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 guidelines for eligibility for our $100K to $500K company financing.
All that’s required to get started is your contact information (the name of your company, your name, email address, phone) and the amount you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of who you are, but not for starting:
After we start with loans of more than $150,000 you’ll require the following financial statements:
Let’s get started.
Lower Hutt unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and the funds could be on your account within 24 hours. Traditional company loans are based on an annual interest rate plus other fees and charges. The business loan is a loan that is priced upfront and you’ll know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is divided into weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost every company need, such as control of cash flow company renovations, marketing to purchase inventory, new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to have been trading for at least 3 years and have an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large company loan can be used for almost any business need, including business improvements, purchasing inventory or new equipment or as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. It’s in the form of a charge on assets, which could also include the registration of this with the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature rather than specifying security over an asset. The person who signs the ensure is personally liable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online 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 priority over personal property to be assigned according to the date a registration of a security interest.
A caveat is a legal document that is filed to provide notice of a legal claim to a property.
If you’re seeking a Larger Business Loan of $250K or more it’s possible to offer a preliminary pre-approval to help ease the process. We may be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. It is not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could be subject to different terms.
You are eligible to apply for a business loan if you:
The application process is simple and simple. Just complete the online application within a few minutes and an experienced company lending specialist will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) We can usually provide a response in one hour if you apply at standard business hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements , we’ll be able to provide the decision in as little as one business day.
For the Larger Business Loan ($100K up to $500,000) we might be likely to provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain transactions have received approval within just 24 hours.
The quickest way to apply for you to apply is ensure you apply during normal company hours and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you upload the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K or more) we can often offer a response in one hour if you apply within standard business hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statements, we will be able to offer an answer in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we might be able to offer you with conditional pre-approval within about six hours. Once you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved in the space of 24 hours.
The fastest way can be make sure you apply during standard business hours. You can also let us use the advance bank verification to confirm your bank details online. If you choose to upload the copies of bank accounts, it will take a little longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a certain amount we will consider a number of aspects that determine what is the well-being that is your company and the extent of repayments your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances the business.
If you apply for a particular amount, we will consider a number of variables to assess your well-being that is your company and the amount of repayments that your company is able to afford. The total amount of your loan will be contingent on the specifics for your business.
If you decide to request one of our company financing, we will assess the risk profile that you have for your business and provide you with a tailored offer, including the amount of the loan, the duration and interest rates. The company loan is an upfront-priced loan therefore you will know the exact amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates vary due to factors such as the amount that is of money borrowed, the business assets the money will be used for and the sector the company operates in, how long the company has been in operation as well as in the event that the company has enough cash flow to support the loan, and also the overall health or creditworthiness of the company.
There aren’t any hidden costs for our company loans, and you’ll know precisely how much it is that you be required to pay, and when, from the first day. There’s no compounding interest, and no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to request a credit loan with no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to do this please call our helpful business loan specialists. They’ll provide you with details on repayment and an early payment figure. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the date of early payout, plus 1.5% of the principal balance plus 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 either weekly or daily. They will be automatically deducted from your company account.
Making sure that your information is secure, and making it clear the ways we gather the information we collect, use, share and protect your information, is crucial and is an essential part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We utilise a sophisticated bank verification system to immediately confirm your bank account information online to provide quick responses.
Asset-based borrowing occurs when a company owner makes use of the assets they have to obtain a loan. The asset can be an individual asset, such as the family home or a company asset like a truck as well as a piece of machine.
The vast majority of banks, including the major banks, prefer to make loans secured by assets. If you’re struggling to pay back the loan, then your assets could be transferred to the lender. In essence it’s a way of securing new funding taking advantage of the value of what you already own.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds However, we do need the personal guarantee. In the event that you fulfill the terms of your loan (as stated in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans that exceed $150K, generally, you can get an individual ensure and security in the form an asset charge.
