The requirements for obtaining an unsecured business loan in Upper Hutt of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the eligibility requirements for our $100K-$500K business loans.
All that’s required for starting is your contact details (the name of your company, your name, email address and phone), how much you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of your identity but not for starting:
Once we’ve started in the process, for loans of more than $150,000 you’ll need the following financial statements:
Let’s get started.
Upper Hutt unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and have the funds in your account within 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. Our business loan is a cash-based loan therefore you’ll know ahead of time the total amount to be paid, including the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for almost any company use, including managing cash flows, business remodeling, marketing to purchase inventory, new equipment, or as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size can be used for nearly all business reason, such as business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. This can be done as a result of an charge on assets and can include registration on the PPSR or registering a caveat.
A director’s or personal ensure is a guarantee to repay credit that is general in nature, rather than stating the security for a particular asset. The person who signs the guarantee is personally accountable if the company borrower is unable to make the repayment.
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 registered in respect of personal property (including items or assets). The PPSR allows the priority of personal property assigned according to the date the registration of a security interest.
Caveats are legal form of document to provide an official notice of a claim to a property.
If you’re applying for the Larger Business Loan of $250,000 or more, we may offer an initial pre-approval in order to ease the process. We could be able to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering some financial health checks. It is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to a full credit assessment and any offer that you receive could be subject to different terms.
You are eligible to apply for an company loan if you:
The application process is simple and simple. Complete the online form in few minutes and a dedicated company credit specialist will contact you to guide you through the process.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent as well as 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, and interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour – as long as you apply during quality business time and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statements , we are able to offer an answer in just an company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with pre-approval conditional to your application within about 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Certain agreements have been approved within less than 24 hours.
The fastest way would be to make sure you apply during normal business hours, and let us use the advanced bank verification system link to verify your bank account information online. If you upload the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer within one hour – provided you make your application during standard business times and you allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your banking statement, we’ll offer an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be in a position to offer the conditional pre-approval within 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, this may be quicker depending on the specifics of each application. Some agreements have been approved in 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours and let us use the advance bank verification to instantly verify your bank information online. If you choose to upload the copies of bank accounts, it will take a little longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we look at a variety of factors in order to assess your well-being of the business and the amount of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the particular circumstances the business.
If you apply for a certain amount, we consider a variety of factors to determine how much we can lend you such as health of your company and the extent of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the specifics of your business.
When you make an application for one of our company loan, we’ll assess the risk profile that you have for your company and offer you with a customised offer including the amount of loan, the term and interest rates. This company loan is an upfront cost loan which means you know in advance the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money borrowed, what business assets the funds will be used for in addition to the industry that the company is in, how long the company is in operation, whether the company has enough cash flow to cover the loan, as well as the general well-being or creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount you’ll need to pay, and when, from the first day. There’s not any 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 get a cash loan with with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of your loan in full at any time.
If you choose to pursue this option, please call our helpful company loan professionals. They’ll offer you with the details of your repayment and an early payment figure. It will be calculated using the sum of the principal remaining and accrued interest to the time of the early payout in addition to 1.5 percent of the principal remaining and any fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line with your cash flow standard, we provide payments that are either daily or weekly. They are automatically deducted from the nominated company account.
Protecting your information, and making it clear how we collect information, use it, and exchange it, as well as secure your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their security. We use an advanced bank verification system that allows you to immediately verify the bank account details online to offer an immediate response.
An asset-based loan is when a company owner utilises assets they own to get the funding. The asset can be either an individual property, such as the family home, or an company asset such as a truck or piece or equipment.
The vast majority of lenders, even the largest banks, are inclined to secure loans against an asset. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence it’s means of securing new financing using the value of what you already own.
For loans of up to $150,000, it is not necessary to secure assets in advance to gain access to the funds but we do need the personal guarantee. As long as you follow your loan commitments (as stated in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 generally there is a personal guarantee and security in the form of an asset charge.
