The requirements for getting an unsecured business loan in Porirua 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 to $500K business loans.
All you need to get started is your contact information (the name of your company, your name, email address, phone) and the amount you’d like to borrow, and your monthly earnings.
While in the process and before settlement we will require confirmation of your identity, but not before we can begin:
After we start in the process, for loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
Porirua unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and have the funds in your account in 24 hours. Traditional company loans reference an interest rate per annum as well as other fees and charges. Our company loan is a loan that is priced upfront so you will know in advance the total amount due, which includes any fees, interest or charges. This is then broken down into either a daily or weekly repayment figure.
It is a Small Business Loan can be used for virtually any company need, such as cash flow management, company remodeling, marketing to purchase inventory or new equipment, for general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the amount of the loan.
To be eligible 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. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost every company purpose including business improvements, purchasing inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
Asset security is necessary for funding of more than $150,000. It’s in the form of a charge on assets, and could include registering this on the PPSR or registering a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature rather than defining security over a particular asset. The person signing the ensure is personally liable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be assigned according to the date the registration of a security interest.
A caveat is a legal document filed to provide notice of a legal claim against a property.
If you’re seeking larger company loans that is greater than $250K we can offer an initial pre-approval in order to ease the process. It is possible to do this without a credit check and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health checks. This is not an offer of credit or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you are offered could be on different terms.
You are eligible to apply for an business loan if you;
The application process is simple and easy. Just complete the online application within a few minutes and an experienced company lending specialist will be in touch to guide you through the process.
To apply for up to $100,000 you’ll need identification details (valid Driver’s License), an active NZBN/IRD, and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent twelve months bank statement, an IRD statements, last 2 years finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often offer a response in one hour – as long as you make your application at standard company times and let us utilise the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we’ll be able to offer the decision in as little as an business day.
For Larger Business Loans ($100K and up) we might be able to offer you with conditional pre-approval in around six 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 on the circumstances of each application. Some offers have been approved in 24 hours.
The quickest method would be to make sure you apply during standard company hours, and allow us to use our advance bank verification to check your bank’s information online. If you decide to upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer in just one hour – provided you apply during normal business time and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll offer the decision within one business day.
For the Larger Business Loans ($100K or more) We may be in a position to provide the conditional pre-approval within about six hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, allow us to use our advanced bank verification system link to confirm your bank details online. If you choose to upload documents from your account accounts, it will take a little longer.
We provide loans that range from $5,000 to $500,000. If you apply for a certain amount we will consider a number of aspects in order to assess how much we can lend you health of your business and the amount of the repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics the business.
When you submit an application for a certain amount, we will consider a number of factors to determine how much we can lend you such as well-being that is your company and the level of repayments your company is able to afford. The total amount of your loan will be contingent on the particulars that are unique to your business.
When you request our company loan, we’ll assess the risk assessment the business and offer you with a customised offer including the amount of loan, the term and interest rates. A business loan is an upfront-priced loan which means you be aware of the total amount payable including any charges or interest.
The interest rates on company loans rates vary due to factors like the amount of money borrowed, what company assets the funds are used to purchase in addition to the industry that the company operates in, the long the business is in operation and whether the business has sufficient cash flow to support the loan, as well as the general well-being or financial standing of the business.
There aren’t any hidden charges with our business loans. You’ll know precisely how much you’ll be required to pay, and when, right from day one. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You can make an application for loans no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can repay the entire amount of the loan in full at any time.
If you are deciding to take this route, please talk to one of our helpful company loans specialists. They will offer you with the details of your repayment and an early payout figure. This will be calculated as the sum of the principal balance and any accrued interest at the time of the early payout, plus 1.5 percent of the principal balance as well as any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your company account.
Protecting your information, and knowing how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We make use of an advanced bank verification system link to instantly verify the bank account details online. This allows us to offer an immediate response.
Asset-based borrowing is when the company owner borrows from an asset that they own to make a loan. The asset may be an individual asset, such as the family home, or a company asset like a truck or other piece of machinery.
The majority of lenders, including the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan then your asset may be offered for sale by the lender. In essence it is a way of securing additional financing using the value of what you already own.
For loans up to $150,000 the requirement for asset security is not required upfront to access the money but we require a personal guarantee. require an individual guarantee. So long as you comply with your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, typically, you will need a personal ensure and security that is in the form charges on assets.
