The eligibility requirements for an unsecured business loan in Lower Hutt of between $5K to $100K are quite minimal.
Do you need more money? Check out the guidelines for eligibility for our $100K-$500K company loan.
All you need to get started is your contact information (the name of your company, your name, email or phone number) along with the amount you’d like to borrow, and your monthly revenue.
In the course of the process and before settlement we’ll need confirmation of your identity however, not in order to begin:
After we start, for loans of more than $150,000 you’ll require the following financial statements:
Let’s get started.
Lower Hutt unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and have the funds in your account in 24 hours. Traditional company loans are based on an annual interest rate as well as other fees and charges. Our business loan is a pre-paid loan therefore you’ll be aware of the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used to fulfill almost any company need, such as cash flow management, business remodels and marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
A Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To be eligible for a loan that is this large, your business needs to have been in operation for at least 3 years with an annual turnover of at least $700,000. You must 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 prove at the least 12 months of operating.
A large company loan can be used for nearly every company use, including business renovations, purchase of new equipment or inventory for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. This is as a result of an charge on assets, and may include registering this on the PPSR or filing as a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is general in nature, rather than stipulating the security of a specific 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 an online, central register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted according to the date a registration of a security interest.
A caveat is a legal document lodged to offer an official notice of a claim to a property.
If you’re requesting the Larger Business Loan of $250,000 or more, we may offer a preliminary pre-approval to help make the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial well-being questions. It is neither an offer nor a guarantee of funds. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may be subject to different terms.
You are eligible to apply for a business loan if you;
The application process is fast and simple. Complete the online form within a couple minutes, and an experienced company lending specialist will call you to assist you.
To apply for up to $100,000 you’ll need identification details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent and 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within an hour, provided you submit your request within standard business timings and permit us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll provide a decision in just the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be capable of provide the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some deals have been approved within 24 hours.
The most effective method for you to apply is make sure you apply during normal company hours, and let us use the advance bank verification link to instantly check your bank’s information online. If you choose to send us documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within one hour – provided you apply in standard business time and permit us to make use of the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements, we are able to provide a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be likely to provide you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some agreements have been approved in the space of 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. Also, let us use the advance bank verification to verify your bank information online. If you opt to upload the copies of bank statements, it may take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of factors that determine your health of the company as well as the amount of the repayments your business can support. The total amount of your loan will depend on the specific circumstances for your business.
When you apply for a set amount, we consider a variety of aspects to assess the well-being of your company and the amount of the repayments your company is able to afford. The amount you receive from your loan will depend on the particulars that are unique to your business.
If you decide to apply for business loans with us business loan, we’ll assess the risk profile of your company and provide an individualised proposal that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront-priced loan and you’ll know in advance the total amount you will have to pay, including charges or interest.
Interest rates for company loans rates depend on a variety of factors including the amount borrowed, what company assets the money are used to purchase in addition to the industry that the company is operating in, how long the company is in operation and in the event that the company has enough cash flow to fund the loan, and also the overall well-being as well as creditworthiness business.
There are no hidden fees for our company loans. You’ll know precisely what you be required to pay and when, starting from the very first day. There’s no compounding interest, and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You can request a credit loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back the entire amount of the loan early at any time.
If you do decide to do this please call our helpful business lending specialists. They’ll provide you with the details of your repayment as well as an early payout amount. The figure will be calculated as the sum of the principal balance and accrued interest to the time of early payout and 1.5% of the principal remaining and any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow schedule, we provide payments that are either weekly or daily. They will be automatically deducted from your nominated company account.
Security of your data, and being transparent about the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and is a crucial part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to customer security and privacy. We employ a highly sophisticated banking verification system to instantly confirm your bank account information online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where an company owner borrows from an asset they own to obtain the funding. The asset can be an individual asset, such as the family home, or a business asset such as a vehicle or piece of equipment.
The vast majority of lending institutions, including the banks with the biggest size, prefer to secure loans against an asset. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence, it’s means of securing additional financing taking advantage of the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money however, we require a personal guarantee. need a personal guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract) the security of assets is not needed. If you take out loans in excess of $150,000 generally, there is the option of a personal ensure and security in the form a charge over assets.
