Larger Business Loans ($100K up to $500,000) we might be in a position to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however it could be faster based on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The most efficient method is to ensure you apply during standard business hours, and let us use the sophisticated bank verification link to confirm your bank details online. If you upload documents from your account statement, it can take a bit longer.
How much can I borrow?
We provide loans ranging from $5,000 to $500,000. When you make an application for a certain amount, we take into consideration a range of aspects to determine what is the well-being of the company as well as the amount of the repayments your business can support. The total amount of the loan will be determined by the particular circumstances of your company.
When you apply for a specific amount we take into consideration a variety of factors to assess your well-being of your business and the extent of payments your business will be able to support. The total amount of the loan will be determined by the particulars that are unique to your company.
Fees & repayments
How much do you charge for an company loan?
When you request our business financing, we’ll assess the risk assessment the company and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront priced loan so you will know the exact amount due, which includes any charges or interest.
What determines the rate that I’m charged?
Interest rates for company loans rates depend on several factors such as the amount that is borrowed, what business assets the funds are used to purchase as well as the field the company is operating in, how long the business has been running for, how long the business has enough cash flow to pay for the loan, and the general health and creditworthiness of the business.
What are the charges?
There aren’t any hidden costs for our business loans, and you’ll know precisely how much you’ll need to pay and when, starting from the first day. There’s not any compounding interest and no additional fees (as as long as you pay your payments on time).
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 includes the expenses associated 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 percentage of the amount of the loan.
Can I repay the loan early?
You can decide to repay the total amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful company loan experts. They will provide you with the details of your repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the date of early payout in addition to 1.5 percent of the principal amount remaining as well as any outstanding fees.
How do repayments work?
In order to help you avoid missing repayments and to fit in your cash flow schedule, we provide payments that are either daily or weekly. They are automatically deducted from your business account.
Security & privacy
Will my data be protected?
Security of your data, and being transparent about the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and a vital part of our relationship you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of clients and security. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account details online. This allows us to offer quick responses.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing is when an company owner borrows from assets they own to secure the loan. The asset can be either an individual property, such as the family home, or it could be a company asset such as a vehicle or other piece of machinery.
The vast majority of lending institutions, even the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan, then the asset might be transferred to the lender. In essence it is a way of securing new funding using the worth of the asset you already own.
Should I require security for a business loan?
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds however, we do require an individual guarantee. As long as you follow your loan commitments (as detailed in your loan contract document), asset security will never be required. For loans over $150K typically, you will need personal ensure and security in the form of the charge of assets.