The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K and $100K are pretty minimal.
Need more funds? Check out the eligibility requirements for our $100K to $500K company loan.
All you need to begin is your contact information (the name of your company, your name, email address, phone) as well as the amount you’d like to borrow and your monthly income.
While in the process and before settlement we will need confirmation of who you are but not for starting:
Once we’ve started with loans greater than $150,000 you will also need basic 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, cash flow-friendly repayments which can be made daily or weekly.
It is imaginable to apply to get the Small Business Loan in under 10 minutes on the internet or over the phone, receive an instant response and funds may be in your account within 24 hours. Traditional business loans are based on an annual rate of interest plus other fees and charges. The company loan is a loan that is priced upfront which means you be aware of the total amount payable including any interest, fees or charges. This is then broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every company reason, such as the management of cash flow, company remodels and marketing to purchase 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 are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan that is this large, your business needs to have been trading for at least 3 years, and have an annual income of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own 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 all business reason, such as business renovations, purchase of inventory or new equipment for general working capital and so much more. The loan cannot be used for personal use.
Asset security is needed for funding of more than $150,000. This can be done by taking a charge against assets, which could also include registration in the PPSR or registering as a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature, rather than stating security over an asset. The person signing the guarantee is personally liable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including items or assets). The PPSR gives preference over private property granted according to the date a registration of a security interest.
The caveat can be described as a formal document filed to offer an official notice of a claim on a property.
When you’re applying for a Larger Business Loan of $250K or more, we may offer an initial pre-approval that will help make the process. We may be able to apply for this without credit checks and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering a few financial health checks. It’s not an offer or guarantee of funds. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you receive could have different conditions.
You can apply for a business loan if you:
The application process is quick and simple. Just fill out the online application within a few minutes and a dedicated company loan specialist will contact you to assist you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we can often offer an answer in just one hour, provided you apply at quality company hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements we can provide the decision within one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be capable of provide you with a conditional pre-approval in around six hours. After you’ve signed your 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. Some transactions have received approval in less than 24 hours.
The most efficient method for you to apply is ensure you apply during standard business hours, and allow us to use our advanced bank verification system to instantly verify your bank account information online. If you decide to send us copies of your bank statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer a response in one hour, provided you submit your request during standard business times and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to submit copies of your bank statements, we are able to provide the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to provide you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved within 24 hours.
The fastest method can be make sure you apply during standard business hours. You can also allow us to use our sophisticated bank verification link to verify your bank information online. If you opt to upload duplicates of your banking statements it may take a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of variables that determine the well-being for your business and the amount of repayments your company can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
When you make an application for a certain amount, we consider a variety of variables to assess the health for your company and the amount of repayments your company can afford. The total amount of your loan will be contingent on the particulars the company.
If you decide to apply for the company loans, we’ll assess the risk profile that you have for your company and offer you with a customised proposal that includes loan amount, term and the interest rates. This company loan is an upfront priced loan therefore you will know in advance the total amount you will have to pay, including charges or interest.
Business loan interest rates differ based on various factors like the amount of money borrowed, the business assets the funds are used to purchase as well as the field the business operates in, the long the company is in operation as well as what percentage of the company has enough cash flow to cover the loan, as well as the overall well-being or creditworthiness of the company.
There are no hidden costs with our business loans, and you’ll know exactly how much you need to pay, and when, starting from the first day. There’s no compounding and there are no additional charges (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay the total amount of your loan in full at any time.
If you do decide to do this please contact our helpful business loan experts. The professionals will offer you with details on repayment and an early payment figure. This will be calculated as the sum of the principal balance and accrued interest to the time of early payment, plus 1.5% of the principal balance as well as any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
Protecting your information, and being transparent about how we collect information, use it, and exchange it, as well as ensure the security of your information is of huge importance and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We make use of an advanced banking verification system to immediately verify your bank account details online to provide an immediate response.
An asset-based loan is when the company owner uses an asset that they own to obtain the funding. The asset can be an asset belonging to the personal, like the family home, or a company asset such as a truck or other piece of machinery.
The vast majority of lending institutions, not just the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, then the asset could be transferred to the lender. In essence, it is the process of securing new financing by taking advantage of the value of what you already own.
For loans up to $150K it is not necessary to secure assets prior to the loan’s access but we do require the personal guarantee. In the event that you fulfill the loan terms (as detailed in the loan contract) the security of assets will never be needed. For loans over $150,000 generally, there is the option of a personal ensure and security in the form an asset charge.
