The requirements for getting an unsecured business loan in Porirua of between $5K to $100K are quite minimal.
Do you require more money? Check out the conditions of eligibility for our $100K-$500K business loans.
All that is needed to begin is your contact details (the name of your company, your name, email, phone) and the amount you’d like to lend, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of who you are, but not to get started:
Once we’ve started in the process, for loans that exceed $150,000, you will also need the following financial statements:
Let’s get started.
Porirua unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
The application for the Small Business Loan in under 10 minutes via the internet or over the phone, receive an answer within the same day and funds may be available in just 24 hours. Traditional company loans are based on an annual rate of interest along with other charges and fees. This company loan is a cash-based loan so you will know in advance the total amount payable including the interest, fees and charges. This is then broken down into weekly or daily payment amount.
The Small Business Loan can be used to fulfill almost every business purpose including managing cash flows, company renovations, marketing for purchasing inventory or new equipment, to fund general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To qualify for a loan of this size the company needs to have been in operation for at least 3 years, and have an annual income of $700K. You must be 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 to demonstrate at minimum 12 months of continuous trading.
A larger company loan can be used for nearly all company reason, such as business remodeling, buying new 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 is usually by taking a charge on assets, and could include the registration of this with the PPSR or making a caveat.
A personal or director’s ensure is a promise to repay credit that is general in nature rather than stating security over an asset. The person signing the guarantee is personally liable in the event that the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including objects or assets). The PPSR allows preference over private property granted according to the date the security interest that is registered.
The caveat can be described as a formal document lodged to provide the public notice of a legal claim to a property.
If you’re requesting an enterprise loan of more than $250K we may be able to provide an initial pre-approval in order to ease the process. We might be able to make this decision without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial health checks. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you might receive could be based on different conditions.
You are eligible to apply for an business loan if you
The application process is fast and simple. Complete the online form within a couple minutes, and a dedicated business loan specialist will be in touch to help you.
To apply for up to $100,000, you’ll require identification details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) we usually provide an answer in just one hour, provided you make your application during standard business time and allow us to utilise the bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements , we are able to offer an answer in just one business day.
For the Larger Business Loan ($100K to $500K) we might be able to offer you with conditional pre-approval within six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The most efficient method is to ensure you apply during standard company hours. You can also allow us to use our modern bank verification to instantly check your bank’s information online. If you send us documents from your account statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we typically provide a response in one hour – provided you make your application at normal business time and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we’ll be able to offer the decision in as little as one business day.
For Larger Business Loans ($100K and up) we might be in a position to offer the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Certain agreements have been approved within just 24 hours.
The most effective method can be make sure you apply during standard business hours. You can also let us use the modern bank verification to verify your bank information online. If you choose to upload copies of your bank statement, it will take a little longer.
We offer loans that range from $5,000 to $500,000. If you apply for a certain amount we look at a variety of elements that determine the health of your business and the extent of repayments your business can support. The amount you receive from your loan will depend on the specific circumstances for your company.
If you apply for a specific amount we take into consideration a variety of elements to determine your well-being that is your company and the amount of repayments your business is able to afford. The total amount of your loan will be determined by the particulars that are unique to your company.
When you request our company financing, we’ll assess the risk profile the business and offer an individualised proposal that includes the loan amount, the terms and interest rates. A company loan is an upfront-priced loan which means you know in advance the total amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on several factors such as the amount that is of money borrowed, the business assets the funds will be used for in addition to the industry that the business is operating in, how long the business has been in operation for, what percentage of the company has sufficient cash flow to cover the loan, and also the overall well-being and creditworthiness of the company.
There aren’t any hidden costs for our business loans. You’ll know exactly how much you’ll be required to pay, and when, right from the day you sign up. There’s no compounding interest, and no additional fees (as long 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 obligation to proceed.
The Origination Fee is the cost associated with establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can decide to repay the entire amount of your loan at any point in time.
If you decide to do this please speak to our friendly company loans experts. They will provide you with repayment details as well as an early payout amount. This will be calculated as the sum of the principal remaining and accrued interest to the date of early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
Security of your data, and being transparent about how we collect information, use it, and exchange it, as well as protect your information, is crucial and is an essential element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online so we can offer quick responses.
Asset-based borrowing occurs when the company owner makes use of the assets they have to get the funds for a loan. The asset could be an individual asset, such as the family home, or a company asset such as a vehicle or piece of equipment.
The vast majority of lenders, including the big banks, tend to secure loans against assets. If you have trouble paying back the loan, then your assets could be transferred to the lender. In essence it is the process of securing new financing by making use of the value of what you already own.
For loans up to $150,000 there is no requirement for asset security prior to the loan’s access however, we do need an individual guarantee. If you adhere to your loan commitments (as stated in your loan contract document) the security of assets will never be required. For loans of over $150K typically, you will need an individual ensure and security in the form of a charge over assets.
