The eligibility requirements for an unsecured business loan in Porirua of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K-$500K business credit.
All that’s required to get started is your contact information (the name of your company, your name, email address and phone) and the amount you’d like to lend, and your monthly earnings.
Through 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 over $150,000 you’ll require the following financial statements:
Let’s get started now.
Porirua unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
It is imaginable to apply to your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and the money could be on your account within 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. Our business loan is a pre-paid loan so you will be aware of the total amount to be paid, including the interest, fees and charges. Then, it is broken down into weekly or daily repayment figure.
A Small Business Loan can be used for virtually every business purpose including managing cash flows, business renovations, marketing to purchase inventory, new equipment, as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term for up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To be eligible for a loan that is this large, your business needs to be trading for at least 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size is a great option for almost every company purpose including business remodeling, buying new equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. This can be done by taking a charge against assets and can be registered on the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally in nature rather than specifying security over a particular asset. The person who is signing the ensure is personally liable if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR gives the priority of personal property granted according to the date a registration of a security interest.
Caveats are legal document that is filed to offer notice of a legal claim on a property.
When you’re applying for larger business loans that is greater than $250K we may be able to provide an initial pre-approval in order to smooth out the process. We could be able to make this decision without credit checks and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial well-being checks. This is not an offer of credit or guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you might receive could be subject to different conditions.
You may apply for an company loan if you
The application process is fast and easy. Just complete the online application in just a few minutes, and an experienced business credit specialist will be in touch to help you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, as well as interim financial statements for the current year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K and up) we can often provide an answer in just one hour if you submit your request during standard business times and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statements we can offer a decision within just one company day.
For the Larger Business Loan ($100K and up) we might be capable of offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved in just 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours. You can also let us use the advance bank verification link to instantly verify your bank information online. If you upload copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer within an hour – as long as you apply within normal business hours and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statements, we are able to provide an answer in just 1 business day.
For the Larger Business Loans ($100K or more) we could be in a position to offer you with conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The quickest method would be to make sure you apply during normal business hours and allow us to use our advanced bank verification system link to instantly verify your bank account information online. If you choose to send us the copies of bank accounts, it will take a little longer.
We offer loans that range from $5,000 to $500,000. If you apply for a certain amount, we consider a variety of elements in order to assess your health of your company as well as the amount of the repayments your business will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your company.
If you apply for a specific amount we look at a range of aspects to determine your health that is your business and the extent of the repayments your company can afford. The amount you receive from your loan will depend on the particulars that are unique to your business.
When you apply for the business loans, we’ll assess the risk assessment for your business and offer you with a customised offer including the amount of the loan, the duration and interest rates. The company loan is an upfront-priced loan so you will be aware of the total amount to be paid, including any charges or interest.
Business loan interest rates vary due to factors such as the amount that is of money borrowed, the company assets the funds will be used for, the industry the business operates in, the long the company has been operating and what percentage of the company has sufficient cash flow to fund the loan, and also the overall health or creditworthiness of the company.
There are no hidden costs for our business loans, and you’ll know exactly how much you’ll need to pay and when, starting from day one. There’s no compounding and there are no additional charges (as as you make your payments on time).
We don’t charge an Application Fee. You are able to apply for a loan with no upfront cost or the obligation to take action.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You may choose to pay back the entire amount of the loan at any point in time.
If you do decide to do this please speak to our friendly company loan specialists. We will provide you with details for repayment along with an early payout estimate. This is calculated as the sum of the principal balance and the accrued interest up to the time of early payment and 1.5% of the principal amount remaining and any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your nominated company account.
Security of your data, and being upfront about the ways we gather, use, exchange and protect your information, is of paramount importance and is an essential part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We employ an exceptionally sophisticated banking verification system to immediately verify your bank account details online so we can offer a fast response.
An asset-based loan is when the business owner utilises an asset that they own to make the funding. The asset can be a personal asset like the family home, or an company property like a truck or piece of equipment.
The majority of lenders, even the major banks, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan then the asset might be taken over by the lender. In essence it is an opportunity to secure new financing using the value of what you already have.
For loans up to $150K no asset security is required prior to the loan’s access, however we do require an individual guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract), asset security will never be required. For loans over $150K generally there is an individual guarantee and security that is in the form a charge over assets.
