The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Find out the conditions of eligibility for our $100K to $500K company loan.
All that is needed to get started is your contact details (the name of your company and your name, as well as email, phone) as well as 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 with loans of more than $150,000 you’ll require basic financial statements.
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional company loans refer to an annual rate of interest together with additional fees and charges. We offer a company loan is an upfront priced loan and you’ll be aware in advance of the total amount due, which includes any fees, interest or charges. Then, it is broken down into either a daily or weekly amount to be paid back.
The Small Business Loan can be used for virtually every business reason, such as managing cash flows, business remodeling, marketing to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
In order to be eligible for a loan in this amount the business needs to be in operation for at least 3 years and have an annual turnover of $700K. Your business must belong to 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 prove at the least 12 months of operating.
A larger business loan can be used to fund almost all company purpose including company renovations, to purchase inventory or new equipment for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required for accessing funds over $150,000. It is usually as a result of an charge against assets, which could also include registering this on the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to repay a loan which is general in nature rather than stating the security for a particular asset. The person who signs the guarantee is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date a security interest was registered.
An affidavit is an official document that is filed to offer the legal claim to a property.
If you’re seeking the Larger Business Loan of more than $250K we can offer an initial pre-approval that will help ease the process. It is possible to get this done without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial well-being checks. It is neither an offer nor a guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer that you may receive may have different terms.
You may apply for a company loan if you;
The process for applying is fast and simple. Complete the online form within a couple minutes, and a dedicated company credit specialist will call you to guide you through the process.
To apply for up to $100,000, you’ll require identification details (valid Driver’s License) and an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Application details including credit consent and 12 months bank statement, an IRD statements, last 2 years finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically provide an answer within one hour – as long as you apply during standard company time and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statements we can offer a decision within the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we may be capable of provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The fastest way can be ensure you apply during normal business hours, and permit us to use the advance bank verification link to instantly verify your bank account information online. If you opt to send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer within an hour, provided you apply in normal business time and let us use the advanced bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll offer a decision in just 1 business day.
If you are applying for Larger Business Loans ($100K and up) we may be able to offer the conditional pre-approval within six hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Certain deals have been approved in 24 hours.
The quickest method for you to apply is ensure you apply during normal business hours. Also, allow us to use the advance bank verification to instantly check your bank’s information online. If you choose to send us 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 will consider a number of aspects to determine your health that is your business and the amount of the repayments your business will be able to support. The total amount of the loan will be determined by the particular circumstances for your company.
When you make an application for a set amount, we will consider a number of elements to determine how much we can lend you such as well-being that is your company as well as the amount of the repayments your business can afford. The amount you receive from your loan will be contingent on the particular circumstances for your business.
If you decide to apply for business loans with us company financing, we will assess the risk assessment the business and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. This business loan is an upfront cost loan which means you know the exact amount you will have to pay, including costs, fees, or interest rates.
Interest rates for company loans rates depend on several factors like the amount of money of money borrowed, the company assets the money will be used for, the industry the business operates in, the long the business is in operation and in the event that the company has sufficient cash flow to fund the loan, and general well-being or financial standing of the business.
There aren’t any hidden charges for our company loans, and you’ll know precisely how much you be required to pay, and when, starting from the day you sign up. There’s no compounding interest and no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can make an application for loans with no cost upfront or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan at any point in time.
If you choose to do this please contact our helpful business credit professionals. They’ll 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 accrued interest to the time of the early payout plus 1.5 percent of the principal amount remaining plus any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your company account.
Security of your data, and making it clear the ways we gather data, process, exchange and safeguard your data, is vital and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We make use of an advanced bank verification system link to instantly verify the bank account details online. This allows us to provide rapid response.
Asset-based borrowing is when an business owner borrows from assets they own to make a loan. The asset can be an individual asset, such as the family home, or it could be a company property like a truck as well as a piece of machine.
The vast majority of lenders, not just the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan, then the asset could be sold by the lender. In essence, it is a way of securing additional financing using the worth of the asset you already have.
Up to $150K in loans it is not necessary to secure assets upfront to access the money however, we do require a personal guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract document) Asset security is not required. For loans that exceed $150K, generally there is a personal ensure and security in the form of an asset charge.
