The eligibility requirements for an unsecured business loan in Upper Hutt of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Find out the conditions of eligibility for our $100K-$500K business loans.
All you need to begin is your contact details (company name, your name, email or phone number) as well as the amount you want to borrow, and your monthly earnings.
During the process and before settlement we’ll need confirmation of your identity however, not in order to begin:
Once we’ve started, for loans greater than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Upper Hutt unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and have the funds in your account within 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. The business loan is a cash-based loan therefore you’ll know ahead of time the total amount to be paid, including any fees, interest or charges. This is then broken down into either weekly or daily repayment figure.
The Small Business Loan can be used for almost any business use, including cash flow management, business remodels and marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To qualify for a loan of this size the company needs to have been in operation for at least 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan can be used to fund almost all business reason, such as business renovations, purchase of equipment or inventory as well as for general working capital, and much more. The loan is not available for personal purposes.
Asset security is necessary for funding of more than $150,000. This is as a result of an charge on assets, which could also include registration in the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature, rather than stipulating the security of a specific asset. The person who is signing the guarantee is personally responsible if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including the assets or goods). The PPSR allows priority over personal property to be granted depending on the date that a security interest has been registered.
An affidavit is an official document filed to provide the legal claim to property.
If you’re requesting larger company loans that exceeds $250K we may be able to provide an initial pre-approval in order to ease the process. We might be able to do this without a credit check, and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial well-being checks. This is in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you may receive may have different terms.
You may apply for a company loan if you
The application process is fast and simple. Just fill out the online application in few minutes and an experienced company expert in lending will call you to assist you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically offer an answer within an hour if you apply at standard business hours and let us use the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your banking statements , we are able to offer the decision within just one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be able to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be quicker based on the circumstances of each application. Some agreements have been approved within the space of 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours. You can also allow us to use our advance bank verification to instantly check your bank’s information online. If you decide to upload the copies of bank accounts, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within one hour, provided you apply in normal business hours and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements, we’ll be able to offer an answer in just the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to offer you with conditional pre-approval in around six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Certain offers have been approved in the space of 24 hours.
The quickest method would be to make sure you apply during standard business hours. Also, allow us to use our advance bank verification to verify your bank information online. If you choose to upload documents from your account statement, it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount, we consider a variety of factors to determine what is the health of your company and the extent of the repayments your company is able to afford. The total amount of your loan will be contingent on the specifics of your company.
When you make an application for a specific amount we look at a range of elements to assess your well-being that is your company and the extent of payments your company will be able to support. The amount you receive from your loan will depend on the specific circumstances that are unique to your company.
If you decide to make an application for our business credit, we’ll assess the risk profile that you have for your company and provide you with a tailored proposal that includes the amount of the loan, the duration and the interest rates. It is a business loan is a loan that is priced upfront and you’ll know in advance the total amount payable including any costs, fees, or interest rates.
Interest rates for company loans rates vary due to variables like the amount to be borrowed, the company assets the money will be used for in addition to the industry that the business operates in, how long the business has been in operation for, how long the company has sufficient cash flow to pay for the loan, as well as the general health or creditworthiness of the business.
There aren’t any hidden costs for our company loans. You’ll know precisely what you’ll need to pay and when, from the day you sign up. There’s no compounding and no extra fees (as as you make your payments punctually).
We do not charge an application fee. You can apply for a loan with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can decide to repay all of your advance loan at any time.
If you decide to do this please speak to our friendly business credit experts. The specialists will provide you with details for repayment and an early payout figure. It will be calculated using the sum of the remaining principal amount and the accrued interest up to the time of early payout in addition to 1.5% of the remaining principal plus any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide repayments either daily or weekly. They are automatically deducted from your company account.
The security of your personal information, as well as knowing how we collect, use, exchange and safeguard your data, is of paramount importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We make use of an advanced banking verification system to instantly verify the bank account details online. This allows us to provide a fast response.
The term "asset-based" refers to borrowing where the business owner uses assets they own to make the funding. The asset can be either an individual asset, such as the family home or an company asset such as a truck as well as a piece of machine.
The majority of banks, not just the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan then the asset could be offered for sale by the lender. In essence, it’s an opportunity to secure new funding using the value of what you already own.
Up to $150K in loans there is no requirement for asset security upfront to access the money but we do require the personal guarantee. If you adhere to the loan terms (as detailed in your loan contract), asset security is not required. For loans of over $150K generally, there is an individual ensure and security in the form of charges on assets.
