Frequently Asked Questions


Important Information

Implications of Non Payment

Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalizing the loan.

Collection Practices

Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.

Rollovers

Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.

We can often provide a response in 24 hours – as long as you apply during standard business hours and allow us to use the advanced Credit verification system link to verify your information.

If you apply before 4pm on a business day and your application is approved, it is possible to have money in your account within 14 business day.

The total amount of your loan will depend on the specific circumstances of your business. We consider a variety of factors to determine the health of your business and based on this information, MGW Capital may be able to provide you a loan amount from $1,000 to $500,000

When you apply for our business loan, we will assess the risk profile of your business and provide you with a customized offer including loan amount, term and interest rate. Our interest rates range from 1.5% to 5.0% per annum simple interest rate and offers vary based on things like your industry, how long you’ve been in business, and the health of your cash flow.

When you take out a business loan with MGW Capital, the only fee you will incur is an origination fee. There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay and when from day one. There’s no compounding interest, no additional costs for early repayment and no additional fees (as long as you make your payments on time).

If you wish to receive your individual rate from MGW Capital, you should complete our easy application.

To help you avoid missing repayments we offer repayments that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.

Protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you.

Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data-bs and are ISO27001 certified, validating our commitment to customer data-bs security and privacy. We use an advanced bank verification system link to instantly verify your bank account information online so we can provide a fast response.

You can apply for a Business Loan or Business Line of Credit funding with MGW Capital if you:

US or Canadian Citizen (or permanent resident) are over 18 years, own an business (with a valid EIN/TIN) can demonstrate 6 months of trading for a new business (or 3 months if you have purchased an existing business)