FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Mangere Bridge Small Business Loans
Let me know what you think of the Mangere Bridge Small Business Loans
Mangere Bridge unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
What makes how is the Unsecured Loan different from the traditional company loan?
Apply to this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and funds may be available in just 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. We offer a company loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any interest, fees or charges. Then, it is broken down into weekly or daily payment amount.
What can you use the Small Business Loan be used for?
It is a Small Business Loan can be used for almost any business need, such as managing cash flows, business improvements, advertising to purchase inventory, new equipment, or as general working capital, and much more. The loan cannot be used for personal use.
Concerning Larger Mangere Bridge Business Loans
What is the Larger Mangere Bridge Business Loan?
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on your situation.
How’s the Origination Fee calculated?
This Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
Can I get the Larger Business Loan?
To qualify for a loan of this size, your company needs to be operating for at least three years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
How can the funds be utilised?
A larger business loan is a great option for almost all company reason, such as company remodeling, buying equipment or inventory or as general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that is secured?
Asset security is needed to obtain funding above $150,000. It is usually in the form of a charge on assets and can include the registration of this with the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is generally in nature rather than defining the security for a particular asset. The person who signs the ensure is personally responsible if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be granted in accordance with the date on which a security interest that is registered.
An affidavit is an official document filed to offer the public notice of a legal claim to property.
What is a pre-approval without Credit Check?
If you’re seeking the Larger Business Loan that is greater than $250K, we may offer an initial pre-approval to simplify the process. We might be able to do this without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial well-being questions. It is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you are offered could be based on different terms.
The application process
Do I have the right to receive funds?
You may apply for a business 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 prove at least 6 months of business (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and simple. Just complete the online application within a couple minutes, and a dedicated business credit specialist will contact you to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD and at least 6 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 consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Application details including credit consent, 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables Summary.
How quickly will I receive an answer?
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour – as long as you submit your request in quality business times and let us utilise the bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements , we are able to offer a decision in as little as 1 company day.
For Larger Business Loans ($100K to $500K) we may be able to offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Certain agreements have been approved in 24 hours.
The fastest way can be make sure you apply during normal business hours. Also, let us use the advanced bank verification system to verify your bank account information online. If you opt to upload duplicates of your banking statements it can take a bit longer.
How quickly will I receive the cash?
For the Small Business Loan ($5K to $100K) we typically offer an answer within an hour – as long as you apply in standard business timings and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statements we can offer the decision in as little as the span of one business day.
For the Larger Business Loans ($100K up to $500,000) we might be able to provide the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within just 24 hours.
The most efficient method would be to ensure you apply during standard business hours. You can also permit us to use the advanced bank verification system to instantly verify your bank account information online. If you choose to upload the copies of bank statements, it will take a little longer.
What is the maximum amount I can borrow?
We offer loan amounts between $5,000 and $500,000. If you apply for a certain amount we look at a variety of elements that determine what is the health of your business as well as the amount of repayments your company can support. The amount you receive from your loan will be contingent on the particular circumstances the company.
When you apply for a specific amount we consider a variety of factors to assess your well-being that is your business and the level of the repayments your business can support. The amount you receive from the loan will be determined by the specifics that are unique to your business.
Fees & repayments
How do you charge for a business loan?
When you request one of our business loan, we will assess the risk profile that you have for your business and provide you with a customised proposal that includes loan amount, term and the interest rates. This company loan is an upfront cost loan which means you know the exact amount payable including any interest rates, fees or charges.
What is the basis for the rate 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 are used to purchase, the industry the business operates in, how long the company has been operating, what percentage of the company has sufficient cash flow to cover the loan, and general health or creditworthiness of the business.
What are the fees?
There are no hidden fees for our business loans, and you’ll know precisely how much you’ll need to pay, and when, starting from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You are able to make an application for loans no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
Can I pay out the loan earlier?
You may choose to pay back all of your advance loan at any time.
If you choose to take this route, please talk to one of our helpful company lending 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 plus any accrued interest as of the time of early payout in addition to 1.5% of the principal balance plus any outstanding fees.
How do repayments work?
To make sure you do not miss repayments and to fit in with your cash flow general, we offer repayments that are either daily or weekly. They will be automatically deducted from your designated company account.
Security & privacy
Will my information be secure?
Security of your data, and being clear about the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and a vital aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We use an advanced bank verification system to immediately verify the bank account details online to offer an immediate response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing is when the company owner borrows from an asset that they own to get the loan. The asset could be a personal asset like the family home, or an business asset like a truck as well as a piece of machine.
The vast majority of lending institutions, including the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, the asset could be taken over by the lender. In essence, it is a way of securing additional financing making use of the value of what you already have.
Should I need security to secure an company loan?
For loans up to $150K no asset security is required upfront to access the money However, we require a personal guarantee. require an individual guarantee. So long as you comply with your loan obligations (as detailed in your loan contract document), asset security will never be needed. For loans over $150K typically, you will need a personal ensure and security in the form a charge over assets.