The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K and $100K is fairly low.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K to $500K business loans.
All that’s required for starting is your contact details (the name of your company, your name, email or phone number), how much you want to borrow, as well as your monthly income.
While in the process and before settlement we will require confirmation of your identity but not to get started:
Additionally after we get started, for loans over $150,000 you’ll require basic financial statements.
Let’s get started now.
Lower Hutt unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
The application to your Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans are based on an annual interest rate as well as other fees and charges. This company loan is an upfront priced loan which means you know in advance the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly installment amount.
The Small Business Loan can be used to fulfill almost any business use, including the management of cash flow, business remodeling, marketing to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
To be eligible for a loan of this size the business needs to be trading for at least 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large business loan can be used to fund almost all business purpose including business improvements, purchasing inventory or new equipment for general working capital, and much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. It is usually in the form of a charge over assets and can be registered on the PPSR or making as a caveat.
A director’s or personal ensure is a guarantee to repay credit that is general in nature, rather than specifying the security for a particular asset. The person signing the ensure is personally accountable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR allows preference over private property granted according to the date a security interest has been registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim to property.
If you’re requesting a Larger Business Loan that is greater than $250K, we may offer a preliminary pre-approval to help smooth out the process. We may be able to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes the answer to a series of financial well-being questions. This is not an offer or guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you are offered could be on different conditions.
You may be eligible for a company loan if you
The application process is fast and easy. Complete the online form in just a few minutes, and an experienced business expert in lending will call you to help you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent as well as 12 months of bank statements, IRD statements, last 2 years finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within one hour, provided you apply within quality business hours and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statements , we’ll be able to provide a decision within just 1 business day.
For the Larger Business Loan ($100K and up) we might be able to offer you with conditional pre-approval within six hours. After you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this may be quicker depending on the circumstances of each application. Certain agreements have been approved within just 24 hours.
The fastest way can be make sure you apply during standard company hours, and allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you opt to upload copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within one hour if you submit your request at normal business hours and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you choose to send us copies of your bank statements, we will be able to offer 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 offer you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this could be shorter based upon the circumstances for each application. Some transactions have received approval in the space of 24 hours.
The fastest method can be ensure you apply during normal business hours and allow us to use our advanced bank verification system to confirm your bank details online. If you decide to send us duplicates of your banking statements it will take a little longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a specific amount we look at a variety of variables to determine how much we can lend you health of the company and the extent of payments your company will be able to support. The total amount of your loan will be contingent on the specifics that are unique to your business.
When you make an application for a set amount, we will consider a number of variables to determine how much we can lend you such as well-being for your business and the amount of the repayments your company can afford. The amount you receive from your loan will be determined by the specifics the business.
When you make an application for our company credit, we will assess the risk assessment that you have for your business and provide you with a customised proposal that includes the amount of loan, the term and interest rates. A business loan is an upfront cost loan which means you be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for company loans rates differ based on various factors like the amount of money borrowed, the company assets the money will be used for in addition to the industry that the business is operating in, how long the business has been running for, what percentage of the company has enough cash flow to fund the loan, and the general health or financial standing of the business.
There are no hidden fees for our business loans, and you’ll know exactly how much you’ll need to pay, and at what time, from the very first day. There’s no compounding interest and no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay the entire amount of your loan early at any time.
If you decide to pursue this option, please contact our helpful business loans experts. They’ll offer you with the details of your repayment and an early payment figure. The figure will be calculated as the sum 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 and any outstanding fees.
To make sure you do not miss payment dates and to align your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your designated company account.
Protecting your information, and knowing the ways we gather the information we collect, use, share and secure your information, is of huge importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We utilise a sophisticated bank verification system link to instantly verify your bank account information online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where the business owner makes use of assets they own to make the loan. The asset can be either a personal asset like the family home, or it could be a business property like a truck as well as a piece of machine.
The vast majority of the lenders not just the big banks, tend to secure loans against assets. If you have trouble paying back the loan, your assets could be sold by the lender. In essence it’s means of securing new funding taking advantage of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets prior to the loan’s access but we do need the personal guarantee. If you adhere to the loan terms (as detailed in your loan contract document), asset security will never be required. For loans of over $150K typically, you will need personal guarantee and security in the form of the charge of assets.
