FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
More about the Massey Small Business Loans
Let me know about the Massey Small Business Loans
Massey unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
How is what makes the Unsecured Loan different from an traditional company loan?
It is possible to apply to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and funds may be in your account in 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. We offer a company loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including the interest, fees and charges. Then, it is broken down into either weekly or daily payment amount.
What could the Small Business Loan be used for?
It is a Small Business Loan can be used to fulfill almost every business purpose including control of cash flow company remodeling, marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
About Larger Massey Business Loans
What is the Larger Massey Business Loan?
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
How is the Origination Fee calculated?
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
Am I eligible for the Larger Business Loan?
To be eligible for a credit that is this large the business needs to be operating for a minimum of 3 years and generate an annual revenue of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
What can the funds be used for?
A larger business loan can be used for nearly all business need, including company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan cannot be used for personal purposes.
Is the Larger Business Loan one that is secured?
Asset security is needed for accessing funds over $150,000. This is as a result of an charge over assets and can include the registration of this with the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is general in nature, rather than defining security over a particular asset. The person signing the ensure is personally liable if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including objects or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date a registration of a security interest.
An affidavit is an official document filed to provide notice of a legal claim to a property.
What is a pre-approval that does not require Credit Check?
If you’re applying for the Larger Business Loan that is greater than $250K it is possible to offer an initial pre-approval to smooth out the process. We could be able to apply for this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial well-being questions. This is neither an offer nor a guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you receive could be based on different conditions.
Application process
Are I eligible for funding?
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 company (with a valid NZBN/IRD)
- you must demonstrate at minimum 6 months’ worth of transactions (for 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 simple and simple. Just complete the online application in few minutes and an experienced business lending specialist will call you to assist you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements and the last two years’ finalised financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables Summary.
How fast will I get a decision?
For an unsecured loan ($5K to $100K) we typically offer an answer within one hour if you apply within standard company hours and you allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can offer a decision within just an company day.
For Larger Business Loans ($100K up to $500,000) we could be likely to provide you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest method is to ensure you apply during standard company hours, and allow us to use the advance bank verification to instantly check your bank’s information online. If you choose to send us duplicates of your banking statements , it takes a bit longer.
What is the time frame to receive the cash?
For the Small Business Loan ($5K to $100K) We can usually offer a response in one hour – provided you apply in standard business hours and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statements, we are able to offer the decision within an business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of provide you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the specifics of each application. Some deals have been approved within less than 24 hours.
The quickest method can be make sure you apply during standard business hours. Also, permit us to use the advance bank verification to instantly verify your bank information online. If you send us documents from your account accounts, it takes a bit longer.
How much can I borrow?
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we consider a variety of factors for determining your health that is your company as well as the amount of repayments your company can support. The amount you receive from your loan will depend on the specific circumstances of your business.
When you make an application for a particular amount, we will consider a number of aspects to assess how much we can lend you such as well-being that is your company and the amount of the repayments your company can support. The total amount of your loan will be contingent on the specifics that are unique to your business.
Fees & repayments
What is the cost for the cost of a company loan?
If you decide to request the company loan, we’ll assess the risk assessment the company and provide you with a customised offer that includes the amount of loan, the term and interest rates. This business loan is a loan that is priced upfront therefore you will know the exact amount to be paid, including any charges, interest rates or fees.
What is the factor that determines the price I pay?
Interest rates for business loans rates depend on a variety of factors like the amount of money borrowed, what business assets the funds will be used for in addition to the industry that the company operates in, how long the business has been operating, what percentage of the company has enough cash flow to cover the loan, and general well-being and creditworthiness of the business.
What are the fees?
There are no hidden costs for our company loans, and you’ll know exactly how much it is that you be required to pay, and when, right from the day you sign up. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments on time).
We do not charge an application fee. You can get a cash loan 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 choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
Can I pay off the loan early?
You can choose to repay the total amount of your loan early at any time.
If you choose to pursue this option, please speak to our friendly company loan experts. They will offer you with details for repayment as well as an early payout amount. This will be calculated as the sum of the remaining principal amount and accrued interest to the time of the early payout and 1.5 percent of the principal remaining and any outstanding fees.
What are the repayment methods?
In order to help you avoid missing repayments and to fit in with your cash flow routine, we provide repayments either weekly or daily. They will be automatically deducted from your designated business account.
Security & privacy
Will my data be secure?
Making sure that your information is secure, and knowing how we collect data, process, exchange and secure your information, is of paramount importance and a vital part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account information online so we can provide an immediate response.
About business loans
How do you define asset-based lending (a secured loan)?
An asset-based loan is when an company owner uses assets they own to get a loan. The asset can be an individual asset, such as the family home or a business asset such as a vehicle or other piece of machinery.
The majority of lending institutions, not just the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan, the asset could be transferred to the lender. In essence it is an opportunity to secure new financing using the worth of the asset you already own.
What do I require security for a company loan?
For loans up to $150,000 it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. require the personal guarantee. As long as you follow your loan obligations (as specified in your loan contract), asset security will never be needed. For loans over $150K typically, you will need a personal ensure and security that is in the form charges on assets.