The requirements for getting an unsecured business loan in Lower Hutt of between $5K to $100K are quite minimal.
Do you need more money? Check out the conditions of eligibility for our $100K to $500K company loans.
All that’s needed to begin is your contact information (company name, your name, email or phone number) and the amount you’d like to borrow and your monthly revenue.
During the process and before settlement we’ll require confirmation of who you are but not to get started:
Once we’ve started in the process, for loans greater than $150,000 you will also need basic financial statements.
Let’s get started.
Lower Hutt unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
Apply for your Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and funds may be in your account in 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. This company loan is a cash-based loan and you’ll know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for virtually any business use, including managing cash flows, company renovations, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. The repayments are made weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
To qualify for a loan of this size, your company needs to be trading for at least 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan can be used for almost every company reason, such as company renovations, purchase of equipment or inventory for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. This is as a result of an charge against assets, which could also include the registration of this on the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is general in nature, rather than defining security over a particular asset. The person signing the guarantee is personally liable in the event that the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR permits preference over private property granted depending on the date that a security interest that is registered.
A caveat is a legal document filed to offer the public notice of a legal claim against a property.
When you’re applying for larger business loans that is greater than $250K it’s possible to offer an initial pre-approval in order to smooth out the process. We may be able to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes the answer to a series of financial health questions. It is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to a full credit assessment and any offer you are offered could be subject to different terms.
You may apply for a company loan if you;
The process for applying is fast and simple. Complete the online form within a couple minutes, and an experienced business lending specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent and 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) we usually offer a response in one hour if you apply at quality business time and allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statements , we will be able to provide the decision in just an business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of provide the conditional pre-approval within about six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval within 24 hours.
The quickest way to apply can be ensure you apply during normal company hours. Also, allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you opt to send us documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer within an hour, provided you apply within standard business timings and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statements we can offer a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to offer you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain offers have been approved within just 24 hours.
The most efficient method would be to ensure you apply during normal business hours. Also, allow us to use the advance bank verification to verify your bank account information online. If you opt to upload the copies of bank statements it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of variables to determine what is the well-being of your company and the level of payments your company can afford. The amount you receive from the loan will be determined by the specifics the company.
When you make an application for a set amount, we take into consideration a variety of aspects to assess your health for your business as well as the amount of the repayments your company is able to afford. The total amount of the loan will be determined by the specific circumstances for your business.
If you decide to request business loans with us business loans, we’ll assess the risk assessment of your company and offer an individualised offer, including the loan amount, the terms and the interest rates. The business loan is an upfront cost loan which means you know the exact amount due, which includes any charges or interest.
The interest rates on company loans rates depend on several factors including the amount of money borrowed, the business assets the funds will be used for in addition to the industry that the company operates in, the long the business has been operating as well as in the event that the business has enough cash flow to pay for the loan, as well as the overall well-being and creditworthiness of the company.
There aren’t any hidden charges with our company loans. You’ll know precisely how much you need to pay, and when, right from the first day. There’s no compounding and there are no additional charges (as long as you make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the total amount of your loan in full at any time.
If you choose to pursue this option, please contact our helpful business loan professionals. They will provide you with details on repayment and an early payment figure. This will be calculated as the sum of the remaining principal amount and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
To make sure you do not miss payments and to work with your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from your business account.
The security of your personal information, as well as making it clear how we collect, use, exchange and secure your information, is of paramount importance and an integral part of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system to instantly verify the bank account details online. This allows us to offer rapid response.
An asset-based loan is when an business owner makes use of the assets they have to get the funds for a loan. The asset can be an individual asset, such as the family home, or it could be a business asset like a truck as well as a piece of machine.
The majority of banks, even the big banks, tend to guarantee loans against assets. If you have trouble paying back the loan, the asset might be offered for sale by the lender. In essence it is the process of securing new financing by making use of the value of what you already have.
For loans of up to $150K, it is not necessary to secure assets upfront to access the money but we do need a personal guarantee. If you adhere to the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. If you take out loans in excess of $150K typically, you will need a personal guarantee and security that is in the form an asset charge.
