FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Information About The Maupuia Small Business Loans
Let me know more about Maupuia Small Business Loans
Maupuia unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
What is what makes the Unsecured Loan different from an traditional company loan?
Apply to get this Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and the money could be available in just 24 hours. Traditional company loans refer to an interest rate per annum along with other charges and fees. Our company loan is a cash-based loan and you’ll be aware of the total amount due, which includes any fees, charges or charges. This is then broken down into a daily or weekly payment amount.
What can be the Small Business Loan be used for?
A Small Business Loan can be used for virtually every company use, including cash flow management, company remodeling, marketing, to purchase inventory or new equipment, to fund general working capital and so 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 loan size to support company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
How is the Origination Fee calculated?
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a loan of this size the business needs to have been trading for at least 3 years, and have an annual income of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
What can the funding be used for?
A large business loan can be used for nearly every business need, including company remodeling, buying new equipment or inventory, as general working capital, and much more. The loan cannot be used for personal reasons.
Is the Larger Business Loan a secured loan?
Asset security is needed to obtain funding above $150,000. This can be done as a result of an charge on assets, and may include registering this with the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally based rather than stipulating the security for a particular asset. The person who is signing the ensure is personally liable in the event that the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including items or assets). The PPSR gives the priority of personal property granted depending on the date that a security interest has been registered.
An affidavit is an official document that is filed to provide the legal claim to a property.
What is a pre-approval without Credit Check?
If you’re applying for the Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval that will help smooth out the process. It is possible to get this done without a credit check and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial well-being checks. It is not an offer of credit or guarantee of finance. A conditional approval is subject an exhaustive credit evaluation, and any offer that you are offered could be on different conditions.
Application process
Are I eligible for funding?
You are eligible to apply for an 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 trading (for the unsecured loan $5K – $100K) or 3 years of continuous trading (for the Larger Business Loan $100K - $500K)
How do I apply?
The process for applying is fast and simple. Complete the online form within a few minutes and an experienced business lending specialist will contact you to assist you.
For a loan of up to $100,000, you’ll need ID details (valid Driver’s License) along with an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank records, IRD statement as well as the two most recent years’ financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
How quickly will I receive an answer?
For an unsecured loan ($5K and up) we can often provide an answer in just one hour if you apply in quality company times and permit us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statement, we’ll offer a decision in just one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of offer the conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some transactions have received approval within less than 24 hours.
The fastest way would be to ensure you apply during standard company hours, and allow us to use our advance bank verification link to instantly check your bank’s information online. If you send us the copies of bank accounts, it may take a bit longer.
What is the time frame to receive the money?
For the Small Business Loan ($5K to $100K) we usually offer an answer within one hour, provided you apply at standard business timings and permit us to use the bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statement, we’ll provide a decision in as little as an business day.
For Larger Business Loans ($100K up to $500,000) we might be capable of provide you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Some agreements have been approved in the space of 24 hours.
The fastest way is to make sure you apply during standard business hours. Also, permit us to use the sophisticated bank verification link to check your bank’s information online. If you opt to send us documents from your account accounts, it may take a bit longer.
What is the maximum amount I can borrow?
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we look at a variety of variables in order to assess your well-being of your company and the amount of the repayments your business will be able to support. The total amount of your loan will depend on the specifics the business.
When you apply for a specific amount we consider a variety of variables to determine the well-being of your business as well as the amount of payments your business can support. The total amount of the loan will be determined by the particulars that are unique to your business.
Fees & repayments
What is the cost for a business loan?
When you make an application for the business loans, we’ll assess the risk assessment that you have for your business and offer you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a business loan is an upfront priced loan therefore you will be aware of the total amount payable including any charges, interest rates or fees.
What determines the rate that I pay?
Interest rates for business loans rates vary due to factors such as the amount that is that is borrowed, what business assets the money are used to purchase as well as the field the company operates in, the long the company has been running and whether the business has sufficient cash flow to support the loan, and general health and creditworthiness of the business.
What are the charges?
There aren’t any hidden costs with our business loans. You’ll be aware of the amount you’ll need to pay and when, from the first day. There’s not any compounding interest and no extra fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to make an application for loans with no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
Do I have the option of paying off the loan early?
You can choose to repay all of your loan at any point in time.
If you choose to take this route, please talk to one of our helpful business loan professionals. The specialists will provide you with the details of your repayment as well as an early payout amount. This is calculated as the total of the principal balance and any accrued interest at the date of early payout in addition to 1.5 percent of the remaining principal and any fees that remain unpaid.
What is the process for repayments?
In order to help you avoid missing repayments and to fit in your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from your nominated company account.
Security & privacy
Will my data be secure?
Security of your data, and being clear about how we collect data, process, exchange and ensure the security of your information is vital and a vital part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We use an advanced bank verification system that allows you to immediately verify the bank account details online. This allows us to offer a fast response.
About business loans
What is asset-based borrowing (a secured loan)?
Asset-based borrowing occurs when the company owner makes use of an asset they own to secure the funding. The asset could be a personal asset like the family home or a business asset like a truck or other piece of machinery.
The vast majority of lenders, even the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan then your assets could be sold by the lender. In essence it’s a way of securing additional financing using the value of what you already own.
What do I need security to secure an business loan?
For loans that exceed $150,000, the requirement for asset security is not required in advance to gain access to the funds but we do require an individual guarantee. As long as you follow your loan commitments (as stipulated in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150K, generally, there is personal guarantee and security in the form of charges on assets.