The eligibility requirements for an unsecured business loan in Lower Hutt of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K to $500K business loan.
All that is needed to get started is your contact information (the name of your company and your name, as well as email and telephone) as well as the amount you want to borrow, and your monthly revenue.
During the process and before settlement we will need confirmation of your identity, but not before we can begin:
Once we’ve started, for loans greater than $150,000 you will also need basic financial statements:
Let’s get started.
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 which can be made daily or weekly.
Apply to this Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and funds may be in your account in 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. Our business loan is a cash-based loan therefore you’ll be aware of the amount you will have to pay, including the interest, fees and charges. This is then broken down into either a daily or weekly repayment figure.
A Small Business Loan can be used for almost every company reason, such as control of cash flow business improvements, advertising for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with your situation.
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
To be eligible for a loan that is this large, your company needs to be operating for at least three years and have an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Larger Business Loan can be used for almost any company purpose including business renovations, to purchase equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. It’s by taking a charge against assets, and could include the registration of this on the PPSR or making as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is generally based rather than stipulating security over a particular asset. The person who is signing the ensure is personally accountable if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date a security interest has been registered.
Caveats are legal document filed to provide the public notice of a legal claim on a property.
If you’re requesting a Larger Business Loan that is greater than $250K it’s possible to offer a preliminary pre-approval to help simplify the process. We might be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. It is not an offer or guarantee of credit. A conditional approval is subject an extensive credit evaluation and any offer you are offered could have different terms.
You may be eligible for a business loan if you:
The application process is quick and easy. Complete the online form in few minutes and a dedicated company credit specialist will be in touch to guide you.
To apply for up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Application details including credit consent and 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) We can usually offer an answer within one hour if you apply at standard business timings and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you choose to submit copies of your bank statement, we’ll provide an answer in just the span of one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of provide you with pre-approval conditional to your application in around 6 hours. Once 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 agreements have been approved within less than 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, let us use the modern bank verification link to verify your bank account information online. If you choose to upload copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer in just one hour, provided you submit your request at normal business timings and allow us to use the bank verification system link to instantly verify your bank details online. If you want to upload copies of your bank statements we can provide a decision in just the span of one business day.
For the Larger Business Loans ($100K and up) we may be capable of provide the conditional pre-approval within six hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Certain transactions have received approval within 24 hours.
The quickest method is to ensure you apply during normal business hours. You can also allow us to use our sophisticated bank verification link to instantly verify your bank account information online. If you choose to upload documents from your account accounts, it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of elements for determining how much we can lend you health that is your company and the amount of repayments that your company is able to afford. The total amount of the loan will be determined by the specifics of your company.
When you apply for a specific amount we look at a range of variables to determine how much we can lend you such as health for your business and the amount of payments your business will be able to support. The amount you receive from the loan will be determined by the particulars the business.
When you apply for one of our company loans, we’ll assess the risk assessment for your company and provide you with a tailored offer that includes the amount of the loan, the duration and interest rates. It is a company loan is an upfront priced loan and you’ll know the exact amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates differ based on various factors including the amount borrowed, what company assets the money will be used for as well as the field the company operates in, how long the company has been running as well as in the event that the business has sufficient cash flow to pay for the loan, and overall health and creditworthiness of the company.
There are no hidden costs for our company loans, and you’ll know exactly how much you need to pay, and when, starting from day one. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You can request a credit loan no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you choose to pursue this option, please talk to one of our helpful business loan experts. They’ll provide you with details on repayment and an early payout figure. This is calculated as the total of the principal balance and any accrued interest at the time of early payout in addition to 1.5% of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your nominated company account.
Protecting your information, and making it clear how we collect data, process, exchange and secure your information, is of paramount importance and a vital part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We employ a highly sophisticated bank verification system that allows you to instantly verify the bank account details online. This allows us to offer a fast response.
Asset-based borrowing is when a business owner uses assets they own to get the funds for a loan. The asset can be an asset belonging to the personal, like the family home or a company asset such as a vehicle or other piece of machinery.
The majority of banks, including the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan then the asset could be transferred to the lender. In essence it’s a way of securing additional financing making use of the value of what you already own.
Up to $150,000 in loans it is not necessary to secure assets prior to the loan’s access however, we do need an individual guarantee. So long as you comply with the loan terms (as stipulated in your loan contract document), asset security is not needed. For loans of over $150,000 generally, you can get personal guarantee and security is provided in the form of an asset charge.
