The eligibility requirements for an unsecured business loan in Upper Hutt of between $5K to $100K are quite minimal.
Need more funds? Check out the eligibility requirements for our $100K-$500K company loan.
All you need for starting is your contact information (company name, your name, email address, phone) along with the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we will need confirmation of who you are, but not to get started:
In addition, once we have started when it comes to loans of more than $150,000 you will also require basic financial statements:
Let’s get started.
Upper Hutt unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
The application for your Small Business Loan in under 10 minutes via the internet or over the phone, receive an answer within the same day and the funds could be in your account within 24 hours. Traditional company loans have an annual interest rate along with other charges and fees. We offer a company loan is a pre-paid loan and you’ll be aware of the total amount to be paid, including any fees, charges or charges. This is then broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for almost every business use, including managing cash flows, business remodeling, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly, depending on your cash flow.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
To be eligible for a credit of this size the business needs to be operating for at least three years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Larger Business Loan can be used for nearly any business need, including business renovations, purchase of inventory or new equipment or as general working capital and so much more. The loan is not available for personal purposes.
Asset security is required to access funding over $150,000. It is usually by taking a charge over assets and can include the registration of this with the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to repay a loan which is general in nature rather than stating security over a particular asset. The person who is signing the guarantee is personally responsible if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register 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 in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal form of document to offer an official notice of a claim to property.
If you’re applying for larger business loans that is greater than $250K, we may offer a preliminary pre-approval to help make the process. We might be able to get this done without a credit check and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. This is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be on different terms.
You are eligible to apply for a company loan if you:
The process for applying is fast and simple. Just complete the online application within a couple minutes, and an experienced company credit specialist will call you to help you.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent, 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K to $100K) We can usually offer an answer within an hour – as long as you apply in standard company hours and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statements , we are able to offer an answer within just 1 business day.
For the Larger Business Loan ($100K and up) we may be able to offer the conditional pre-approval within six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The most efficient method would be to ensure you apply during standard company hours and permit us to use the modern bank verification link to instantly verify your bank information online. If you decide to send us documents from your account statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer a response in one hour – provided you submit your request at standard business timings and allow us to use the bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statement, we’ll provide the decision within an business day.
For Larger Business Loans ($100K up to $500,000) we could be capable of provide you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Some deals have been approved in 24 hours.
The fastest method is to ensure you apply during normal business hours. You can also allow us to use our advanced bank verification system link to instantly check your bank’s information online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a particular amount, we consider a variety of aspects to determine how much we can lend you well-being that is your company as well as the amount of repayments that your business can support. The total amount of your loan will be contingent on the particular circumstances the company.
When you submit an application for a set amount, we take into consideration a variety of aspects to determine how much we can lend you such as health of your company and the level of repayments your company will be able to support. The total amount of your loan will depend on the particular circumstances for your business.
When you apply for business loans with us company loan, we will assess the risk profile of your company and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. A company loan is a loan that is priced upfront and you’ll know in advance the total amount you will have to pay, including interest rates, fees or charges.
The interest rates on business loans rates differ based on various factors such as the amount that is borrowed, what company assets the funds will be used for, the industry the business operates in, the long the business has been running for, whether the company has enough cash flow to pay for the loan, and the general health as well as creditworthiness company.
There are no hidden costs with our business loans, and you’ll know exactly how much it is that you be required to pay, and when, starting from the very first day. There’s no compounding interest and no additional fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You can request a credit loan with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back all of your loan at any point in time.
If you decide to take this route, please speak to our friendly business credit professionals. The experts will offer you with details on repayment along with an early payout estimate. This is calculated as the total of the principal remaining and any accrued interest at the time of the early payout in addition to 1.5% of the principal remaining and any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow general, we offer repayments that are either daily or weekly. These are automatically withdrawn from your designated business account.
Security of your data, and knowing how we collect the information we collect, use, share and ensure the security of your information is of huge importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their security. We use an advanced bank verification system to instantly verify your bank account information online. This allows us to provide rapid response.
An asset-based loan is when an business owner uses an asset they own to obtain the funds for a loan. The asset may be an individual asset, such as the family home or it could be a company asset like a truck or other piece of machinery.
The majority of lenders, even the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then your asset may be sold by the lender. In essence, it’s means of securing new funding making use of the value of what you already own.
For loans that exceed $150,000, no asset security is required upfront to access the money, however we do require the personal guarantee. As long as you follow the terms of your loan (as stated in your loan contract) Asset security will never be needed. For loans of over $150,000 generally there is an individual guarantee and security in the form of a charge over assets.
