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Business Loan To Pay IRD Debt

Successfully securing a loan to repay IRD debt can be slightly tougher to obtain because most lenders see IRD debt as an instant red flag. Some lenders will not even consider viewing the application depending on the current economic climate and their lending appetite, which can change over time.

1. Can I get a business loan to repay IRD Debt?

You can get a business loan to repay IRD debt however it can be tougher because it suggests bad business management and can be a high risk to lenders. The best thing to do when you have IRD debt is to arrange a payment plan your business can manage well. If IRD debt has not been resolved or not on a payment plan your chances of securing a loan to either repay the debt or for any other reason will be significantly lower.

A lender may want to know the reason for the IRD debt and will take into consideration factors that were out of your control eg; An accounting error made externally from your business that meant your tax obligations were not met and you owed additional gst amounts.

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IRD Debt

5 Minute Business Health Check

Complete a no-obligation, free business health check over a 5 minute phone call that includes:

  • What kind of lending you should be applying for
  • How much you will be eligible for
  • Which lender would be the best option for your business situation.

2. Unsecured loan for IRD debt

Unsecured loans are available in New Zealand to repay IRD debt. Your financial report will be required and your business will need to be show the serviceability to repay the loan.

If your business is running at a loss you may struggle to be approved as this adds even more risk to the unsecured loan. 

Ideally your business will show a good 3 months profits and a stable, regular income.

We currently have several lenders who will lend with IRD debt so contact us to see what funding options are available to your business.

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3. Secured loan for IRD debt

If you are considering a secured loan for repaying IRD debt, or simply applying for a loan (cashflow, asset finance etc) and you have IRD debt we have lenders who can help.

Security can be vehicles you own outright, business assets and/or property. Your interest rate for a secured loan to pay IRD debt will start at 8.95% and you will receive a better rate than what you would with an unsecured loan.

Contact us today and we can chat about your loan options.

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Business loan lenders in New Zealand

We are partnered with multiple business loan lenders throughout NZ. Each lender provides different types of business loans and will offer different rates for small business loans depending on your business’ financial situation and financial history.

Heres a few lenders we work with and their basic lending criteria.

Get capital small business loans

Fast flexible business finance

• Loans from $5000
• Minimum 9 months trading
• Unsecured to $50k
• 10k or more monthly revenue
• Cashflow, asset, equipment finance

Heartland bank small business loans

Give your business a boost

• Unsecured up to $100k
• Terms up to 5 years
• Secured loans available
• No early repayment fees
• Interest rates from 11%

Fundtap invoice finance nz

Invoice Finance

• 100% online
• Loan off your outstanding invoices
•Funds in 24hrs
• Fast source of cashflow
• Use it when you need it

Pioneer Finance NZ

Your loan, tailored to you

• 100% online application
• Loan terms up to 7 years
• Secured finance
• Finance up to $100k
• Business finance for any reason

efco small business finance nz

We Finance Dreams

• 100% online
• From 8.95%
•Decision in 24hrs
• Startup business loans
• Vehicle finance, asset finance, cashflow loans

Zip Capital small business loans nz broker

Grow your Business with Zip Capital

• Unsecured up to $500k
• Repayment up to 5 years
• Rates from 9%
• No early repayment fees
• Decision within 24 hours

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Considering a business loan? We'll get you approved funding from the right lender!