FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Maupuia Small Business Loans
Tell me more about Maupuia Small Business Loans
Maupuia unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
What is how is the Unsecured Loan different from an traditional business loan?
The application to get your Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans have an annual interest rate together with additional fees and charges. We offer a company loan is a pre-paid loan so you will know ahead of time the total amount to be paid, including any fees, interest or charges. This is then broken down into either a daily or weekly payment amount.
What can you use the Small Business Loan be used for?
It is a Small Business Loan can be used for virtually any company reason, such as the management of cash flow, business renovations, marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal use.
About Larger Maupuia Business Loans
What is the Larger Maupuia Business Loan?
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly in order to accommodate your situation.
How is the Origination Fee determined?
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
Can I get the Larger Business Loan?
In order to be eligible for a loan in this amount the business needs to be in operation for at least 3 years and generate an annual revenue of at least $700,000. 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 demonstrate at the least 12 months of operating.
What can I use the funds for?
A Larger Business Loan can be used for almost every company reason, such as business renovations, to purchase equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Is the Larger Business Loan one that is secured?
Asset security is needed for funding of more than $150,000. It’s in the form of a charge over assets, and may include registering this on the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to repay a loan which is general in nature, rather than defining security over an asset. The person who signs the guarantee is personally liable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a registration of a security interest.
An affidavit is an official form of document to provide notice of a legal claim to property.
What is a pre-approval minus Credit Check?
When you’re applying for the Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval in order to make the process. We might be able to do this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health checks. It’s in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you might receive could have different terms.
The application process
Do I have the right to receive funds?
You may apply for an business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months of trading (for you to qualify for unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K to $500K)
How do I apply?
The process for applying is fast and easy. Complete the online form within a few minutes and a dedicated company credit specialist will call you to guide you through the process.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details for application including credit consent twelve months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year such as age-related payables and aged Receivables Summary.
What speed will I be able to get an answer?
For an unsecured loan ($5K and up) we can often offer a response in one hour if you make your application in quality company timings and let us use the advanced bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statements we can offer the decision in just the span of one business day.
If you are applying for a Larger Business Loan ($100K or more) we may be in a position to provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain transactions have received approval within 24 hours.
The quickest way to apply would be to ensure you apply during normal business hours. You can also let us use the advance bank verification to check your bank’s information online. If you upload copies of your bank statements it takes a bit longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K or more) we usually provide an answer within one hour, provided you apply at standard business hours and let us utilise the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements we can offer the decision in just one business day.
For the Larger Business Loans ($100K to $500K) we could be likely to provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Some deals have been approved in just 24 hours.
The most effective method for you to apply is make sure you apply during standard business hours, and let us use the advanced bank verification system to verify your bank information online. If you upload copies of your bank statements it can take a bit longer.
How much can I borrow?
We offer loan amounts between $5,000 and $500,000. If you apply for a certain amount we look at a variety of factors that determine your well-being for your business and the amount of payments your business will be able to support. The total amount of your loan will depend on the specifics the company.
When you make an application for a particular amount, we will consider a number of aspects to determine how much we can lend you such as health of your business as well as the amount of repayments your business is able to afford. The amount you receive from the loan will be determined by the specifics of your company.
Fees & repayments
What is the cost for the cost of a company loan?
When you make an application for one of our company credit, we’ll assess the risk profile the business and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. It is a company loan is an upfront priced loan so you will be aware of the total amount you will have to pay, including charges, interest rates or fees.
What determines the amount I will be charged?
The interest rates on company loans rates depend on a variety of factors like the amount of money borrowed, what business assets the money are used to purchase in addition to the industry that the business is operating in, how long the company has been in operation as well as what percentage of the company has enough cash flow to fund the loan, and the overall health or creditworthiness of the business.
What are the costs?
There are no hidden fees for our company 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 and no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You can request a credit loan no cost upfront or obligation to proceed.
The Origination Fee is the cost associated with establishing and managing the loan. This is only a 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 earlier?
You can decide to repay all of your loan in full at any time.
If you are deciding to take this route, please speak to our friendly business credit professionals. They will provide you with repayment details as well as an early payout amount. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the date of early payout plus 1.5% of the remaining principal as well as any outstanding fees.
What is the process for repayments?
To ensure that you don’t miss due dates and also to be in line with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your company account.
Security & privacy
Will my data be protected?
Making sure that your information is secure, and being clear about how we collect data, process, exchange and protect your information, is crucial and is a crucial aspect of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We make use of an advanced bank verification system link to instantly verify the bank account details online to offer an immediate response.
About business loans
What’s an asset-based borrow (a secured loan)?
Asset-based borrowing occurs when an company owner makes use of an asset that they own to secure the funding. The asset can be either an asset belonging to the personal, like the family home or a company asset like a truck or piece or equipment.
The majority of lending institutions, even the banks with the biggest size, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, then your asset may be taken over by the lender. In essence, it’s the process of securing new funding using the worth of the asset you already have.
What do I need security to get an company loan?
For loans that exceed $150,000, the requirement for asset security is not required prior to the loan’s access However, we do need an individual guarantee. So long as you comply with the loan terms (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150,000 generally, you are able to get a personal ensure and security in the form the charge of assets.