The criteria for eligibility for an unsecured business loan in Upper Hutt of between $5K to $100K are quite minimal.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K business credit.
All that’s required to begin is your contact details (the name of your company, your name, email address or phone number), how much you’d like to borrow, and your monthly revenue.
While in the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you’ll also require basic financial statements:
Let’s get started.
Upper Hutt unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
Apply to get the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the funds could be in your account in 24 hours. Traditional business loans refer to an annual interest rate plus other fees and charges. Our company loan is a loan that is priced upfront and you’ll be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for virtually any business purpose including cash flow management, company renovations, marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To qualify for a loan that is this large the company needs to be in operation for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A large company loan can be used for nearly any business reason, such as business remodeling, buying new equipment or inventory, as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. This is by taking a charge on assets, which could also include registering this on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than specifying security over an asset. The person signing the guarantee is personally responsible if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
An affidavit is an official document lodged to provide the public notice of a legal claim against a property.
If you’re requesting larger business loans of $250K or more it is possible to offer an initial pre-approval to simplify the process. We may be able to make this decision without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial health questions. It’s not an offer of credit or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer you might receive could have different terms.
You may apply for an business loan if you
The process for applying is fast and easy. Just complete the online application within a couple minutes, and an experienced company expert in lending will call you to help you.
To be eligible for up to $100,000, you’ll require ID details (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour if you apply during standard business hours and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements we can provide an answer in just an company day.
For the Larger Business Loan ($100K to $500K) we may be in a position to provide you with a conditional pre-approval within about 6 hours. After you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest way to apply can be make sure you apply during standard company hours, and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you opt to upload documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K or more) we typically provide an answer within one hour, provided you apply within standard business hours and allow us to use the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements, we are able to offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The fastest method would be to ensure you apply during normal business hours. Also, let us use the advanced bank verification system to instantly verify your bank account information online. If you choose to upload copies of your bank statement, it may take a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a certain amount we will consider a number of aspects for determining your health that is your business and the level of repayments your business will be able to support. The total amount of the loan will be determined by the particular circumstances the company.
When you submit an application for a particular amount, we consider a variety of aspects to assess your health for your business and the extent of repayments your company will be able to support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
When you apply for the business credit, we will assess the risk profile for your business and offer you with a customised proposal that includes the amount of loan, the term and interest rates. The business loan is an upfront cost loan and you’ll be aware of the total amount to be paid, including any charges or interest.
Interest rates for business loans rates depend on several factors like the amount of money of money borrowed, the company assets the funds will be used for and the sector the company operates in, how long the company has been running, how long the company has enough cash flow to support the loan, and overall well-being and creditworthiness of the business.
There are no hidden costs with our company loans. You’ll know precisely what you be required to pay, and when, from the first day. There’s no compounding interest and there are no additional charges (as long as you make your payments on time).
We don’t charge an Application Fee. You can get a cash loan with no cost upfront or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can decide to repay the total amount of your advance loan at any time.
If you do decide to do this please contact our helpful company loan specialists. They’ll provide you with the details of your repayment as well as an early payout amount. This will be calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payment plus 1.5 percent of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow general, we provide repayments either daily or weekly. They will be automatically deducted from the nominated business account.
Protecting your information, and knowing the ways we gather the information we collect, use, share and secure your information, is of paramount importance and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and security. We utilise a sophisticated banking verification system to immediately verify your bank account details online. This allows us to offer quick responses.
An asset-based loan is when the company owner borrows from an asset that they own to obtain the funds for a loan. The asset can be either an individual property, such as the family home or it could be a business asset like a truck or other piece of machinery.
The majority of the lenders even the largest banks, are inclined to guarantee loans against an asset. If you have trouble paying back the loan, your asset may be taken over by the lender. In essence, it is an opportunity to secure new funding making use of the value of what you already own.
For loans of up to $150,000, there is no requirement for asset security in advance to gain access to the funds However, we require a personal guarantee. require the personal guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans over $150,000 generally there is personal ensure and security is provided in the form of charges on assets.
