The criteria for eligibility for an unsecured business loan in Lower Hutt of between $5K to $100K are quite minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K company loans.
All that’s needed to start is your contact details (company name, your name, email or phone number), how much you’d like to lend, and your monthly income.
Through the process and before settlement we will need confirmation of your identity but not to get started:
In addition, once we have started when it comes to loans that exceed $150,000, you will also need basic financial statements:
Let’s get started.
Lower Hutt unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
The application to the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and the funds could be on your account within 24 hours. Traditional business loans refer to an interest rate per annum together with additional fees and charges. This business loan is a cash-based loan so you will know ahead of time the total amount to be paid, including the interest, fees and charges. This is then divided into weekly or daily installment amount.
The Small Business Loan can be used for almost any business reason, such as the management of cash flow, business improvements, advertising, 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 company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
To be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for nearly every company purpose including company renovations, to purchase 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’s in the form of a charge on assets, which could also include the registration of this in the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally based rather than stipulating the security for a particular asset. The person signing the guarantee is personally accountable if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR allows the priority of personal property assigned according to the date the security interest was registered.
A caveat is a legal document that is filed to provide an official notice of a claim to property.
If you’re requesting larger business loans of more than $250,000 we may be able to provide a preliminary pre-approval to help make the process. We may be able to apply for this without credit checks and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering a few financial health checks. It is not an offer or guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer that you might receive could be on different terms.
You can apply for a business loan if you:
The application process is fast and simple. Simply complete the online form in few minutes and a dedicated company expert in lending will call you to assist you.
To apply for up $100,000 you’ll require the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K – $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent twelve months of bank records, IRD statements and the last two years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer in just one hour – as long as you apply in standard company time and allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to submit copies of your bank statement, we’ll offer an answer within just an company day.
For Larger Business Loans ($100K up to $500,000) we could be capable of provide the conditional pre-approval in about six hours. Once you have signed the 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 transactions have received approval in just 24 hours.
The quickest way to apply would be to make sure you apply during normal company hours, and allow us to use our advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer in just one hour if you submit your request during standard business times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll offer the decision within one business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Some agreements have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours, and permit us to use the advanced bank verification system to check your bank’s information online. If you send us duplicates of your banking statements, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount, we look at a variety of elements in order to assess the health that is your company and the extent of payments your business is able to afford. The amount you receive from the loan will be determined by the specifics of your business.
If you apply for a set amount, we look at a range of variables to determine your health of the company as well as the amount of the repayments your business is able to afford. The amount you receive from your loan will be determined by the specific circumstances for your company.
If you decide to make an application for our business loan, we’ll assess the risk assessment that you have for your business and offer you with a customised proposal that includes the loan amount, the terms and the interest rates. This business loan is an upfront-priced loan so you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates depend on several factors including the amount of money borrowed, the company assets the funds are used to purchase as well as the field the business operates in, the long the company has been running and how long the company has enough cash flow to pay for the loan, as well as the general health and creditworthiness of the business.
There are no hidden fees for our business loans, and you’ll know precisely what you need to pay, and when, from day one. There’s no compounding and there are no additional charges (as as you make your payments on time).
We don’t charge an application fee. You can get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved 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% of the amount of the loan.
You can decide to repay the entire amount of the loan in full at any time.
If you decide to take this route, please contact our helpful business loan experts. We will provide you with repayment details and an early payment figure. The figure will be calculated as the sum of the principal amount remaining plus any accrued interest as of the date of early payout, plus 1.5 percent of the principal balance as well as any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your business account.
Security of your data, and being upfront about how we collect information, use it, and exchange it, as well as ensure the security of your information is vital and an integral part of our relationship with you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal 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 use an advanced bank verification system link to immediately verify your bank account information online so we can offer a fast response.
The term "asset-based" refers to borrowing where the company owner uses the assets they have to obtain the funds for a loan. The asset can be either an asset belonging to the personal, like the family home or it could be a business asset such as a vehicle or other piece of machinery.
The vast majority of lenders, even the big banks, tend to secure loans against assets. If you are having difficulty paying back the loan then your assets could be sold by the lender. In essence it is an opportunity to secure new financing by using the worth of the asset you already have.
Up to $150K in loans no asset security is required prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. So long as you comply with the terms of your loan (as stated in your loan contract), asset security is not needed. If you take out loans in excess of $150,000 generally, there is an individual guarantee and security that is in the form the charge of assets.
