A The Patch unsecured business loan is quick and easy to get. Approve your loan in a matter of minutes and use the money to grow your company.
You can expect:
The eligibility requirements for an unsecured business loan within The Patch are fairly minimal.
Call Now 1300 930 634Requesting the company financing in The Patch with us is easy and takes just less than a minute, with no mountains of paperwork or queues.
Be approved and receive your funds within 1 to 2 company days.
We are aiming to assist The Patch businesses of all kinds, including medium, small and even solopreneurs access quick funding so that they can take advantage of loans to grow and build.
The requirements for obtaining an unsecured business loan in The Patch of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the conditions of eligibility for our $100K-$500K company financing.
The requirements for eligibility of larger The Patch company loans of between $100K and $500K include:
Are you looking for a lower amount of funds? Find out the conditions for eligibility for our $5K to $100K The Patch unsecured business loans.
A The Patch unsecured loan is ideal for nearly any company purpose. Contact us now.
Are you looking to start one of these as soon as tomorrow? So, contact us or send your application online to apply the fastest, most convenient way.
All that is needed for starting is your contact details (the name of your company, your name, email address, phone), how much you’d like to borrow, and your monthly revenue.
In the course of the process and before settlement we’ll need confirmation of your identity, however, not in order to begin:
After we start, for loans over $150,000 you’ll also need fundamental financial statements:
Let’s get started.
In the wake of traditional lenders and banks tightening credit conditions, the steady stream of alternative and non-bank loan providers entering the market provides an incredible source for you to take advantage of.
The Patch SME’s are now able to access finance through other lenders in The Patch who are focused on facilitating business growth or smoothing out cash flow challenges. The past was when private credit options (drawing equity from a home loan or credit cards in addition to personal loans and credit cards) were the only alternative funding solutions for The Patch that were available.
There is now there is no requirement of having to depend on the real estate market to secure company loans. With an unsecured loan, business funding is made simple. Instead of a term loan with banks, business finance for a small business with interest rates and loan terms that help with cash flow is around as business loans.
There are numerous benefits with the separation of personal and company debt.
Limit your exposure, make tax time easier, get started with an unsecure loan for business. Make an application today.
One of the main benefits of keeping your personal and company assets apart will be the fact that your home does not have to be tied to the funds. In the case of a business loan within The Patch up to $100K the security of assets won’t be required so long as the borrower is able to meet their loan obligations.
Businesses will be in a favourable long-term position if they can show good credit and debt capability.
The separation of personal as well as business financial accounts makes it more straightforward in the event of tax time, especially when it comes to determining the tax-deductible allocation. The IRD has set out guidelines on the proof required in order to deduct deductions from a company’s tax return. This is a subject that the IRD have specifically advised on.
Effective management of cash flows is essential to the longevity that of any business. By keeping your personal finances and business finance separate, businesses can easily view their cash flow, plan and monitor it based on the ability to clearly determine their cash flow status.
The Patch unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. This business loan is an upfront priced loan which means you be aware of the amount you will have to pay, including any fees, charges or charges. Then, it is broken down into either weekly or daily installment amount.
It is a Small Business Loan can be used to fulfill almost every business need, such as managing cash flows, business remodeling, marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
In order to be eligible for a loan that is this large the business needs to be operating for a minimum of 3 years with an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large business loan is a great option for almost all company use, including business renovations, purchase of equipment or inventory, as general working capital, and much more. The loan is not available for personal purposes.
Asset security is needed for accessing funds over $150,000. It’s by taking a charge over assets, and could include registration with the PPSR or registering as a caveat.
A personal or director’s ensure is a promise to repay a loan which is generally in nature rather than stipulating security over a particular asset. The person signing the guarantee is personally liable if the company borrower is unable 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 registered in respect of personal property (including items or assets). The PPSR allows preference over private property assigned depending on the date that a security interest was registered.
A caveat is a legal document lodged to offer the legal claim on a property.
If you’re applying for the Larger Business Loan that exceeds $250,000 it is possible to offer an initial pre-approval that will help ease the process. We might be able to apply for this without a credit check, and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial health checks. It’s not an offer or guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer that you are offered could be on different terms.
You may apply for a business loan if you;
The application process is quick and simple. Just complete the online application within a few minutes and an experienced company expert in lending will be in touch to guide you.
To apply for up $100,000, you’ll require proof of identity (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent and 12 months of bank records, IRD statement, last 2 years finalised financial statements, as well as interim financial statements for the current year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) we usually offer an answer in just one hour, provided you make your application in quality company hours and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statement, we’ll provide the decision in just one company day.
For the Larger Business Loan ($100K to $500K) we could be able to provide you with pre-approval conditional to your application within six hours. After you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this could be shorter based on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The quickest way to apply would be to make sure you apply during standard company hours. Also, allow us to use our modern bank verification link to instantly verify your bank account information online. If you opt to send us copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer in just one hour – provided you apply within standard business times and you allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your banking statements, we are able to offer an answer in just one business day.
For the Larger Business Loans ($100K or more) We may be capable of provide the conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this can be faster depending on the specifics of each application. Certain transactions have received approval within 24 hours.
The fastest way is to make sure you apply during standard business hours. You can also allow us to use our advanced bank verification system link to instantly verify your bank information online. If you opt to upload the copies of bank statements, it takes a bit longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a particular amount, we take into consideration a range of aspects in order to assess how much we can lend you health of the company and the extent of repayments your company can support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you submit an application for a set amount, we look at a range of aspects to assess the health for your business as well as the amount of repayments that your business can afford. The amount you receive from your loan will be determined by the specific circumstances that are unique to your business.
When you apply for the business credit, we will assess the risk assessment of your company and offer an individualised proposal that includes loan amount, term and interest rates. The company loan is an upfront-priced loan which means you know in advance the total amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates depend on a variety of factors including the amount borrowed, the business assets the funds will be used for in addition to the industry that the business is in, how long the company has been operating as well as how long the business has enough cash flow to pay for the loan, and overall well-being or creditworthiness of the company.
There aren’t any hidden costs with our business loans, and you’ll know precisely how much you need to pay and when, from the first day. There’s no compounding interest, and no extra fees (as as long as you pay your payments on time).
We don’t charge an application fee. You can request a credit loan no cost upfront or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can decide to repay all of your loan early at any time.
If you do decide to do this please talk to one of our helpful company loan professionals. The specialists will offer you with repayment details along with an early payout estimate. This is calculated as the total of the principal remaining plus any accrued interest as of the time of early payment in addition to 1.5% of the principal remaining and any outstanding fees.
To make sure you do not miss payments and to work with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from the nominated company account.
Protecting your information, and being clear about how we collect data, process, exchange and secure your information, is vital and a vital part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We make use of an advanced bank verification system to immediately verify the bank account details online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset that they own to secure the loan. The asset may be an individual property, such as the family home, or a company asset such as a vehicle as well as a piece of machine.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan, the asset could be transferred to the lender. In essence, it’s means of securing new financing by using the value of what you already own.
For loans that exceed $150K, no asset security is required upfront to access the money However, we do need the personal guarantee. As long as you follow the loan terms (as specified in the loan contract) Asset security will never be needed. For loans that exceed $150,000, typically, you will need a personal guarantee and security is provided in the form of a charge over assets.
While we aren’t able to help with an unsecure business loan in these types of industries, we may be able assist with a secured business loan.
