The requirements for obtaining an unsecured business loan in Upper Hutt of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K company loan.
All you need to get started is your contact information (company name, your name, email address and phone), how much you’d like to borrow and your monthly earnings.
During the process and before settlement we will need confirmation of who you are however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you’ll need basic financial statements.
Let’s get started.
Upper Hutt unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply to get the 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 are based on an annual rate of interest along with other charges and fees. Our company loan is an upfront priced loan therefore you’ll know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
A Small Business Loan can be used for virtually any company purpose including cash flow management, company improvements, advertising to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
To be eligible for a loan in this amount, your business needs to be trading for at least 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A Larger Business Loan can be used for almost any company purpose including company renovations, purchase of equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is needed for accessing funds over $150,000. It is usually in the form of a charge against assets, and may include registration on the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally based rather than stipulating security over an asset. The person signing the guarantee is personally accountable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR permits preference over private property assigned depending on the date that a security interest has been registered.
The caveat can be described as a formal document that is filed to offer notice of a legal claim against a property.
If you’re applying for an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval that will help smooth out the process. It is possible to apply for this without credit checks 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 health questions. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you might receive could be on different conditions.
You may apply for an company loan if you
The application process is simple and easy. Just complete the online application within a couple minutes, and an experienced company lending specialist will be in touch to assist you.
To be eligible 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 of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent twelve months of bank records, IRD statement as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour – as long as you submit your request during standard company times and let us utilise the bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statements we can offer an answer in as little as one business day.
For the Larger Business Loan ($100K or more) we could be able to offer you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this can be quicker based on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest method is to make sure you apply during normal business hours, and allow us to use our modern bank verification link to instantly confirm your bank details online. If you decide to upload documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) we typically provide an answer in just one hour – as long as you make your application in standard business time and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements, we are able to provide the decision in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be likely to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some offers have been approved in the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, let us use the modern bank verification link to instantly check your bank’s information online. If you choose to send us copies of your bank statement, it will take a little longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of elements that determine how much we can lend you well-being of your business and the level of repayments that your business will be able to support. The amount you receive from the loan will be determined by the specifics of your business.
If you apply for a certain amount, we will consider a number of variables to assess the well-being for your business as well as the amount of repayments that your business is able to afford. The amount you receive from the loan will be determined by the specifics that are unique to your business.
When you apply for business loans with us business loans, we’ll assess the risk assessment that you have for your business and provide an individualised offer that includes the amount of the loan, the duration and interest rates. It is a company loan is an upfront-priced loan so you will be aware of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on company loans rates differ based on various factors like the amount of money borrowed, what company assets the funds will be used for, the industry the company operates in, how long the business is in operation, in the event that the company has enough cash flow to support the loan, and general well-being or financial standing of the company.
There are no hidden fees with our company loans, and 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 there are no additional charges (as long as you make your payments on time).
We do not charge an application fee. You can apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the costs associated with the setting up and management of the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back the entire amount of your advance loan at any time.
If you choose to do this please call our helpful company loans specialists. They’ll provide you with details on repayment along with an early payout estimate. This is calculated as the sum of the remaining principal amount and any accrued interest at the time of early payout plus 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from your business account.
Security of your data, and knowing how we collect information, use it, and exchange it, as well as protect your information, is vital and is a crucial part of our relationship you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We use an advanced bank verification system that allows you 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 utilises assets they own to get the loan. The asset can be either 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 the lenders even the major banks, prefer to make loans secured by assets. If you are having difficulty paying back the loan, the asset could be taken over by the lender. In essence, it’s an opportunity to secure new financing using the worth of the asset you already have.
For loans of up to $150,000, it is not necessary to secure assets prior to the loan’s access however, we do require a personal guarantee. If you adhere to the loan terms (as stated in the loan contract) the security of assets is not needed. For loans over $150,000 typically, you will need the option of a personal ensure and security is provided in the form of an asset charge.
