The eligibility requirements for an unsecured business loan in Porirua of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the guidelines for eligibility for our $100K-$500K company loan.
All that is needed for starting is your contact details (company name, your name, email address, phone), how much you’d like to borrow and your monthly revenue.
During the process and before settlement we will need confirmation of your identity, however, not in order to begin:
After we start with loans greater than $150,000 you’ll require the following financial statements:
Let’s get started now.
Porirua unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
Apply for the Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and have the funds on your account within 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. Our company loan is a cash-based loan therefore you’ll know in advance the total amount to be paid, including any fees, interest or charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used for nearly any company purpose including managing cash flows, company renovations, marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
To be eligible for a loan in this amount the business needs to have been trading for at least 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A large company loan can be used for nearly any business use, including business remodeling, buying equipment or inventory for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is required to access funding over $150,000. It’s as a result of an charge on assets, and could include registering this in the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature rather than stating the security of a specific asset. The person who signs the guarantee is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date the security interest was registered.
The caveat can be described as a formal document that is filed to offer the legal claim against a property.
If you’re applying for an enterprise loan of $250,000 or more it is possible to offer an initial pre-approval that will help smooth out the process. It is possible to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial health checks. It’s neither an offer nor a guarantee of credit. A conditional approval is subject a full credit assessment and any offer you are offered could be based on different terms.
You can apply for an business loan if you;
The application process is simple and easy. Just complete the online application in few minutes and an experienced company loan specialist will be in touch to guide you through the process.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent, 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within one hour if you apply at quality business time and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statements , we’ll be able to provide a decision within one business day.
If you are applying for a Larger Business Loan ($100K or more) we could be likely to provide you with conditional pre-approval in about 6 hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved within just 24 hours.
The fastest way would be to make sure you apply during standard business hours. You can also allow us to use the modern bank verification link to verify your bank account information online. If you decide to upload the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within one hour – as long as you apply at standard business timings and permit us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can provide the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be capable of provide you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this can be faster depending on the particular circumstances of each application. Some offers have been approved in less than 24 hours.
The most effective method would be to ensure you apply during standard business hours and allow us to use our advanced bank verification system to confirm your bank details online. If you decide to send us the copies of bank statements it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of factors for determining the health of the company and the amount of payments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
When you apply for a specific amount we take into consideration a variety of variables to determine the well-being for your company and the extent of repayments that your company can support. The total amount of your loan will depend on the specific circumstances of your business.
When you apply for the company credit, we’ll assess the risk profile that you have for your business and offer you with a tailored offer including the loan amount, the terms and interest rates. The company loan is an upfront cost loan so you will be aware of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for business loans rates depend on a variety of variables like the amount to be borrowed, what company assets the money will be used for, the industry the business operates in, how long the business has been operating for, whether the business has enough cash flow to fund the loan, as well as the general health or financial standing of the company.
There are no hidden costs for our business loans. You’ll know exactly how much you’ll need to pay and at what time, from the very first day. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments punctually).
We don’t charge an application fee. You can make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the entire amount of the loan in full at any time.
If you are deciding to take this route, please call our helpful company lending experts. We will offer you with details for repayment and an early payment figure. This is calculated as the total of the remaining principal amount and accrued interest to the time of early payment, plus 1.5 percent of the principal balance plus any outstanding fees.
To make sure that you don’t miss payment dates and to align your cash flow cycle we offer repayments that are either weekly or daily. They are automatically deducted from your business account.
Security of your data, and knowing the ways we gather data, process, exchange and protect your information, is vital and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where a company owner borrows from an asset they own to secure the loan. The asset could be a personal asset like the family home, or an company asset like a truck or piece of equipment.
The majority of banks, not just the banks with the biggest size, prefer to make loans secured by an asset. If you’re struggling to pay back the loan, then the asset could be sold by the lender. In essence, it is a way of securing new financing by making use of the value of what you already have.
For loans of up to $150,000, it is not necessary to secure assets before you are able to access the money However, we do require a personal guarantee. In the event that you fulfill the loan terms (as stipulated in your loan contract document), asset security will never be required. For loans over $150,000 generally, there is an individual guarantee and security that is in the form the charge of assets.
