FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The Manor Park Small Business Loans
Tell me how you are able to avail the Manor Park Small Business Loans
Manor Park unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
What makes how is the Unsecured Loan different from an ordinary company loan?
You can apply to get this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive a same day response and the money could be on your account within 24 hours. Traditional business loans refer to an annual rate of interest along with other charges and fees. The company loan is an upfront priced loan so you will know ahead of time the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily amount to be paid back.
What could you use the Small Business Loan be used for?
It is a Small Business Loan can be used for almost every business purpose including control of cash flow company remodeling, marketing to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal use.
About Larger Manor Park Business Loans
What is the Larger Manor Park Business Loan?
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
How is the Origination Fee determined?
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
Am I eligible for the Larger Business Loan?
In order to be eligible for a loan that is this large, your business needs to be operating for a minimum of 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
What can the funds be used for?
A large company loan can be used for almost every company use, including company renovations, purchase of new equipment or inventory for general working capital and much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is required to access funding over $150,000. This can be done as a result of an charge against assets, and could include registering this with the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than stipulating security over an asset. The person who is signing the guarantee is personally responsible if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR gives preference over private property granted depending on the date that a security interest was registered.
An affidavit is an official document lodged to offer notice of a legal claim on a property.
What exactly is a preapproval without Credit Check?
If you’re seeking a Larger Business Loan of $250K or more, we may offer an initial pre-approval in order to smooth out the process. We could be able to get this done without a credit check, and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering some financial well-being checks. This is not an offer or guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could be on different conditions.
Do I qualify for funds?
You may be eligible for an company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over the age of 18 and have a New Zealand business (with a valid NZBN/IRD)
- you must prove at least 6 months’ worth of transactions (for the unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K up to $500K)
How do I apply?
The application process is quick and easy. Simply complete the online form within a few minutes and a dedicated company loan specialist will be in touch to assist you.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s License) and an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent and 12 months of bank statements, IRD statement, last 2 years finalised financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summary.
How quickly will I receive a decision?
For an unsecured loan ($5K to $100K) we usually provide an answer in just one hour if you submit your request in quality company hours and let us use the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your bank statement, we’ll offer an answer in as little as one company day.
For the Larger Business Loan ($100K to $500K) we may be able to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be quicker based on the circumstances of each application. Certain deals have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours. You can also let us use the modern bank verification link to verify your bank information online. If you choose to upload duplicates of your banking statements , it can take a bit longer.
How quickly will I receive the funds?
For the Small Business Loan ($5K up to $100,000) we usually offer an answer in just one hour – provided you submit your request during standard business times and allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements we can provide the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be able to provide the conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The most efficient method can be ensure you apply during standard business hours, and let us use the advance bank verification to instantly confirm your bank details online. If you opt to upload documents from your account accounts, it will take a little longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 and $500,000. When you make an application for a specific amount we consider a variety of aspects to determine the well-being of your business and the amount of the repayments your company can afford. The amount you receive from your loan will depend on the specifics for your company.
When you make an application for a specific amount we consider a variety of factors to assess your well-being that is your company and the level of repayments that your business can support. The amount you receive from your loan will be determined by the specifics that are unique to your company.
Fees & repayments
How do you charge for a company loan?
If you decide to request business loans with us business loan, we’ll assess the risk profile for your company and offer an individualised offer including the amount of the loan, the duration and the interest rates. It is a business loan is an upfront cost loan therefore you will be aware of the total amount to be paid, including any charges, interest rates or fees.
What is the factor that determines the price I am charged?
Interest rates for company loans rates depend on several factors like the amount of money of money borrowed, the company assets the funds will be used for in addition to the industry that the company is in, how long the business is in operation for, in the event that the business has sufficient cash flow to fund the loan, as well as the general health and creditworthiness of the business.
What are the costs?
There are no hidden costs for our business loans. You’ll know precisely what it is that you be required to pay, and when, from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We do not charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
Can I pay off the loan early?
You can decide to repay the entire amount of your advance loan at any time.
If you choose to do this please call our helpful business credit experts. They’ll provide you with details for repayment along with an early payout estimate. This will be calculated as the sum of the principal remaining and accrued interest to the time of early payout plus 1.5% of the principal amount remaining and any fees that remain unpaid.
What is the process for repayments?
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your designated business account.
Security & privacy
Will my information be secure?
Protecting your information, and being transparent about how we collect information, use it, and exchange it, as well as secure your information, is of huge importance and is an essential 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 clients and privacy. We use an advanced bank verification system link to instantly verify the bank account details online so we can offer rapid response.
About business loans
How do you define asset-based lending (a secured loan)?
The term “asset-based” refers to borrowing where a company owner utilises an asset that they own to secure a loan. The asset may be an individual asset, such as the family home, or a company property like a truck or piece of equipment.
The majority of the lenders not just the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan then your assets could be sold by the lender. In essence it’s an opportunity to secure new financing by using the worth of the asset you already have.
Do I require security for a business loan?
For loans up to $150K the requirement for asset security is not required in advance to gain access to the funds, however we do need an individual guarantee. As long as you follow your loan obligations (as detailed in the loan contract) Asset security is not required. For loans of over $150,000 generally there is an individual ensure and security in the form of charges on assets.