The criteria for eligibility for an unsecured business loan in Porirua of between $5K to $100K are quite minimal.
Looking for more funding? Review the eligibility requirements for our $100K-$500K business loans.
All that is needed to start is your contact details (the name of your company, your name, email and telephone) along with the amount you’d like to borrow, and your monthly income.
During the process and before settlement we’ll require confirmation of your identity, but not for starting:
Once we’ve started, for loans that exceed $150,000, you will also require the following financial statements:
Let’s get started.
Porirua unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes via the internet or over the phone, receive a same day response and have the funds in your account in 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. We offer a business loan is a pre-paid loan therefore you’ll know in advance the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any company use, including cash flow management, company remodels and marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
To qualify for a loan that is this large the business needs to have been trading for at least 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A larger business loan is a great option for almost any company reason, such as business renovations, to purchase equipment or inventory for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed to obtain funding above $150,000. It is usually by way of charge against assets and can include registration in the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally in nature rather than defining security over a particular asset. The person signing the ensure is personally responsible if the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are that are registered for personal property (including items or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a security interest that is registered.
A caveat is a legal form of document to provide an official notice of a claim on a property.
If you’re applying for the Larger Business Loan of more than $250K we can offer a preliminary pre-approval to help make the process. It is possible to get this done without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes answering a couple of financial health questions. This is not an offer or guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer that you receive could be on different conditions.
You can apply for an company loan if you;
The application process is simple and easy. Complete the online form in just a few minutes, and a dedicated business credit specialist will call you to guide you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually offer a response in one hour – as long as you submit your request within standard business hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements , we are able to offer the decision within just one business day.
For the Larger Business Loan ($100K up to $500,000) we may be able to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some offers have been approved in the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours and let us use the modern bank verification to check your bank’s information online. If you decide to send us documents from your account statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we can often offer a response in one hour – provided you apply within standard business hours and allow us to use the bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements, we are able to offer an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K and up) we might be capable of provide the conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, the turnaround time is 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 within the space of 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. Also, allow us to use the modern bank verification link to check your bank’s information online. If you send us copies of your bank accounts, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a specific amount we consider a variety of factors in order to assess how much we can lend you well-being of the business as well as the amount of repayments that your company can support. The amount you receive from your loan will be contingent on the specific circumstances of your business.
When you submit an application for a particular amount, we will consider a number of elements to determine your health of the company as well as the amount of repayments your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances for your business.
If you decide to make an application for one of our business loan, we will assess the risk profile for your company and provide you with a tailored proposal that includes the amount of loan, the term and the interest rates. It is a company loan is an upfront cost loan so you will be aware of the total amount due, which includes any charges or interest.
Business loan interest rates differ based on various factors such as the amount that is of money borrowed, the business assets the funds will be used for, the industry the company is in, how long the company has been operating and whether the business has enough cash flow to pay for the loan, and overall well-being and creditworthiness of the company.
There are no hidden costs with our company loans. You’ll know precisely how much you be required to pay, and at what time, from day one. There’s no compounding and no extra fees (as long as you make your payments in time).
We do not charge an Application Fee. You can make an application for loans with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the total amount of your loan early at any time.
If you do decide to pursue this option, please speak to our friendly company lending specialists. We will provide you with details on repayment and an early payout figure. This will be calculated as the total of the principal amount remaining and the accrued interest up to the time of early payment plus 1.5% of the principal balance plus any outstanding fees.
In order to help you avoid missing due dates and also to be in line your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as knowing the ways we gather data, process, exchange and secure your information, is crucial and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption standards 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 use an advanced bank verification system that allows you to instantly verify your bank account information online to provide an immediate response.
An asset-based loan is when a business owner makes use of assets they own to obtain the loan. The asset may be an asset belonging to the personal, like the family home or it could be a company asset such as a vehicle or other piece of machinery.
The vast majority of banks, even the largest banks, are inclined to secure loans against an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence it is an opportunity to secure new financing using the worth of the asset you already have.
For loans up to $150K there is no requirement for asset security before you are able to access the money, however we require a personal guarantee. require a personal guarantee. As long as you follow your loan commitments (as specified in your loan contract) Asset security is not required. If you take out loans in excess of $150,000 generally there is an individual guarantee and security is provided in the form of the charge of assets.
