The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Find out the conditions of eligibility for our $100K-$500K business financing.
All you need to begin is your contact information (the name of your company, your name, email and telephone), how much you’d like to lend, and your monthly income.
During the process and before settlement we will need confirmation of who you are however, not in order to begin:
After we start in the process, for loans that exceed $150,000, you will also need basic financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
It is possible to apply to get your Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and have the funds available in just 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. This business loan is an upfront priced loan and you’ll know in advance the total amount payable including the interest, fees and charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used for virtually any company purpose including managing cash flows, company renovations, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal use.
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 over a fixed term up to 36 months. Repayments are weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan of this size, your company needs to have been in operation for at least 3 years and generate an annual revenue of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for almost any company need, including business remodeling, buying equipment or inventory as well as for general working capital, and much more. The loan is not available for personal reasons.
Asset security is required to obtain funding above $150,000. It is usually by taking a charge against assets, and could include registering this on the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is general in nature, rather than stipulating the security for a particular asset. The person who signs the guarantee is personally accountable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR gives preference over private property assigned depending on the date that a security interest has been registered.
Caveats are legal document lodged to provide the public notice of a legal claim against a property.
If you’re seeking larger business loans that is greater than $250K we may be able to provide an initial pre-approval to make the process. We might be able to get this done without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering some financial health checks. This is not an offer or guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be based on different conditions.
You can apply for an company loan if you;
The process for applying is fast and simple. Just complete the online application within a couple minutes, and a dedicated company lending specialist will call you to help you.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent and 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K or more) we usually offer a response in one hour if you make your application within standard company time and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll offer an answer in just the span of one business day.
For the Larger Business Loan ($100K to $500K) we may be capable of provide you with conditional pre-approval within six hours. Once you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some agreements have been approved within just 24 hours.
The most efficient method would be to make sure you apply during standard company hours. Also, let us use the advanced bank verification system link to instantly check your bank’s information online. If you opt to upload duplicates of your banking statements it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we typically offer an answer within an hour, provided you submit your request in normal business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements we can offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be able to offer you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Certain transactions have received approval in 24 hours.
The fastest method would be to ensure you apply during standard business hours and let us use the sophisticated bank verification to instantly check your bank’s information online. If you decide to send us duplicates of your banking statement, it takes a bit longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of factors that determine your health for your company and the level of repayments your business can support. The total amount of your loan will be contingent on the particular circumstances that are unique to your company.
When you apply for a particular amount, we consider a variety of aspects to assess your well-being for your business and the amount of payments your company can support. The amount you receive from your loan will be determined by the particulars for your business.
If you decide to make an application for one of our business credit, we’ll assess the risk profile of your company and offer you with a customised proposal that includes the loan amount, the terms and the interest rates. This business loan is an upfront-priced loan and you’ll be aware of the total amount due, which includes any charges, interest rates or fees.
Interest rates for company loans rates depend on a variety of variables like the amount to be borrowed, the business assets the funds are used to purchase, the industry the company operates in, how long the business has been running, in the event that the business has enough cash flow to fund the loan, and the overall health or financial standing of the business.
There are no hidden costs with our company loans. You’ll know precisely what it is that you be required to pay, and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You are able to get a cash loan no cost upfront or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can repay the total amount of your loan in full at any time.
If you do decide to pursue this option, please talk to one of our helpful company loans professionals. We will offer you with details on repayment and an early payout figure. This is calculated as the sum of the principal amount remaining and the accrued interest up to the date of early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from the nominated business account.
Making sure that your information is secure, and being clear about the ways we gather data, process, exchange and ensure the security of your information is of paramount importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their security. We use an advanced bank verification system link to immediately verify your bank account details online so we can offer an immediate response.
Asset-based borrowing is when a company owner utilises an asset they own to obtain the funds for a loan. The asset can be either a personal asset like the family home, or a company property like a truck as well as a piece of machine.
The majority of lenders, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, your asset may be sold by the lender. In essence, it’s an opportunity to secure 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 before you can access the money but we do need the personal guarantee. So long as you comply with your loan commitments (as specified in the loan contract), asset security is not needed. If you take out loans in excess of $150K generally, you can get personal ensure and security in the form a charge over assets.
