MTF Finance business loans
Secured and unsecured loans on offer for your business.
MTF Finance offers unsecured business loans of up to $30,000 and secured loans of up to $100,000.
Details
| Product Name | MTF Finance Secured Business Loan |
|---|---|
| Interest Rate (p.a.) | 11.35% - 23.35% |
| Min. Loan Amount | $2,000 |
| Max. Loan Amount | $100,000 |
| Loan Term | 3 - 48 Months |
| Turnaround Time | Same business day |
| Go to site |
MTF Finance has been supporting New Zealand businesses for decades with its loans. There are 2 types on offer, secured and unsecured business loans, which can be used for just about anything relating to your business, be it tools, transport or even office transformations.
How do MTF Finance business loans work?
When you apply for one of MTF Finance’s business loans, you need to provide information about yourself and your business so MTF Finance can determine if you can manage the loan.
The amount you are able to borrow will depend on several factors, including the regular payments you can afford to make, whether you have an asset to secure against the loan amount and your credit rating.
You’ll have the option when completing the loan application to choose the frequency of repayments – weekly, fortnightly or monthly. You will also be able to choose the loan term, from 12 up to 48 months.
MTF Finance will review your application and verify your identity and your business and then make a decision about the business loan and a repayment schedule. It will also be transparent about the interest rate applied and any other fees.
Types of MTF Finance business loans
Secured business loan
You can borrow from $2,000 up to $100,000 with a secured loan. You will need to secure your loan with a vehicle you own or another type of asset and this can help to lower your interest rate. The total amount you can potentially borrow from MTF Finance is higher than if you were to take out an unsecured loan.
Unsecured business loan
You can borrow from $2,000 up to $30,000, but you won’t be required to secure this loan against any asset. The total amount you can potentially borrow from MTF Finance is lower than if you were to take out a secured loan.
Features of MTF Finance business loans
- Same-day response. MTF Finance claims to respond to loan applications on the same day.
- Secured loans. Borrow from $2,000 up to $100,000 when you secure an asset against the loan.
- Unsecured loans. Borrow from $2,000–$30,000 without needing an asset to secure against the loan amount.
- 4-year loan terms. Get flexible loan terms from 12 months up to 48 months.
- Payments. Enjoy flexible repayment options ranging from weekly, fortnightly or monthly.
- Increased protection with a Payment Waiver. This can be added when applying for a business loan. In the event of redundancy, injury, illness or death, the Payment Waiver will essentially waive your loan repayments.
How much will the loan cost?
How much you’ll pay when you take out an MTF Finance business loan will depend on a few factors such as the loan amount, your credit rating and whether the loan is secured or unsecured. Additionally, there are other costs that will apply if you miss a payment or choose to repay your loan early.
MTF Finance offers secured loans with interest rates starting from 11.35–23.35% per year.
Interest rates for unsecured loans start from 13.85–23.85% per year.
As well as the interest rate, there are a number of fees you may be subject to. We’ve put together a table of fees that may apply for secured and unsecured loans:
Secured loan costs
| Type | Secured loans |
|---|---|
| Loan establishment fee (one-time fee) | Up to $376 |
| Interest rates | From 11.35–23.35% per year |
| Admin fee | Up to $8.50 per month |
| Early loan repayment fee | $28 |
| Loss on full prepayment fee (if your loan is repaid in full before the final payment is due and market interest rates change) | Varies |
| Missed payment penalty interest | 5% per year is calculated daily on the missed payment amount |
| Repossession warning fee | Up to $120 and payable 14 days after a warning is issued |
| Repossession fee | Up to $180 is charged when a warrant is issued |
| Loan recovery costs | Varies |
Unsecured loan costs
| Type | Unsecured loans |
|---|---|
| Loan establishment fee (one-time fee) | Up to $376 |
| Interest rates | From 13.85–21.85% per year |
| Admin fee | Up to $8.50 with each instalment |
| Early loan repayment fee | $28 |
| Loss on full prepayment fee (if your loan is repaid in full before the final payment is due and market interest rates change) | Varies |
| Missed payment penalty interest | Varies |
| Missed payment fee for being 31 days overdue | Up to $120 |
| Missed payment fee for being 61 days overdue | Up to $120 |
How do I apply for an MTF Finance business loan?
In order to apply for an MTF Finance business loan, you’ll need to meet the following eligibility criteria:
- Be a New Zealand resident or valid visa holder
- Be 18 or over
- Hold a valid New Zealand driver’s licence
- Have a regular income
If you apply in person, you will also need to provide the following documentation:
- Proof of your identity
- Proof of address
- Proof of financial status
MTF Finance claims to be able to respond to your loan application within an hour or give you approval or refusal on the same day you apply.
Bottom line
With 2 types of business loans on offer, MTF Finance can meet your business needs with secured and unsecured loans ranging from $2,000 up to $100,000.
There’s an online calculator where you can choose the amount you wish to borrow and the loan term or how much you can afford to repay and how often.
And applications are quick and easy with MTF Finance claiming to give you an answer within an hour or within the same day you apply.
