The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K to $100K are quite minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K to $500K business financing.
All you need to start is your contact details (company name and your name, as well as email and telephone), how much you’d like to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of your identity, but not before we can begin:
In addition, once we have started with loans of more than $150,000 you’ll also need basic financial statements.
Let’s get started.
Lower Hutt unsecured loans offers 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 per day or weekly.
It is imaginable to apply to your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and the funds could be on your account within 24 hours. Traditional business loans have an interest rate per annum plus other fees and charges. This business loan is a cash-based loan and you’ll know in advance the amount you will have to pay, including any interest, fees or charges. This is then broken down into either weekly or daily amount to be paid back.
It is a Small Business Loan can be used for almost any company reason, such as managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the amount of the loan.
To qualify for a loan of this size the business needs to be in operation for at least 3 years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large company loan can be used for almost every business need, including company improvements, purchasing inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is needed for funding of more than $150,000. It is usually by way of charge over assets, which could also include registration through the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally accountable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR gives the priority of personal property assigned according to the date a registration of a security interest.
An affidavit is an official document that is filed to offer an official notice of a claim against a property.
If you’re applying for the Larger Business Loan of more than $250,000 we can offer an initial pre-approval in order to simplify the process. We could be able to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health questions. It is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you may receive may be subject to different conditions.
You are eligible to apply for a company loan if you:
The process for applying is fast and simple. Complete the online form in just a few minutes, and an experienced company expert in lending will contact you to guide you through the process.
To apply for up to $100,000, you’ll require ID details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent, 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer in just one hour – as long as you apply in standard business timings and you allow us to utilise the bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll provide the decision in as little as the span of one company day.
For Larger Business Loans ($100K or more) we may be likely to provide the conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some agreements have been approved in 24 hours.
The most effective method can be ensure you apply during standard business hours, and let us use the advance bank verification to instantly verify your bank account information online. If you opt to upload duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K and up) we typically offer a response in one hour – as long as you make your application within normal business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statements, we’ll be able to offer the decision within one business day.
If you are applying for Larger Business Loans ($100K and up) we might be likely to offer you with conditional pre-approval within 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved in the space of 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also allow us to use our modern bank verification to confirm your bank details online. If you opt to upload copies of your bank statements, it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a specific amount we look at a variety of variables that determine your well-being of your company and the level of the repayments your business can afford. The amount you receive from the loan will be determined by the specific circumstances the business.
When you make an application for a certain amount, we look at a range of variables to assess your well-being for your business as well as the amount of repayments that your company is able to afford. The amount you receive from your loan will be determined by the particular circumstances for your business.
When you request our company loan, we will assess the risk assessment that you have for your business and offer you with a customised offer, including loan amount, term and interest rates. It is a company loan is an upfront cost loan therefore you will know the exact amount payable including any charges, interest rates or fees.
Interest rates for business loans rates depend on several factors like the amount of money that is borrowed, what business assets the money are used to purchase, the industry the company operates in, the long the company has been in operation as well as whether the company has sufficient cash flow to cover the loan, and general well-being and creditworthiness of the business.
There are no hidden costs for our business loans, and you’ll know exactly how much it is that you be required to pay, and when, starting from day one. There’s no compounding and no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You can apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can decide to repay all of your loan in full at any time.
If you choose to take this route, please contact our helpful company credit specialists. The specialists will provide you with details for repayment and an early payment figure. It will be calculated using the sum of the remaining principal amount and the accrued interest up to the date of early payout plus 1.5 percent of the principal balance as well as any outstanding fees.
To make sure you do not miss repayments and to fit in your cash flow schedule, we offer repayments that are either daily or weekly. These are automatically deducted from your designated company account.
The security of your personal information, as well as being clear about how we collect the information we collect, use, share and ensure the security of your information is crucial and is an essential aspect of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We utilise a sophisticated banking verification system to instantly verify your bank account information online. This allows us to provide a fast response.
The term "asset-based" refers to borrowing where an business owner utilises an asset that they own to make the funding. The asset can be a personal asset like the family home, or it could be a company asset such as a truck or other piece of machinery.
The majority of the lenders including the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan then the asset might be taken over by the lender. In essence it is an opportunity to secure new financing using the value of what you already have.
Up to $150,000 in loans the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. In the event that you fulfill the terms of your loan (as specified in the loan contract), asset security will never be needed. If you take out loans in excess of $150,000 generally there is personal ensure and security is provided in the form of charges on assets.
