The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K-$500K business loan.
All that’s required for starting is your contact details (company name, your name, email, phone) along with the amount you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of your identity, but not for starting:
Once we’ve started, for loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and the funds could be in your account within 24 hours. Traditional company loans reference an interest rate per annum together with additional fees and charges. This company loan is a pre-paid loan which means you be aware of the total amount due, which includes any fees, interest or charges. This is then broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used to fulfill almost every business purpose including control of cash flow business improvements, advertising to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To be eligible for a loan of this size, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A larger business loan can be used for almost any business reason, such as business renovations, to purchase inventory or new equipment as well as for general working capital and much more. The loan is not available for personal use.
Asset security is needed to obtain funding above $150,000. It’s by way of charge against assets, and may include registering this in the PPSR or filing a caveat.
A personal or director’s ensure is a commitment to pay back a loan that is general in nature, rather than defining the security of a specific asset. The person who is signing the guarantee is personally accountable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR permits the priority of personal property granted in accordance with the date on which a security interest that is registered.
A caveat is a legal document that is filed to provide the legal claim to property.
When you’re applying for the Larger Business Loan that is greater than $250,000 we can offer an initial pre-approval in order to ease the process. We may be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial health checks. This is not an offer or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you might receive could be on different conditions.
You can apply for a company loan if you:
The application process is quick and simple. Just complete the online application within a couple minutes, and an experienced business loan specialist will call you to guide you.
To apply for up to $100,000 you’ll need identification details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent twelve month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually offer a response in one hour – as long as you apply at quality company hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your banking statements , we will be able to provide the decision in just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to offer you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this could be shorter based on the specifics of each application. Some transactions have received approval within just 24 hours.
The fastest way for you to apply is ensure you apply during normal company hours. You can also permit us to use the advance bank verification link to instantly verify your bank information online. If you choose to upload the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K and up) we can often provide a response in one hour if you submit your request at standard business time and you allow us to use the bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statement, we’ll offer the decision in as little as the span of one business day.
For the Larger Business Loans ($100K to $500K) we could be in a position to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved within just 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours and allow us to use our sophisticated bank verification link to instantly check your bank’s information online. If you opt to send us duplicates of your banking accounts, it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of variables for determining what is the health for your business and the amount of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a specific amount we will consider a number of variables to determine the well-being that is your company as well as the amount of the repayments your company is able to afford. The total amount of your loan will be determined by the specifics of your company.
If you decide to make an application for the company loan, we will assess the risk profile for your company and offer you with a tailored offer that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront-priced loan therefore you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
The interest rates on business loans rates depend on a variety of variables like the amount to be borrowed, the business assets the money will be used for, the industry the business operates in, the long the business has been in operation and in the event that the company has sufficient cash flow to cover the loan, as well as the general health as well as creditworthiness company.
There are no hidden costs for our company loans. You’ll know precisely what it is that you need to pay, and when, starting from the very first day. There’s no compounding interest, and no extra fees (as long as you make your payments on time).
We don’t charge an Application Fee. You can get a cash loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can repay the entire amount of the loan in full at any time.
If you choose to take this route, please speak to our friendly business lending professionals. They’ll offer you with the details of your repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance and accrued interest to the time of early payout, plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your nominated company account.
Protecting your information, and knowing how we collect information, use it, and exchange it, as well as protect your information, is of huge importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online, allowing us to provide quick responses.
The term "asset-based" refers to borrowing where a business owner borrows from an asset that they own to secure a loan. The asset can be either an individual property, such as the family home, or a business asset like a truck or piece of equipment.
The majority of the lenders even the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan, the asset might be sold by the lender. In essence, it is a way of securing additional financing using the worth of the asset you already own.
Up to $150K in loans no asset security is required prior to the loan’s access but we do need a personal guarantee. If you adhere to your loan commitments (as detailed in your loan contract) the security of assets is not needed. For loans of over $150,000 typically, you will need the option of a personal ensure and security that is in the form a charge over assets.
