The requirements for obtaining an unsecured business loan in Porirua of between $5K to $100K are quite minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K to $500K company loans.
All that’s required for starting is your contact information (company name, your name, email address, phone) and the amount you want to borrow, and your monthly income.
In the course of the process and before settlement we will require confirmation of who you are but not before we can begin:
Additionally after we get started, for loans of more than $150,000 you will also need the following financial statements:
Let’s get started.
Porirua 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 to this Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be on your account within 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. We offer a business loan is a cash-based loan which means you be aware in advance of the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly amount to be paid back.
A Small Business Loan can be used to fulfill almost any company use, including cash flow management, company remodels and marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly to work with the flow of cash.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit in this amount, your company needs to have been in operation for at least 3 years and have an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large business loan can be used for almost any company use, including business remodeling, buying new equipment or inventory, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required to access funding over $150,000. This is as a result of an charge on assets, and could include the registration of this through the PPSR or registering a caveat.
A director’s or personal guarantee is a promise to repay credit that is general in nature rather than stipulating security over an asset. The person signing the guarantee is personally accountable if the company lender is not able to pay back the debt.
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 items or assets). The PPSR permits prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
Caveats are legal document filed to provide notice of a legal claim against a property.
If you’re seeking an enterprise loan that is greater than $250K we can offer an initial pre-approval in order to ease the process. It is possible to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering some financial health questions. This is not an offer of credit or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you receive could be based on different terms.
You may apply for a company loan if you;
The application process is simple and easy. Just fill out the online application in just a few minutes, and a dedicated business expert in lending will be in touch to assist you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent and 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, and interim financial statements for the current year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K and up) We can usually offer an answer within one hour, provided you make your application within quality company times and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements , we’ll be able to provide a decision within the span of one business day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide you with conditional pre-approval within six hours. After you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Some deals have been approved in 24 hours.
The most effective method is to ensure you apply during normal company hours. Also, let us use the advanced bank verification system link to instantly verify your bank information online. If you send us duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer in just one hour – provided you submit your request during standard business times and let us use the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements we can offer the decision within the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be likely to offer you with a conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the circumstances of each application. Some transactions have received approval within just 24 hours.
The fastest way would be to ensure you apply during standard business hours. You can also allow us to use the modern bank verification link to instantly verify your bank information online. If you send us copies of your bank statement, it will take a little longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a certain amount, we will consider a number of aspects in order to assess your health that is your business as well as the amount of repayments that your business can afford. The total amount of your loan will depend on the particular circumstances that are unique to your company.
If you apply for a certain amount, we will consider a number of elements to assess your well-being of the company and the level of the repayments your business is able to afford. The total amount of the loan will be determined by the specific circumstances the company.
When you make an application for our business financing, we will assess the risk profile the company and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. A company loan is a loan that is priced upfront therefore you will be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
The interest rates on company loans rates differ based on various factors including the amount of money borrowed, the company assets the funds will be used for, the industry the business operates in, how long the business has been operating for, whether the company has enough cash flow to fund the loan, and also the overall well-being or financial standing of the company.
There are no hidden costs with our business loans. You’ll be aware of the amount it is that you be required to pay, and when, starting from the day you sign up. There’s no compounding interest, and there are no additional charges (as long as you make your payments in time).
We do not charge an application fee. You are able to request a credit loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the entire amount of your advance loan at any time.
If you decide to pursue this option, please talk to one of our helpful company loan experts. The experts will provide you with details on repayment along with an early payout estimate. This will be calculated as the total of the principal balance and any accrued interest at the date of early payout in addition to 1.5 percent of the principal balance and any outstanding fees.
To make sure you do not miss payment dates and to align with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your nominated company account.
Security of your data, and being transparent about the ways we gather, use, exchange and safeguard your data, is of paramount importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their privacy. We make use of an advanced banking verification system to instantly verify your bank account details online to offer a fast response.
An asset-based loan is when the company owner borrows from an asset they own to get a loan. The asset can be either an asset belonging to the personal, like the family home or a company asset such as a vehicle or piece of equipment.
The vast majority of banks, including the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it is an opportunity to secure new financing by taking advantage of the value of what you already have.
For loans up to $150,000 there is no requirement for asset security before you can access the money but we do require an individual guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract document) Asset security will never be required. For loans of over $150K generally, there is personal guarantee and security in the form charges on assets.
