The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K to $500K company loan.
All you need to begin is your contact information (company name, your name, email address and telephone), how much you want to borrow, and your monthly income.
While in the process and before settlement we will require confirmation of who you are, but not for starting:
In addition, once we have started in the process, for loans over $150,000 you’ll require basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an answer within the same day and the money could be in your account within 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. The company loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for almost every company use, including cash flow management, company improvements, advertising to purchase inventory, new equipment, for general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large, your business needs to be operating for a minimum of 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A large business loan can be used for nearly all company reason, such as business renovations, purchase of equipment or inventory, as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge over assets, and may include the registration of this through the PPSR or the registration of a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature rather than specifying security over an asset. The person who is signing the guarantee is personally accountable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
Caveats are legal document lodged to provide notice of a legal claim to a property.
If you’re applying for a Larger Business Loan of $250,000 or more, we may offer an initial pre-approval that will help make the process. We might be able to do this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health questions. This is not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you may receive may have different terms.
You are eligible to apply for a company loan if you:
The application process is quick and easy. Just complete the online application within a couple minutes, and an experienced business credit specialist will be in touch to assist you.
To apply for up $100,000 you’ll require identification details (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour if you submit your request in quality company time and allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statement, we’ll provide an answer in as little as the span of one business day.
For Larger Business Loans ($100K or more) we may be in a position to provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The quickest way to apply would be to ensure you apply during standard company hours. You can also let us use the modern bank verification link to verify your bank account information online. If you opt to upload the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we typically provide a response in one hour – as long as you submit your request during standard business timings and let us make use of the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statement, we’ll provide a decision in just the span of one business day.
For the Larger Business Loans ($100K up to $500,000) we might be able to offer you with conditional pre-approval in around six hours. Once you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours. You can also allow us to use our advanced bank verification system link to confirm your bank details online. If you upload duplicates of your banking statements, it will take a little longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a certain amount, we consider a variety of elements that determine your health that is your company as well as the amount of repayments that your business will be able to support. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
If you apply for a particular amount, we will consider a number of elements to assess your health of your business and the level of the repayments your company will be able to support. The total amount of your loan will be determined by the specifics that are unique to your business.
When you make an application for one of our business loans, we will assess the risk assessment for your company and offer an individualised offer including the loan amount, the terms and the interest rates. A business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount to be paid, including any charges or interest.
Interest rates for business loans rates depend on several factors such as the amount that is borrowed, what business assets the money will be used for and the sector the business is operating in, how long the company has been running for, in the event that the company has sufficient cash flow to cover the loan, and overall well-being as well as creditworthiness company.
There are no hidden costs with our business loans. You’ll know exactly how much you need to pay, and at what time, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments in time).
We don’t charge an application fee. You can make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back the entire amount of the loan in full at any time.
If you decide to do this please call our helpful business loan experts. They’ll provide you with details on repayment and an early payment figure. This is calculated as the sum of the remaining principal amount and accrued interest to the date of early payout, plus 1.5% of the principal remaining plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Security of your data, and being clear about the ways we gather the information we collect, use, share and protect your information, is of huge importance and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We make use of an advanced bank verification system that allows you to immediately verify your bank account details online, allowing us to provide a fast response.
An asset-based loan is when a company owner borrows from an asset that they own to secure a loan. The asset may be a personal asset like the family home or it could be a business asset like a truck or other piece of machinery.
The vast majority of banks, not just the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan, then the asset might be transferred to the lender. In essence, it is a way of securing additional financing taking advantage of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets in advance to gain access to the funds however, we do need a personal guarantee. If you adhere to your loan obligations (as stated in your loan contract document) the security of assets is not required. For loans of over $150,000 generally there is a personal guarantee and security in the form the charge of assets.
