The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the guidelines for eligibility for our $100K-$500K company loans.
All that’s required to begin is your contact information (company name, your name, email, phone), how much you’d like to borrow, and your monthly earnings.
During the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
After we start in the process, for loans that exceed $150,000, you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the funds could be on your account within 24 hours. Traditional company loans have an annual interest rate together with additional fees and charges. We offer a company loan is an upfront priced loan 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 weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost any business purpose including the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
To qualify for a loan in this amount the business needs to have been in operation for at least 3 years with an annual turnover of $700K. 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 continuous trading.
A larger company loan can be used for almost any company use, including company renovations, to purchase new equipment or inventory for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary for funding of more than $150,000. It is usually as a result of an charge against assets and can include registering this through the PPSR or registering as a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is general in nature rather than defining the security of a specific asset. The person signing the guarantee is personally liable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It contains security interests that are registered for personal property (including items or assets). The PPSR allows the priority of personal property granted according to the date a security interest was registered.
The caveat can be described as a formal document that is filed to provide the legal claim on a property.
When you’re applying for larger business loans of $250,000 or more we can offer an initial pre-approval that will help simplify the process. We may be able to get this done without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial health questions. It is neither an offer nor a guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could be based on different conditions.
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 few minutes and a dedicated business expert in lending will contact you to guide you through the process.
To apply for up $100,000 you’ll require the right identification documents (valid Driver’s License) and a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent twelve months of bank records, IRD statements, last 2 years finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K or more) we typically offer an answer in just one hour, provided you make your application in quality business hours and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can provide a decision within just 1 business day.
For the Larger Business Loan ($100K and up) we may be capable of offer you with conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based on the specifics of each application. Certain offers have been approved in the space of 24 hours.
The most efficient method for you to apply is make sure you apply during normal business hours, and let us use the advance bank verification link to instantly confirm your bank details online. If you choose to upload documents from your account accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer in just one hour, provided you apply at normal business timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statement, we’ll provide a decision within one business day.
If you are applying for Larger Business Loans ($100K or more) we might be likely to provide you with pre-approval conditional to your application within about six hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this can be faster depending on the circumstances of each application. Certain deals have been approved in 24 hours.
The most efficient method is to make sure you apply during standard business hours. You can also allow us to use the advance bank verification link to instantly verify your bank account information online. If you choose to upload the copies of bank statements, it will take a little longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a specific amount we consider a variety of elements for determining the well-being of the company and the level of repayments your business can support. The amount you receive from your loan will depend on the specific circumstances of your company.
When you apply for a particular amount, we take into consideration a variety of factors to assess your health for your business and the extent of payments your business will be able to support. The total amount of your loan will be contingent on the particular circumstances for your business.
When you make an application for one of our business loan, we will assess the risk assessment of your company and provide you with a customised offer including loan amount, term and the interest rates. The business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Interest rates for company loans rates depend on a variety of factors including the amount borrowed, what company assets the money will be used for as well as the field the business is operating in, how long the business has been operating, what percentage of the business has sufficient cash flow to pay for the loan, as well as the general health as well as creditworthiness company.
There aren’t any hidden costs for our business loans, and you’ll know exactly how much it is that you be required to pay, and when, starting from day one. There’s no compounding interest and no extra fees (as as long as you pay your payments in time).
We don’t charge an application fee. You are able to get a cash loan with no cost upfront or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can choose to repay all of your loan early at any time.
If you are deciding to pursue this option, please talk to one of our helpful company credit professionals. They’ll offer you with repayment details as well as an early payout amount. It will be calculated using the sum of the principal balance and any accrued interest at the time of early payout in addition to 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated company account.
Making sure that your information is secure, and knowing the ways we gather the information we collect, use, share and safeguard your data, is crucial and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to security for our clients and security. We use an advanced bank verification system link to immediately verify your bank account information online. This allows us to offer an immediate response.
An asset-based loan is when the business owner uses the assets they have to secure the funding. The asset could be an individual asset, such as the family home, or an company property like a truck or piece or equipment.
The vast majority of lenders, even the largest banks, are inclined to make loans secured by an asset. If you have trouble paying back the loan, your assets could be offered for sale by the lender. In essence it is an opportunity to secure new funding making use of the value of what you already have.
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. need a personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract document) the security of assets will never be needed. For loans over $150,000 generally, you are able to get an individual ensure and security in the form of an asset charge.
