FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Manly West Small Business Loans
Tell me about the Manly West Small Business Loans
Manly West unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
What makes the Unsecured Loan different from an traditional business loan?
You can apply for this Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and the funds could be in your account in 24 hours. Traditional business loans reference an interest rate per annum as well as other fees and charges. We offer a company loan is a loan that is priced upfront so you will be aware in advance of the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly amount to be paid back.
What can be the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost any business need, such as control of cash flow business improvements, advertising, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used to fund personal expenses.
About larger Manly West Business Loans
What is the Larger Manly West Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
How is the Origination Fee determined?
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan that is this large, your business needs to be trading for at least 3 years and have an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
How can the funds be utilised?
A Business Loan of a larger size is a great option for almost all business purpose including business improvements, purchasing new equipment or inventory or as general working capital and much more. The loan is not available for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is needed for accessing funds over $150,000. This can be done in the form of a charge over assets, and could include registering this on the PPSR or filing a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally in nature rather than stating the security of a specific asset. The person who signs the ensure is personally liable if the business lender is not able 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 objects or assets). The PPSR permits preference over private property granted depending on the date that a registration of a security interest.
An affidavit is an official document lodged to provide an official notice of a claim on a property.
What is a pre-approval without Credit Check?
If you’re applying for a Larger Business Loan that exceeds $250,000 we may be able to provide a preliminary pre-approval to help make the process. We may be able to make this decision without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial health checks. It is not an offer or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer you may receive may be based on different terms.
Application process
Are I eligible for funding?
You may apply for an business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months of business (for for the 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 simple and easy. Just fill out the online application within a couple minutes, and an experienced business loan specialist will contact you to help you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License), an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent, 12 months of bank records, IRD statement as well as the two most recent years’ financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summaries.
What speed will I be able to get an answer?
For an unsecured loan ($5K or more) we typically offer an answer within one hour if you apply in quality business times and permit us to use the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statements , we’ll be able to offer an answer within just an business day.
For the Larger Business Loan ($100K up to $500,000) we may be capable of provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The quickest way to apply can be make sure you apply during normal company hours. You can also allow us to use the advanced bank verification system to instantly confirm your bank details online. If you opt to upload copies of your bank statements it can take a bit longer.
What is the time frame to receive the funds?
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – provided you submit your request in standard business times and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we are able to provide the decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Certain agreements have been approved in 24 hours.
The quickest method is to ensure you apply during standard business hours and let us use the modern bank verification link to instantly confirm your bank details online. If you opt to upload documents from your account accounts, it may take a bit longer.
What’s the minimum amount I can borrow?
We offer the loan amount between $5,000 and $500,000. When you submit an application for a particular amount, we take into consideration a range of factors that determine what is the well-being for your business and the amount of repayments your company can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you submit an application for a set amount, we consider a variety of aspects to determine your health for your company and the amount of repayments that your business can afford. The total amount of your loan will be determined by the specific circumstances the business.
Fees & repayments
How much should you charge for an company loan?
If you decide to make an application for our company financing, we will assess the risk profile that you have for your company and provide you with a customised offer that includes the loan amount, the terms and the interest rates. The company loan is a loan that is priced upfront so you will know in advance the total amount payable including any charges, interest rates or fees.
What is the factor that determines the price I am charged?
The interest rates on business loans rates vary due to factors like the amount of money that is borrowed, what business assets the funds will be used for as well as the field the business is in, how long the company has been running as well as what percentage of the company has enough cash flow to pay for the loan, and general health or creditworthiness of the business.
What are the cost?
There aren’t any hidden charges for our company loans. You’ll be aware of the amount it is that you need to pay and when, from the day you sign up. There’s no compounding interest, and there are no additional charges (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 absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
Do I have the option of paying off the loan in advance?
You may choose to pay back the total amount of your loan in full at any time.
If you choose to do this please call our helpful business lending professionals. They will provide you with details for repayment along with an early payout estimate. The figure will be calculated as the sum of the principal remaining and the accrued interest up to the date of early payout and 1.5% of the remaining principal and any fees that remain unpaid.
What is the process for repayments?
To make sure you do not miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your company account.
Security & privacy
Will my information be secure?
Protecting your information, and knowing the ways we gather information, use it, and exchange it, as well as protect your information, is vital and is a crucial part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We make use of an advanced bank verification system to immediately confirm your bank account information online to offer an immediate response.
About business loans
How do you define asset-based lending (a secured loan)?
The term "asset-based" refers to borrowing where the company owner utilises an asset that they own to make the funds for a loan. The asset could be a personal asset like the family home or a company asset such as a vehicle or piece of equipment.
The vast majority of lending institutions, even the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be taken over by the lender. In essence, it is a way of securing new financing by making use of the value of what you already own.
What do I need security to get a business loan?
Up to $150K in loans there is no requirement for asset security prior to the loan’s access but we require a personal guarantee. need 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 will never be required. For loans over $150,000 generally, there is an individual ensure and security that is in the form a charge over assets.