The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K-$500K business loan.
All that’s needed to begin is your contact details (company name, your name, email, phone), how much you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of your identity, but not to get started:
Once we’ve started, for loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
You can apply for this Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and have the funds on your account within 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. We offer a company loan is an upfront priced loan and you’ll be aware in advance of the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily repayment figure.
A Small Business Loan can be used for virtually any business purpose including the management of cash flow, company renovations, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To qualify for a loan of this size the business needs to be in operation for at least 3 years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A Larger Business Loan is a great option for almost every business purpose including business improvements, purchasing 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 required to access funding over $150,000. This can be done by taking a charge over assets, and could be registered with the PPSR or the registration of a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is general in nature, rather than defining security over an asset. The person who is signing the ensure is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including items or assets). The PPSR allows the priority of personal property granted depending on the date that a security interest was registered.
Caveats are legal document filed to provide notice of a legal claim on a property.
If you’re applying for larger company loans that is greater than $250,000, we may offer an initial pre-approval in order to smooth out the process. We may be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial health checks. It’s not an offer or guarantee of funds. A conditional approval is subject a full credit assessment and any offer that you might receive could be based on different terms.
You may apply for an company loan if you;
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and a dedicated business credit specialist will call you to assist you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent and 12 months bank statement, an IRD statements, last 2 years finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour – as long as you make your application within quality company timings and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statements , we’ll be able to provide a decision within 1 company day.
For the Larger Business Loan ($100K and up) we may be able to provide you with conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval in less than 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, allow us to use the modern bank verification link to verify your bank account information online. If you choose to send us the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within one hour – as long as you make your application in normal business timings and let us use the advanced bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll offer an answer in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K or more) we might be likely to provide the conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some deals have been approved within the space of 24 hours.
The quickest method can be make sure you apply during standard business hours. You can also allow us to use the advance bank verification to check your bank’s information online. If you choose to send us documents from your account statements, it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of factors to determine what is the well-being that is your company and the amount of payments your business will be able to support. The total amount of the loan will be determined by the particular circumstances of your company.
When you make an application for a set amount, we consider a variety of aspects to determine your health that is your company and the level of repayments that your business can support. The amount you receive from your loan will be determined by the particulars the company.
If you decide to make an application for one of our company loans, we will assess the risk profile of your company and provide you with a tailored offer that includes loan amount, term and interest rates. The company loan is a loan that is priced upfront therefore you will know the exact amount payable including any interest rates, fees or charges.
Interest rates for company loans rates depend on several factors including the amount borrowed, the business assets the money are used to purchase as well as the field the company operates in, how long the company has been running and in the event that the business has sufficient cash flow to fund the loan, and overall health and creditworthiness of the company.
There are no hidden costs for our business loans. You’ll be aware of the amount you’ll be required to pay, and when, starting from the day you sign up. There’s no compounding and no extra fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to apply for a loan with no upfront cost or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can choose to repay the entire amount of your loan early at any time.
If you decide to do this please speak to our friendly company loan experts. They will provide you with repayment details and an early payment figure. This will be calculated as the total of the principal amount remaining and accrued interest to the time of the early payout in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
To make sure you do not miss payment dates and to align with your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from your nominated business account.
Making sure that your information is secure, and making it clear the ways we gather, use, exchange and protect your information, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We use an advanced bank verification system link to immediately verify your bank account details online so we can offer rapid response.
Asset-based borrowing is when a company owner borrows from assets they own to make the funding. The asset can be an individual property, such as the family home or an business asset like a truck or piece or equipment.
The vast majority of lending institutions, even the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan then the asset might be offered for sale by the lender. In essence it is the process of securing new funding making use of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan commitments (as detailed in the loan contract) Asset security will never be required. If you take out loans in excess of $150K typically, you will need the option of a personal guarantee and security in the form of the charge of assets.
