FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
About The St Marys Bay Small Business Loans
Let me know what you think of the St Marys Bay Small Business Loans
St Marys Bay unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
What is what makes the Unsecured Loan different from the traditional company loan?
Apply for this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and the money could be in your account within 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. We offer a business loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes any fees, charges or charges. Then, it is broken down into weekly or daily installment amount.
What could you use the Small Business Loan be used for?
The Small Business Loan can be used for virtually every company purpose including control of cash flow business renovations, marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal use.
Concerning Larger St Marys Bay Business Loans
What is the Larger St Marys Bay Business Loan?
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
How’s the Origination Fee calculated?
A Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To qualify for a loan in this amount the business needs to have been operating for at least three years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
What can I use the funds for?
A Larger Business Loan can be used to fund almost every company use, including company renovations, purchase of new equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Is the Larger Business Loan a secured loan?
Asset security is needed to obtain funding above $150,000. This is as a result of an charge on assets, and may include registration in the PPSR or registering a caveat.
A director’s or personal ensure is a promise to pay off a credit line that is general in nature rather than defining security over a particular asset. The person who signs the ensure is personally liable in the event that the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR gives the priority of personal property assigned in accordance with the date on which a registration of a security interest.
An affidavit is an official document that is filed to provide 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 exceeds $250K we may be able to provide an initial pre-approval that will help make the process. We might be able to do this without credit checks and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial well-being questions. It is neither an offer nor a guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be based on different terms.
The application process
Can I be eligible for funding?
You may be eligible for a business loan if you;
- are a New Zealand Citizen (or Permanent Resident)
- are 18 years or older, own a New Zealand company (with a valid NZBN/IRD)
- must show at least six months of business (for you to qualify for unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K or $500K)
How do I apply?
The application process is simple and easy. Just complete the online application within a couple minutes, and a dedicated business expert in lending will be in touch to assist you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent twelve months bank statement, an IRD statement, last 2 years finalised financial statements, in addition to interim financials for the current financial year such as age-related payables and aged Receivables summaries.
What speed will I be able to get an answer?
For an unsecured loan ($5K up to $100,000) we usually provide an answer within an hour if you apply within quality business timings and let us use the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statement, we’ll offer a decision within just the span of one business day.
If you are applying for a Larger Business Loan ($100K or more) we may be able to provide you with a conditional pre-approval within about six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Certain transactions have received approval within less than 24 hours.
The fastest way can be make sure you apply during standard business hours. Also, permit us to use the advanced bank verification system link to instantly verify your bank information online. If you upload copies of your bank accounts, it will take a little longer.
How soon will I receive the cash?
For the Small Business Loan ($5K and up) we usually provide an answer within one hour – provided you submit your request during normal business timings and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statements we can offer the decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be faster depending on the circumstances of each application. Some transactions have received approval in just 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours. Also, allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you choose to send us copies of your bank statement, it can take a bit longer.
How much can I borrow?
We provide loans that range from $5,000 and $500,000. If you apply for a particular amount, we take into consideration a range of aspects that determine how much we can lend you health that is your company and the level of the repayments your business is able to afford. The total amount of your loan will be contingent on the specific circumstances the company.
When you make an application for a certain amount, we take into consideration a variety of elements to assess the well-being for your business as well as the amount of the repayments your company can support. The total amount of your loan will be determined by the specifics the company.
Fees & repayments
What is the cost for a business loan?
When you request the business loan, we’ll assess the risk assessment that you have for your company and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. The company loan is an upfront-priced loan and you’ll know the exact amount due, which includes any interest rates, fees or charges.
What is the basis for the rate I pay?
Interest rates for business loans rates depend on a variety of variables like the amount to be borrowed, what business assets the funds will be used for, the industry the company is operating in, how long the business has been running and how long the company has sufficient cash flow to cover the loan, and the overall health and creditworthiness of the business.
What are the cost?
There aren’t any hidden costs with our company loans, and you’ll know precisely how much you need to pay, and at what time, from day one. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
Can I pay off the loan in advance?
You can repay all of your loan early at any time.
If you choose to do this please talk to one of our helpful company loans experts. They will provide you with details for repayment and an early payment figure. This will be calculated as the total of the principal amount remaining and the accrued interest up to the time of the early payout plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
How do you make repayments work?
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide payments that are either weekly or daily. They are automatically deducted from the nominated company account.
Security & privacy
Will my data be secure?
Security of your data, and knowing how we collect the information we collect, use, share and safeguard your data, is crucial and an integral part 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 personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We use an advanced banking verification system to immediately confirm your bank account information online, allowing us to provide a fast response.
About business loans
How do you define asset-based lending (a secured loan)?
The term "asset-based" refers to borrowing where an company owner borrows from an asset they own to obtain the funds for a loan. The asset may be an asset belonging to the personal, like the family home or it could be a business asset such as a truck or other piece of machinery.
The vast majority of lending institutions, including 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 transferred to the lender. In essence it’s the process of securing additional financing using the value of what you already own.
Should I need security for an company loan?
Up to $150,000 in loans there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract) Asset security is not 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 of a charge over assets.