The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Find out the eligibility requirements for our $100K to $500K company credit.
All you need to start is your contact details (the name of your company, your name, email address, phone) along with the amount you’d like to borrow as well as your monthly income.
During the process and before settlement we will need confirmation of your identity but not to get started:
Once we’ve started when it comes to loans that exceed $150,000, you’ll also need basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and funds may be on your account within 24 hours. Traditional company loans reference an annual interest rate along with other charges and fees. We offer a business loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes the interest, fees and charges. Then, it is broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for almost any company reason, such as managing cash flows, business remodeling, marketing to purchase inventory or new equipment, as general working capital and so 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 growth opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To qualify for a loan that is this large the company needs to be operating for at least three years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A larger company loan can be used for nearly any company need, including business remodeling, buying new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. This is in the form of a charge on assets and can include the registration of this in the PPSR or registering as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature, rather than stating security over an asset. The person who signs the guarantee is personally accountable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including items or assets). The PPSR gives priority over personal property to be granted according to the date the registration of a security interest.
The caveat can be described as a formal document that is filed to provide an official notice of a claim to a property.
If you’re requesting an enterprise loan of $250K or more we may be able to provide an initial pre-approval in order to smooth out the process. We could be able to make this decision without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health checks. This is neither an offer nor a guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer you might receive could have different terms.
You may apply for an business loan if you
The application process is simple and simple. Complete the online form within a couple minutes, and a dedicated business loan specialist will be in touch to guide you through the process.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank statements, IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically offer a response in one hour – as long as you make your application during quality company timings and permit us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements , we will be able to provide an answer in as little as 1 business day.
If you are applying for a Larger Business Loan ($100K or more) we may be capable of provide you with pre-approval conditional to your application in around 6 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 on the particular circumstances of each application. Certain agreements have been approved in less than 24 hours.
The quickest method can be ensure you apply during normal business hours, and permit us to use the advance bank verification to instantly check your bank’s information online. If you upload the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within one hour – provided you make your application during standard business hours and let us use the bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statements, we will be able to provide the decision within 1 business day.
For the Larger Business Loans ($100K or more) we might be likely to provide you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based upon the circumstances for each application. Some offers have been approved within less than 24 hours.
The fastest way would be to ensure you apply during normal business hours. You can also permit us to use the modern bank verification to check your bank’s information online. If you choose to upload duplicates of your banking statement, it may take a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a specific amount we take into consideration a range of factors that determine the well-being that is your business and the level of payments your company can support. The amount you receive from your loan will depend on the specifics for your company.
When you apply for a specific amount we take into consideration a variety of factors to assess the well-being for your business and the level of repayments your business is able to afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you make an application for our company financing, we’ll assess the risk profile that you have for your business and provide an individualised offer, including loan amount, term and the interest rates. A business loan is a loan that is priced upfront therefore you will know in advance the total amount you will have to pay, including 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 money are used to purchase as well as the field the company operates in, the long the business has been in operation, how long the company has sufficient cash flow to cover the loan, and the general health or creditworthiness of the business.
There aren’t any hidden costs for our company loans, and you’ll know precisely how much you’ll be required to pay and when, starting from day one. There’s no compounding interest and no additional fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You can request a credit loan with no cost upfront or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You may choose to pay back the entire amount of your advance loan at any time.
If you are deciding to take this route, please speak to our friendly company loans experts. The experts will offer you with the details of your repayment as well as an early payout amount. This is calculated as the total of the principal remaining and any accrued interest at the time of early payout in addition to 1.5% of the principal remaining plus any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from the nominated company account.
Protecting your information, and being clear about the ways we gather information, use it, and exchange it, as well as safeguard your data, is crucial and a vital part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to instantly verify your bank account information online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where a business owner makes use of an asset that they own to get the funds for a loan. The asset could be an individual asset, such as the family home or an business asset such as a vehicle or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to secure loans against an asset. If you’re struggling to pay back the loan, then the asset could be taken over by the lender. In essence it is means of securing new financing by making use of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets prior to the loan’s access However, we do require an individual guarantee. As long as you follow your loan obligations (as stipulated in the loan contract) the security of assets will never be needed. For loans that exceed $150K, generally, you can get a personal guarantee and security that is in the form charges on assets.
