The criteria for eligibility for an unsecured business loan in Porirua of between $5K to $100K are quite minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K business loans.
All that’s needed to get started is your contact information (the name of your company, your name, email and telephone) and the amount you’d like to borrow and your monthly revenue.
During the process and before settlement we will need confirmation of who you are, but not to get started:
Once we’ve started, for loans of more than $150,000 you will also need basic financial statements.
Let’s get started now.
Porirua unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and funds may be in your account within 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. Our company loan is a cash-based loan so you will be aware in advance of the total amount to be paid, including any fees, interest or charges. Then, it is broken down into weekly or daily installment amount.
The Small Business Loan can be used to fulfill almost any company need, such as the management of cash flow, business remodels and marketing to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan of this size the company needs to have been operating for at least three years with an annual turnover of $700K. Your business must belong to 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 minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly every company use, including company renovations, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required for funding of more than $150,000. It’s by way of charge over assets, which could also include the registration of this through the PPSR or making as a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature rather than stipulating security over a particular asset. The person signing the guarantee is personally accountable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
A caveat is a legal document that is filed to offer an official notice of a claim to a property.
If you’re applying for a Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval in order to make the process. We could be able to get this done without credit checks and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes the answer to a series of financial well-being questions. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you receive could be based on different terms.
You are eligible to apply for an company loan if you
The application process is quick and simple. Just fill out the online application in just a few minutes, and an experienced business credit specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details of the application, including credit consent, 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we typically offer a response in one hour – as long as you submit your request at standard business hours and let us utilise the bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statement, we’ll provide a decision within just one company day.
For the Larger Business Loan ($100K or more) we might be capable of offer you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this can be quicker based upon the circumstances for each application. Some agreements have been approved in less than 24 hours.
The quickest way to apply would be to ensure you apply during normal business hours and permit us to use the modern bank verification to instantly confirm your bank details online. If you choose to send us documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within an hour if you apply during normal business timings and you allow us to use the bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements, we will be able to provide a decision in just one business day.
If you are applying for Larger Business Loans ($100K or more) we might be capable of offer you with pre-approval conditional to your application in around 6 hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The quickest method is to make sure you apply during normal business hours, and let us use the modern bank verification link to instantly verify your bank information online. If you send us copies of your bank accounts, 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 will consider a number of aspects to determine how much we can lend you health of your business and the level of the repayments your company is able to afford. The total amount of the loan will be determined by the particular circumstances for your company.
When you apply for a specific amount we look at a range of factors to determine your health for your business as well as the amount of repayments your business can afford. The amount you receive from your loan will be determined by the particular circumstances the company.
If you decide to make an application for one of our company financing, we will assess the risk assessment the business and offer you with a tailored proposal that includes loan amount, term and the interest rates. It is a business loan is an upfront priced loan and you’ll know in advance the total amount payable including any costs, fees, or interest rates.
Business loan interest rates vary due to variables like the amount to be borrowed, the company assets the funds will be used for in addition to the industry that the company operates in, how long the business has been in operation and in the event that the business has sufficient cash flow to support the loan, as well as the general well-being as well as creditworthiness company.
There are no hidden costs for our company loans. You’ll be aware of the amount it is that you be required to pay, and when, starting from the very first day. There’s no compounding interest, and there are no additional charges (as as you make your payments in time).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of the advance loan at any time.
If you decide to do this please speak to our friendly business lending professionals. They’ll provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal remaining and any accrued interest at the date of early payout and 1.5 percent of the remaining principal and any fees that remain unpaid.
To make sure you do not miss repayments and to fit in with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from your nominated company account.
Protecting your information, and knowing how we collect, use, exchange and protect your information, is crucial and is an essential part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to security for our clients and security. We make use of an advanced banking verification system to instantly confirm your bank account information online to provide an immediate response.
Asset-based borrowing occurs when an company owner utilises an asset that they own to make the funding. The asset could be an individual property, such as the family home, or an company asset like a truck as well as a piece of machine.
The majority of banks, including the big banks, tend to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be taken over by the lender. In essence, it’s the process of securing new financing by making use of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required prior to the loan’s access however, we do need an individual guarantee. If you adhere to your loan obligations (as stated in your loan contract document) the security of assets will never be needed. For loans of over $150,000 generally there is the option of a personal guarantee and security in the form the charge of assets.
