The requirements for getting an unsecured business loan in Upper Hutt of between $5K to $100K are quite minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K business loan.
All you need to begin is your contact details (the name of your company and your name, as well as email or phone number) along with the amount you’d like to borrow and your monthly revenue.
Through the process and before settlement we will need confirmation of who you are but not before we can begin:
In addition, once we have started, for loans greater than $150,000 you’ll need basic financial statements.
Let’s get started.
Upper Hutt unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
The application for your Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and have the funds in your account in 24 hours. Traditional business loans refer to an annual interest rate along with other charges and fees. Our business loan is a loan that is priced upfront which means you be aware in advance of the total amount due, which includes any fees, interest or charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost every company reason, such as managing cash flows, business improvements, advertising, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the business needs to have been in operation for at least 3 years and have an annual turnover of $700,000. You must 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 demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost all company use, including company renovations, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
Asset security is required to access funding over $150,000. This can be done by way of charge over assets, which could also include registration on the PPSR or making as a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is generally in nature rather than stipulating the security for a particular asset. The person who signs the guarantee is personally responsible 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 reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR allows priority over personal property to be granted depending on the date that a registration of a security interest.
The caveat can be described as a formal document that is filed to offer the public notice of a legal claim on a property.
If you’re seeking a Larger Business Loan that is greater than $250,000, we may offer a preliminary pre-approval to help smooth out the process. We may be able to make this decision without a credit check and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes you answering some financial health questions. It is neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you receive could be based on different terms.
You may be eligible for a business loan if you:
The application process is fast and easy. Simply complete the online form within a few minutes and an experienced company loan specialist will be in touch to assist you.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent and 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) we can often provide an answer within one hour, provided you make your application in quality company timings and allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can provide an answer in as little as the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we could be likely to offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some transactions have received approval within less than 24 hours.
The quickest way to apply would be to ensure you apply during normal company hours, and allow us to use our advanced bank verification system to instantly check your bank’s information online. If you decide to upload documents from your account accounts, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within an hour – provided you apply at standard business times and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements, we’ll be able to provide a decision in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be able to provide the conditional pre-approval within six 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. Certain deals have been approved within the space of 24 hours.
The most effective method is to make sure you apply during normal business hours and permit us to use the sophisticated bank verification link to instantly verify your bank information online. If you decide to upload the copies of bank accounts, it may take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of elements for determining what is the health that is your business and the extent of payments your business can support. The total amount of the loan will be determined by the particular circumstances for your business.
When you apply for a certain amount, we look at a range of elements to determine your well-being of your company and the extent of the repayments your company will be able to support. The total amount of the loan will be determined by the particulars for your company.
When you request business loans with us business financing, we’ll assess the risk assessment for your company and provide you with a customised offer that includes the amount of loan, the term and the interest rates. This business loan is an upfront priced loan so you will be aware of the total amount payable including any interest rates, fees or charges.
The interest rates on company loans rates vary due to factors including the amount borrowed, the company assets the money are used to purchase and the sector the company is operating in, how long the business has been operating, how long the company has sufficient cash flow to fund the loan, as well as the general health or financial standing of the company.
There are no hidden fees for our business loans. You’ll know precisely how much it is that you need to pay, and at what time, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to 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. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back all of your loan in full at any time.
If you choose to do this please speak to our friendly business lending professionals. They’ll provide you with repayment details along with an early payout estimate. The figure will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of the early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
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 the nominated company account.
Making sure that your information is secure, and being upfront about how we collect the information we collect, use, share and protect your information, is of paramount importance and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to customer security and privacy. We utilise a sophisticated banking verification system to instantly verify the bank account details online. This allows us to offer quick responses.
Asset-based borrowing is when the business owner makes use of an asset they own to obtain the loan. The asset may be an individual property, such as the family home or an company asset like a truck or piece of equipment.
The majority of lenders, even the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan then the asset could be transferred to the lender. In essence it’s the process of securing new financing by taking advantage of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets before you are able to access the money, however we do require the personal guarantee. In the event that you fulfill the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150K generally, there is personal guarantee and security in the form of charges on assets.
