A The Patch unsecured business loan is simple and quick to get. Approve your loan in a matter of minutes and start using the funds for your company.
You can expect:
The eligibility requirements for an unsecured business loan for a company loan The Patch are fairly minimal.
Call Now 1300 931 835Requesting a business loans within The Patch with us is simple and only takes a few minutes, no mountains of paperwork or queues.
Approved and receive money within one to two business days.
We aim to help The Patch companies of all kinds, including medium, small and even solopreneurs access funds quickly so that they can take advantage of loans to grow and build.
The requirements for getting an unsecured business loan in The Patch of between $5K to $100K are quite minimal.
Need more funds? Review the conditions of eligibility for our $100K to $500K business loans.
The criteria to be eligible for larger The Patch company loans of between $100K and $500K consist of:
Looking for a smaller amount of funds? Check out the conditions for eligibility for our $5K-$100K The Patch unsecured company loans.
A The Patch unsecured loan is great for almost any company purpose. Call us now.
Do you want to start working on one of these as soon as tomorrow? So, contact us or send your application online to get the fastest and most efficient process.
All that’s needed to start is your contact information (the name of your company, your name, email address or phone number), how much you want to borrow, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of who you are but not for starting:
In addition, once we have started when it comes to loans greater than $150,000 you’ll require basic financial statements.
Let’s get started now.
With traditional lenders and banks tightening credit conditions The steady flow of alternative and non-bank loan providers entering the market offers an excellent source to tap into.
The Patch SME’s are now in a position to obtain finance via other lenders in The Patch who are focused on enabling business expansion or smoothing out cash flow issues. In the past private credit options (drawing equity from a home loan, or using credit cards, personal loans and the overdraft) could be the best alternative funding services within The Patch that were around.
There is now not a requirement for you to depend on the real estate market to secure business credit. With an unsecured loan, business financing is easy. Instead of a term loan with banks, business finance for a small company with interest rates and loan terms that help to manage cash flow are around as business lending options.
There are many benefits in separating personal from company debt.
Limit your exposure, and make tax times easier, get started with an unsecure loan for business, apply today.
One big drawcard for keeping your private and business assets separate is that your house isn’t necessarily tied up for access to the money. For a small business loan within The Patch up to $100K the security of assets won’t be required as in the event that the borrower has met their loan obligations.
Businesses are in a more favourable long-term financial position if they can demonstrate good credit/debt serviceability.
Separating personal and company finances makes it significantly more straightforward when it comes to tax time, particularly when identifying what is the tax-deductible amount. The IRD has set out the rules on the evidence required for claiming deductions on an individual’s tax return. This is an area where the IRD have specifically advised on.
A well-organised cash flow management system is crucial to the long-term survival of any business. By keeping personal and business finances separate, companies can easily view their cash flow, plan and monitor it based on their ability to easily evaluate their cash flow situation.
The Patch unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to your Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and have the funds available in just 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. This company loan is an upfront priced loan so you will be aware of the total amount due, which includes any fees, charges or charges. Then, it is divided into weekly or daily payment amount.
The Small Business Loan can be used for virtually every business purpose including cash flow management, company renovations, marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
To be eligible for a loan in this amount, your business needs to be operating for at least three years and have an annual turnover of at least $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A large business loan can be used for almost all company use, including business renovations, purchase of equipment or inventory for general working capital and much more. The loan is not available for personal reasons.
Asset security is required to access funding over $150,000. This can be done by taking a charge against assets and can be registered with the PPSR or filing as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is generally based rather than defining the security of a specific asset. The person signing the guarantee is personally responsible if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date a security interest was registered.
A caveat is a legal document filed to provide an official notice of a claim on a property.
If you’re seeking a Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval to make the process. We may be able to get this done without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. It’s not an offer or guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could be based on different terms.
You are eligible to apply for an company loan if you:
The application process is quick and simple. Simply complete the online form in few minutes and an experienced business credit specialist will be in touch to help you.
To be eligible for up to $100,000 you’ll need ID details (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within an hour if you apply within quality company time and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements , we will be able to provide the decision within the span of one company day.
For the Larger Business Loan ($100K and up) we may be capable of provide you with a conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be quicker based on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The quickest method is to make sure you apply during normal company hours. You can also allow us to use our modern bank verification link to confirm your bank details online. If you opt to send us the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer in just one hour, provided you apply at standard business time and permit us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statements we can offer the decision within 1 business day.
For the Larger Business Loans ($100K up to $500,000) we could be capable of provide you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Certain agreements have been approved in 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours and allow us to use our sophisticated bank verification to instantly verify your bank account information online. If you opt to upload the copies of bank statements it takes a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a certain amount we consider a variety of aspects to determine how much we can lend you well-being of the company as well as the amount of repayments that your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances the company.
If you apply for a specific amount we consider a variety of aspects to determine how much we can lend you such as well-being of your business and the extent of the repayments your company can afford. The amount you receive from the loan will be determined by the particulars for your company.
When you apply for the business loan, we will assess the risk assessment for your company and provide you with a customised offer including the amount of loan, the term and the interest rates. A business loan is an upfront-priced loan so you will be aware of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for company loans rates differ based on various variables like the amount to be borrowed, what business assets the money will be used for, the industry the business is operating in, how long the company has been running as well as how long the company has sufficient cash flow to pay for the loan, and also the general well-being and creditworthiness of the company.
There are no hidden costs with our business loans. You’ll know precisely how much you’ll need to pay and when, from the first day. There’s no compounding interest, and no extra fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us 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 pursue this option, please call our helpful company credit professionals. They’ll offer you with details for repayment and an early payment figure. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the time of early payout and 1.5 percent of the principal remaining and any fees that remain unpaid.
To help you avoid missing payments and to work your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from your nominated company account.
The security of your personal information, as well as making it clear the ways we gather 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 use industry recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We employ a highly sophisticated bank verification system link to instantly confirm your bank account information online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where the company owner borrows from an asset that they own to secure a loan. The asset may be an individual asset, such as the family home, or a business asset such as a vehicle or piece of equipment.
The vast majority of lenders, including the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan then your assets could be taken over by the lender. In essence it’s an opportunity to secure additional financing using the value of what you already have.
For loans of up to $150K, the requirement for asset security is not required before you can access the money however, we do need an individual guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract), asset security will never be needed. For loans over $150,000 generally, there is an individual guarantee and security in the form of the charge of assets.
Although we cannot assist with an unsecure business loan for these types of industries, we may be able to assist you by providing secured business loan.
