The requirements for obtaining an unsecured business loan in Lower Hutt of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that’s needed to get started is your contact details (the name of your company, your name, email and phone), how much you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are, but not for starting:
After we start with loans greater than $150,000 you will also require the following financial statements:
Let’s get started.
Lower Hutt unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes online or by phone. You will receive an immediate response, and have the funds on your account within 24 hours. Traditional company loans reference an annual interest rate together with additional fees and charges. Our business loan is a cash-based loan so you will be aware in advance of the total amount to be paid, including the interest, fees and charges. Then, it is broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used for nearly any company purpose including cash flow management, business improvements, advertising for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used 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 from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
To qualify for a loan in this amount the company needs to be trading for at least 3 years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used to fund almost any business reason, such as business renovations, to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This can be done by way of charge against assets, and could be registered with the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally in nature rather than specifying the security for a particular asset. The person signing the guarantee is personally liable in the event that the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including goods or assets). The PPSR permits preference over private property assigned depending on the date that a security interest has been registered.
The caveat can be described as a formal document filed to provide an official notice of a claim against a property.
If you’re applying for the Larger Business Loan of more than $250,000, we may offer a preliminary pre-approval to help ease the process. We could be able to make this decision without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes you answering a few financial well-being checks. It is not an offer or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you are offered could be subject to different conditions.
You are eligible to apply for an business loan if you;
The application process is fast and simple. Complete the online form within a few minutes and a dedicated company lending specialist will call you to guide you through the process.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we can often offer a response in one hour, provided you submit your request within standard company times and permit 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 are able to provide the decision in as little as 1 company day.
For the Larger Business Loan ($100K to $500K) we could be in a position to offer you with conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Certain offers have been approved within 24 hours.
The fastest way can be ensure you apply during normal company hours. Also, allow us to use the advance bank verification to verify your bank information online. If you send us duplicates of your banking statements , it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within one hour – as long as you apply within standard business timings and permit us to use the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements, we are able to offer an answer in just one business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in less than 24 hours.
The quickest method is to ensure you apply during normal business hours and allow us to use the sophisticated bank verification link to verify your bank account information online. If you decide to send us the copies of bank statements it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of factors that determine the well-being of your business and the level of payments your company can afford. The total amount of your loan will be contingent on the particular circumstances for your business.
When you submit an application for a specific amount we look at a range of variables to determine how much we can lend you such as health of the business as well as the amount of payments your business can afford. The amount you receive from your loan will be determined by the particulars the company.
If you decide to apply for our business credit, we’ll assess the risk profile that you have for your business and provide you with a customised offer, including the amount of loan, the term and the interest rates. The company loan is a loan that is priced upfront and you’ll know in advance the total amount payable including any charges or interest.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what company assets the money are used to purchase, the industry the company is operating in, how long the business has been operating, what percentage of the company has enough cash flow to pay for the loan, and the overall well-being or financial standing of the company.
There aren’t any hidden charges for our business loans. You’ll be aware of the amount it is that you need to pay and at what time, from the very first day. There’s no compounding interest, and no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You can request a credit loan with without any upfront costs or obligation to proceed.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay all of your advance loan at any time.
If you are deciding to do this please contact our helpful company loans experts. They will offer you with details on repayment as well as an early payout amount. The figure will be calculated as the total of the principal amount remaining and accrued interest to the time of early payment, plus 1.5% of the principal remaining plus any outstanding fees.
In order to help you avoid missing payments and to work your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from your company account.
Making sure that your information is secure, and being upfront about the ways we gather the information we collect, use, share and ensure the security of your information is of huge importance and is an essential element of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to customer security and privacy. We use an advanced banking verification system to immediately confirm your bank account information online, allowing us to offer a fast response.
Asset-based borrowing is when the business owner uses the assets they have to make the loan. The asset can be either an individual asset, such as the family home or a business asset like a truck or other piece of machinery.
The vast majority of banks, including the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan, the asset could be taken over by the lender. In essence it’s an opportunity to secure additional financing using the value of what you already own.
For loans of up to $150K, there is no requirement for asset security upfront to access the money however, we require a personal guarantee. require the personal guarantee. If you adhere to the loan terms (as specified in the loan contract) the security of assets will never be required. For loans of over $150K typically, you will need a personal guarantee and security in the form a charge over assets.
