The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K to $100K are quite minimal.
Do you require more money? Review the guidelines for eligibility for our $100K-$500K company loan.
All you need for starting is your contact details (company name, your name, email and phone) along with the amount you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not for starting:
Once we’ve started with loans of more than $150,000 you will also need basic financial statements.
Let’s get started now.
Lower Hutt unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
It is possible to apply for 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 refer to an annual interest rate as well as other fees and charges. We offer a company loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including the interest, fees and charges. This is then broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost any company purpose including managing cash flows, business improvements, advertising, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
This Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To be eligible for a loan that is this large the business needs to be operating for a minimum of 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Business Loan of a larger size is a great option for almost every business use, including business improvements, purchasing equipment or inventory or as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is by taking a charge on assets, which could also include registering this with the PPSR or the registration of as a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is generally in nature rather than stating security over a particular asset. The person signing the guarantee is personally responsible if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests registered in respect of personal property (including objects or assets). The PPSR grants preference over private property assigned in accordance with the date on which a registration of a security interest.
An affidavit is an official document lodged to offer the legal claim against a property.
When you’re applying for the Larger Business Loan of $250K or more we can offer an initial pre-approval to simplify the process. It is possible to make this decision without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be based on different terms.
You are eligible to apply for a business loan if you
The application process is simple and easy. Just fill out the online application within a couple minutes, and an experienced business loan specialist will contact you to assist you.
To apply for up $100,000 you’ll require ID details (valid Driver’s License) and an active NZBN/IRD, and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we typically provide an answer within an hour if you submit your request during quality business time and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statements , we are able to provide an answer in just 1 business day.
If you are applying for a Larger Business Loan ($100K or more) we may be capable of provide you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The most effective method can be ensure you apply during standard company hours. Also, let us use the modern bank verification link to verify your bank account information online. If you upload the copies of bank accounts, it can take a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer within an hour – provided you apply within standard business times and let us use the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statements we can provide the decision in just the span of one business day.
For the Larger Business Loans ($100K to $500K) we could be in a position to offer you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the circumstances of each application. Certain offers have been approved in less than 24 hours.
The fastest way is to make sure you apply during normal business hours, and let us use the advance bank verification link to confirm your bank details online. If you choose to upload documents from your account statements, it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of variables that determine what is the well-being of the company and the extent of payments your business will be able to support. The total amount of your loan will be contingent on the particular circumstances of your business.
If you apply for a set amount, we consider a variety of variables to determine the health for your business and the amount of repayments that your business will be able to support. The total amount of your loan will depend on the particulars that are unique to your company.
If you decide to make an application for business loans with us company loans, we will assess the risk profile the business and provide an individualised offer that includes loan amount, term and interest rates. A company loan is an upfront priced loan and you’ll be aware of the total amount you will have to pay, including charges, interest rates or fees.
The interest rates on business loans rates differ based on various variables like the amount to be borrowed, what business assets the funds will be used for in addition to the industry that the business operates in, how long the business is in operation and in the event that the business has enough cash flow to pay for the loan, and also the general health or creditworthiness of the business.
There are no hidden fees for our company loans, and you’ll know precisely what it is that you be required to pay, and when, right from the first day. There’s no compounding interest, and no extra fees (as long as you are able to make your payments on time).
We do not charge an application fee. You can apply for a loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back the entire amount of the loan at any point in time.
If you choose to take this route, please talk to one of our helpful company loan specialists. They’ll offer you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the principal balance and any accrued interest at the time of the early payout plus 1.5% of the principal amount remaining and any outstanding fees.
To ensure you do not miss payment dates and to align your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your designated company account.
Protecting your information, and knowing the ways we gather, use, exchange and secure your information, is vital and is a crucial part of our relationship you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We utilise a sophisticated bank verification system link to instantly confirm your bank account information online so we can offer a fast response.
Asset-based borrowing is when a company owner uses assets they own to get the funding. The asset may be an asset belonging to the personal, like the family home, or an business asset like a truck or other piece of machinery.
The vast majority of lenders, not just the banks with the biggest size, prefer to secure loans against assets. If you are having difficulty paying back the loan, the asset could be sold by the lender. In essence it’s an opportunity to secure new financing by using the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required in advance to gain access to the funds However, we do require an individual guarantee. So long as you comply with the loan terms (as detailed in the loan contract), asset security will never be required. For loans that exceed $150K, typically, you will need personal ensure and security in the form of charges on assets.
