The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Find out the eligibility requirements for our $100K to $500K business loans.
All that is needed to start is your contact details (company name, your name, email or phone number) and the amount you’d like to borrow as well as your monthly income.
During the process and before settlement we’ll need confirmation of who you are, but not before we can begin:
After we start with loans of more than $150,000 you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and have the funds in your account within 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. The business loan is a loan that is priced upfront which means you know ahead of time the total amount due, which includes the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for virtually any business need, such as the management of cash flow, business improvements, advertising, to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate you cashflow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a loan that is this large the business needs to be trading for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly any company purpose including company improvements, purchasing inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal use.
Asset security is needed to access funding over $150,000. It is usually by way of charge over assets, and could include registration in the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is generally in nature rather than specifying security over an asset. The person signing the ensure is personally liable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR grants the priority of personal property assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official document filed to provide an official notice of a claim on a property.
If you’re requesting larger company loans that exceeds $250,000 we can offer a preliminary pre-approval to help ease the process. We may be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes the answer to a series of financial well-being checks. This is not an offer of credit or guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you may receive may have different conditions.
You are eligible to apply for a company loan if you:
The application process is quick and simple. Just fill out the online application in just a few minutes, and an experienced business lending specialist will call you to assist you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent and 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financials for the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we usually provide a response in one hour, provided you apply within standard company hours and let us make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements , we will be able to offer the decision within the span of one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to offer 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 this may be quicker depending on the specifics of each application. Certain offers have been approved in less than 24 hours.
The quickest method for you to apply is make sure you apply during standard business hours. You can also allow us to use the advance bank verification link to verify your bank account information online. If you decide to send us copies of your bank accounts, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour, provided you make your application in normal business timings and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statement, we’ll offer the decision within 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 pre-approval conditional to your application 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 may be quicker depending upon the circumstances for each application. Certain offers have been approved within just 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours, and allow us to use our advance bank verification link to instantly check your bank’s information online. If you opt to send us duplicates of your banking statements it can take a bit longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a particular amount, we take into consideration a range of aspects that determine what is the well-being that is your business and the level of repayments that your business is able to afford. The total amount of the loan will be determined by the specifics of your business.
When you submit an application for a specific amount we consider a variety of elements to assess the well-being of the business as well as the amount of payments your company can support. The amount you receive from your loan will be contingent on the particulars the business.
When you apply for one of our company credit, we will assess the risk assessment of your company and offer you with a customised offer, including the amount of loan, the term and the interest rates. A company loan is an upfront-priced loan therefore you will know the exact amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates depend on a variety of factors like the amount of money borrowed, the 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 and how long the company has sufficient cash flow to support the loan, as well as the overall health or financial standing of the company.
There are no hidden fees with our business loans. You’ll know exactly how much you’ll be required to pay and at what time, from the first day. There’s no compounding interest and no additional fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You can apply for a loan with with no upfront cost or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can choose to repay the total amount of your loan at any point in time.
If you do decide to do this please contact our helpful business lending specialists. We will offer you with details for repayment and an early payment figure. This will be calculated as the total of the principal balance and any accrued interest at the time of early payment plus 1.5 percent of the principal balance and any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from your nominated company account.
Protecting your information, and knowing the ways we gather information, use it, and exchange it, as well as protect your information, is vital and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated bank verification system that allows you to instantly confirm your bank account information online, allowing us to offer an immediate response.
An asset-based loan is when an company owner utilises assets they own to obtain a loan. The asset may be an asset belonging to the personal, like the family home, or a company property like a truck as well as a piece of machine.
The vast majority of banks, even the major banks, prefer to secure loans against assets. If you are having difficulty paying back the loan, then your asset may be taken over by the lender. In essence, it’s a way of securing new financing taking advantage of the value of what you already have.
For loans that exceed $150,000, the requirement for asset security is not required before you are able to access the money However, we do need the personal guarantee. So long as you comply with your loan commitments (as stated in the loan contract), asset security is not required. For loans that exceed $150,000, typically, you will need the option of a personal guarantee and security in the form of a charge over assets.
