The eligibility requirements for an unsecured business loan in Lower Hutt of between $5K and $100K are pretty minimal.
Need more funds? Check out the conditions of eligibility for our $100K to $500K company loans.
All that is needed to start is your contact details (company name, your name, email address, phone) along with the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity, but not to get started:
After we start when it comes to loans greater than $150,000 you’ll also need basic financial statements.
Let’s get started.
Lower Hutt unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and funds may be in your account in 24 hours. Traditional company loans refer to an interest rate per annum together with additional fees and charges. We offer a company loan is a cash-based loan and you’ll be aware in advance of the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly every company purpose including managing cash flows, business renovations, marketing for purchasing inventory or new equipment, to fund general working capital, and 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 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, which is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan in this amount the business needs to have been trading for at least 3 years with an annual turnover of at least $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large company loan can be used to fund almost all company use, including business renovations, purchase of equipment or inventory, as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for funding of more than $150,000. It is usually by way of charge against assets and can be registered through the PPSR or filing a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is generally based rather than stipulating security over a particular asset. The person who signs the guarantee is personally accountable if the business creditor is unable to re-pay 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 registered in respect of personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be granted in accordance with the date on which a security interest that is registered.
Caveats are legal document filed to offer an official notice of a claim on a property.
If you’re seeking the Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval to smooth out 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 is based upon an initial assessment that includes the answer to a series of financial well-being questions. It’s not an offer or guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you are offered could have different terms.
You may apply for a company loan if you;
The application process is fast and easy. Complete the online form within a couple minutes, and a dedicated company credit specialist will be in touch to help you.
To apply for up $100,000, you’ll require proof of identity (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Details for application including credit consent and 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) we can often offer an answer within one hour – as long as you make your application during standard business time and let us 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 will be able to offer the decision in as little as one company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be able to provide you with pre-approval conditional to your application in about six hours. Once you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this could be shorter based on the particular circumstances of each application. Some agreements have been approved within less than 24 hours.
The most effective method is to make sure you apply during normal company hours. You can also let us use the advanced bank verification system to instantly confirm your bank details online. If you choose to send us duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer within an hour, provided you make your application during normal business times and let us use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements we can offer the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K or more) We may be likely to provide you with conditional pre-approval in about six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain agreements have been approved within less than 24 hours.
The quickest method is to ensure you apply during standard business hours and let us use the modern bank verification to verify your bank account information online. If you upload documents from your account statement, it will take a little longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of elements to determine the well-being of your business and the level of repayments that your company can support. The amount you receive from the loan will be determined by the specific circumstances the company.
If you apply for a specific amount we will consider a number of variables to assess how much we can lend you such as health of the company and the level of payments your business can support. The amount you receive from your loan will depend on the particular circumstances that are unique to your business.
If you decide to apply for business loans with us company loan, we will assess the risk assessment for your business and offer you with a customised offer that includes the amount of the loan, the duration and the interest rates. A company loan is an upfront cost loan therefore you will know in advance the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors like the amount of money borrowed, what company assets the funds are used to purchase and the sector the company is in, how long the business has been operating and how long the company has sufficient cash flow to pay for the loan, and the general well-being or creditworthiness of the business.
There are no hidden fees for our company loans, and you’ll know precisely how much you’ll be required to pay, and when, right from the very first day. There’s no compounding interest and there are no additional charges (as long as you make your payments punctually).
We don’t charge an application fee. You are able to request a credit loan with without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back the entire amount of your loan early at any time.
If you choose to pursue this option, please speak to our friendly company loans professionals. They will provide you with repayment details and an early payout figure. This will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payout, plus 1.5% of the principal balance plus any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your company account.
The security of your personal information, as well as being clear about how we collect data, process, exchange and ensure the security of your information is vital and an integral element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and privacy. We employ a highly sophisticated bank verification system that allows you to immediately verify your bank account details online, allowing us to offer a fast response.
Asset-based borrowing occurs when the business owner makes use of assets they own to obtain the funding. The asset may be an individual property, such as the family home or it could be a company asset like a truck or other piece of machinery.
The majority of banks, not just the big banks, tend to secure loans against an asset. If you’re struggling to pay back the loan then the asset might be sold by the lender. In essence it’s the process of securing new funding taking advantage of the value of what you already own.
Up to $150K in loans there is no requirement for asset security before you are able to access the money but we do require the personal guarantee. In the event that you fulfill the loan terms (as stipulated in your loan contract) Asset security will never be required. For loans of over $150K generally, you are able to get personal ensure and security in the form charges on assets.
