FAQs - Magnolia Finance


Small Business Loans In Australia

Here are some of Magnolia Finance’s FAQs:

Who should I contact for more information about Magnolia finance?

Looking for someone to discuss the right business loan to take your business to the next level?

Call us on 1300 471 308, or email us at info@magnoliafinance.com.au.

How does Magnolia Finance make money?

Magnolia Finance is extremely transparent about how we make money. We are paid a fee at market rate by the lender every time a loan is settled.

How soon can I be funded?

Some of our products can be processed on the same day and funds can be deposited to your account in as fast as 24 hours.

Will I deal with the same person?

Yes. We pride ourselves on providing tailored services to you and your business. One of our team members will be there by your side every step of the way, from start to finish.

How much can I borrow?

At Magnolia Finance, we will work with the lender to provide you with the maximum funding available to you and your business. As all lenders are different, the amount you can borrow and your chosen loan products vary between individual clients and their circumstances.

Am I eligible?

Being eligible is easy! At Magnolia Finance our products are suitable for businesses of all different shapes and sizes, new or existing.

What are my weekly repayment?

Your repayment schedule will be customized to your loan. All repayments will be set out in once you and our staff have chosen a product. Before you sign off on the fund, our staff will make sure that we are all on the same page and that there are no hidden charges and no additional fees.

How long is “short-term”?

A short-term loan is one that is traditionally 12 months or less. Historically most short-term loans are re-paid within six months. Some customers like to pay back early, and sometimes there is a discount for doing so. If you are looking to reduce the cash flow burden and keep your weekly costs down, you can divide the payments over 12 months.

What is an unsecured loan?

An unsecured loan is when the overall financial position of a business is used to determine creditworthiness, without the business owner needing to secure the loan through using a non-business related asset as security. Commonly, the big banks will not offer these types of loans due to the amount of paperwork, low returns and higher risks involved.

Can I finance a used Asset?

Yes! We can find an Asset loan that covers new and used Assets and equipment, local or imported. This is subject to some conditions – ask your consultant for more.

I don’t have a deposit for an Asset, can I apply?

Yes – with a chattel mortgage or hire purchase, you can purchase an Asset without any collateral or deposit. In fact, you get your loan approved without having to pledge assets for the loan package.

Can I lease an Asset?

Yes – Magnolia Finance’s network of lenders offer leasing options. You can lease most types of durable assets, from equipment valued at a few thousand to assets worth millions that suit your business.

My business needs a tanker/trailer/etc., can I finance it through Magnolia Finance?

Yes – We walk through every option you have to finance your business all types of heavy movers and Assets for business purposes. If it’s big and it moves, we can finance it.

My business is seasonal – can I apply for finance?

Yes – If you have a seasonal business, we can offer you a loan that can help you better manage your cash flow tailored to your needs. You can make repayments to a special schedule. Contact us today to find out more.

How can Magnolia Finance help me?

Magnolia Finance was established to help you find the best loan for you.

Is my information secure?

We take our client’s security and privacy very seriously at Magnolia Finance. All your information is confidential and stays between Magnolia Finance and the lenders we work in partnership with.

We are serious about our client’s information security and confidentiality. We refer carefully to the Privacy Act (1988) to ensure we’re doing everything in compliance with laws and regulations.

When can I expect an approval?

You will receive a response from our staff at Magnolia Finance within a matter of hours. They will work hard to provide an approval within 24 to 48 hours of receiving your application.

What are the interest rates?

Interest rates are based on the chosen loan product and the lender’s risk assessment. Rates also vary from product to product and your Magnolia Finance contact will help you to obtain a competitive rate. They will also talk you through the process and assist you in understanding the rates and fees.

How can I maximise my pre-approval?

Your chance of approval is dependent on many factors. Please work with our staff to ensure that the information you provide is up-to-date, and the verification documents are submitted. In our experience, joint lending applications have an increased chance of approval.

Can I have more than one loan?

Yes, feel free to contact your Magnolia Finance professional to discuss the second loan.

Can I apply if I have bad credit?

You are welcome to apply if you have some bad credit. Magnolia Finance has options for people that have had past credit problems.

What can my business loan be used for?

Both Magnolia Finance and our lenders are committed to helping small businesses access the funds they need to grow. Our loans can be utilised for business renovations, marketing, to purchase inventory, new equipment, general working capital and much more. Contact Magnolia Finance to find out more.

Do you fund start-up businesses?

Yes! Although each case is different, we will work alongside you to tailor a business finance solution for you and your business.

What is the difference between a hire purchase and a chattel mortgage?

Hire purchase finance is an agreement between you and the lender to acquire a motor vehicle for your business. During the hire period, the lender legally owns the car, and you pay regular installments to the finance company. Chattel mortgage is essentially a mortgage on goods to be financed. The goods automatically become your property on purchase and the finance company takes a mortgage over the chattels.

My business has bad credit. Does that restrict me from applying?

No – If you have bad credit and need a loan there are options available at competitive Asset loan rates across the board for your business.

Can I purchase the Asset at the end of a lease?

Yes – At the end of the contract term, the lease specifies who will retain ownership of the Asset, but we offer an option where your business can purchase the Asset by paying out the residual value at the end of any lease term.

What other heavy plant & equipment can I finance?

At Magnolia finance, we tailor loans for all types of heavy machinery and plant equipment like forklifts, tankers, cranes, prime movers used in the industry, construction, mining, and more. Not on the list? You can inquire from your friendly consultant.

Contact Us

Contact one of our specialists today!

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Our details

Phone: 1300 471 308 or click here to request a call back

Address: Suite 3, Level 27, Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000, Australia.

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