The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K company loan.
All that’s needed to begin is your contact details (the name of your company, your name, email, phone) and the amount you’d like to lend, and your monthly revenue.
In the course of the process and before settlement we’ll require confirmation of your identity but not for starting:
Once we’ve started with loans that exceed $150,000, you will also require basic financial statements:
Let’s get started now.
Lower Hutt unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an answer within the same day and the funds could be in your account in 24 hours. Traditional business loans refer to an annual rate of interest along with other charges and fees. Our company loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount payable including any fees, charges or charges. This is then broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually any business use, including control of cash flow business improvements, advertising to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the business needs to be in operation for at least 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger business loan can be used to fund almost any company purpose including company renovations, to purchase new equipment or inventory or as general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. It is usually as a result of an charge against assets, and could be registered in the PPSR or making a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than stating the security for a particular asset. The person signing the guarantee is personally liable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR permits preference over private property granted in accordance with the date on which a registration of a security interest.
Caveats are legal document lodged to offer notice of a legal claim against a property.
If you’re requesting larger business loans of $250,000 or more it’s possible to offer a preliminary pre-approval to help simplify the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial health checks. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you receive could have different conditions.
You may apply for a company loan if you;
The application process is quick and simple. Complete the online form within a few minutes and a dedicated business expert in lending will contact you to help you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) along with 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 IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent, 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, plus interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually offer an answer within one hour if you make your application at standard company time and permit us to use the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statements , we will be able to offer an answer within just the span of one company day.
For the Larger Business Loan ($100K or more) we may be capable of offer you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval document, you will require to wait around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain agreements have been approved within just 24 hours.
The fastest way would be to make sure you apply during standard company hours, and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K or more) we can often provide an answer within an hour, provided you apply during standard business timings and allow us to use the bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements, we will be able to offer the decision within 1 business day.
For Larger Business Loans ($100K up to $500,000) We may be in a position to provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain deals have been approved within 24 hours.
The most efficient method would be to ensure you apply during normal business hours, and permit us to use the modern bank verification link to instantly verify your bank account information online. If you send us documents from your account statements, it can take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we look at a variety of factors to determine how much we can lend you health that is your business and the amount of repayments your company can support. The total amount of your loan will depend on the particular circumstances of your business.
If you apply for a particular amount, we look at a range of aspects to assess the well-being of your business and the extent of repayments your business can support. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
If you decide to request the business financing, we’ll assess the risk profile for your business and offer you with a customised offer including the amount of the loan, the duration and the interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount you will have to pay, including charges or interest.
Business loan interest rates depend on several factors such as the amount that is that is borrowed, what company assets the money will be used for in addition to the industry that the company is operating in, how long the business has been running as well as what percentage of the company has sufficient cash flow to pay for the loan, and the general health as well as creditworthiness business.
There aren’t any hidden costs with our company loans, and you’ll be aware of the amount you’ll be required to pay and at what time, from the very first day. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can decide to repay the entire amount of your loan at any point in time.
If you decide to take this route, please call our helpful business credit specialists. They’ll offer you with repayment details as well as an early payout amount. This is calculated as the sum of the principal balance and accrued interest to the time of early payment in addition to 1.5 percent of the principal remaining and any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from the nominated company account.
Protecting your information, and knowing how we collect data, process, exchange and secure your information, is vital and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to security for our customers and security. We use an advanced bank verification system link to instantly confirm your bank account information online so we can provide a fast response.
The term "asset-based" refers to borrowing where an business owner uses an asset that they own to secure the loan. The asset can be either an individual asset, such as the family home, or an company asset such as a truck or piece or equipment.
The majority of lending institutions, including the big banks, tend to make loans secured by an asset. If you have trouble paying back the loan then your assets could be transferred to the lender. In essence, it’s a way of securing new financing making use of the value of what you already have.
For loans of up to $150K, the requirement for asset security is not required before you are able to access the money however, we require a personal guarantee. need an individual guarantee. So long as you comply with your loan obligations (as stated in your loan contract) Asset security will never be needed. For loans of over $150K generally, you are able to get an individual ensure and security in the form of charges on assets.
