The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Check out the conditions of eligibility for our $100K-$500K business loans.
All that’s required to start is your contact information (the name of your company and your name, as well as email, phone) and the amount you’d like to borrow, and your monthly revenue.
During the process and before settlement we’ll need confirmation of who you are, but not for starting:
Once we’ve started when it comes to loans of more than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes over the phone, receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. Our company loan is a cash-based loan so you will know ahead of time the total amount due, which includes any interest, fees or charges. This is then divided into a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually any business use, including control of cash flow company remodels and marketing for purchasing inventory or new equipment, to fund general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan in this amount the company needs to be operating for a minimum of 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large company loan is a great option for almost all company use, including business improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed to obtain funding above $150,000. It’s as a result of an charge over assets, and could include registering this through the PPSR or filing a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than specifying security over a particular asset. The person signing the guarantee is personally responsible if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR permits priority over personal property to be assigned depending on the date that a registration of a security interest.
Caveats are legal document lodged to offer the legal claim on a property.
If you’re requesting the Larger Business Loan of $250K or more, we may offer an initial pre-approval that will help simplify the process. We could be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health checks. It is not an offer of credit or guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer that you may receive may have different conditions.
You may be eligible for an business loan if you:
The application process is simple and easy. Simply complete the online form in few minutes and a dedicated business credit specialist will call you to guide you.
To be eligible for up to $100,000 you’ll need the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent twelve months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) We can usually provide an answer in just one hour if you apply in quality company times and let us utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements , we are able to offer an answer in just an company day.
For Larger Business Loans ($100K or more) we might be capable of provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved in less than 24 hours.
The fastest way would be to make sure you apply during normal company hours. You can also let us use the advanced bank verification system to instantly verify your bank account information online. If you decide to send us documents from your account accounts, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within an hour if you apply within normal business hours and allow us to use the bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements, we are able to provide the decision in as little as one business day.
For Larger Business Loans ($100K to $500K) We may be in a position to provide you with conditional pre-approval within six hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be faster depending on the circumstances of each application. Certain transactions have received approval within just 24 hours.
The most efficient method is to make sure you apply during normal business hours, and let us use the sophisticated bank verification to instantly check your bank’s information online. If you opt to upload documents from your account statements, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount we consider a variety of factors that determine what is the health for your company as well as the amount of repayments that your business can afford. The total amount of your loan will depend on the particular circumstances the business.
When you make an application for a certain amount, we look at a range of factors to assess how much we can lend you such as health of your business and the level of repayments your company is able to afford. The total amount of your loan will be determined by the particulars for your company.
When you request business loans with us business loans, we’ll assess the risk assessment of your business and offer an individualised proposal that includes loan amount, term and the interest rates. A business loan is an upfront priced loan which means you be aware of the total amount payable including any charges, interest rates or fees.
Business loan interest rates depend on several variables like the amount to be borrowed, what company assets the funds will be used for in addition to the industry that the company operates in, the long the company has been running, in the event that the company has sufficient cash flow to support the loan, and general well-being or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much it is that you need to pay and when, right from the day you sign up. There’s no compounding interest and there are no additional charges (as as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the entire amount of the loan at any point in time.
If you do decide to take this route, please speak to our friendly company credit experts. They’ll provide you with details for repayment along with an early payout estimate. This will be calculated as the sum of the principal balance and accrued interest to the date of early payout and 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow general, we provide payments that are either weekly or daily. These are automatically deducted from your nominated company account.
Protecting your information, and being upfront about how we collect information, use it, and exchange it, as well as protect your information, is vital and is a crucial part of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We use an advanced bank verification system link to instantly verify the bank account details online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where an company owner uses the assets they have to secure the funds for a loan. The asset may be an asset belonging to the personal, like the family home, or a company asset such as a vehicle or piece of equipment.
The vast majority of banks, not just the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan, then the asset might be offered for sale by the lender. In essence, it’s means of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150K, no asset security is required before you can access the money however, we require a personal guarantee. need an individual guarantee. So long as you comply with the loan terms (as stipulated in your loan contract), asset security is not needed. For loans over $150,000 typically, you will need personal ensure and security in the form of the charge of assets.
