The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K company financing.
All that’s needed to begin is your contact details (company name, your name, email or phone number) as well as the amount you want to borrow, and your monthly revenue.
While in the process and before settlement we’ll need confirmation of who you are but not before we can begin:
Once we’ve started with loans over $150,000 you will also require the following financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
You can apply for this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and the funds could be in your account within 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. We offer a company loan is a cash-based loan and you’ll be aware of the amount you will have to pay, including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used to fulfill almost every business need, such as the management of cash flow, company renovations, marketing to purchase inventory, new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are weekly or fortnightly depending on you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit that is this large, your company needs to be trading for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A larger company loan can be used for nearly all business use, including business remodeling, buying inventory or new equipment for general working capital and so much more. The loan is not available for personal reasons.
Asset security is required for funding of more than $150,000. This is as a result of an charge over assets, and could include registration through the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally in nature rather than specifying security over a particular asset. The person who signs the guarantee is personally responsible if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR permits the priority of personal property assigned according to the date the security interest that is registered.
Caveats are legal document that is filed to offer the public notice of a legal claim on a property.
If you’re applying for a Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval that will help smooth out the process. It is possible to get this done without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial well-being checks. It’s in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may be on different conditions.
You may be eligible for an business loan if you
The application process is quick and simple. Complete the online form in just a few minutes, and a dedicated company credit specialist will be in touch to help you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Application details including credit consent as well as 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, plus interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer within an hour if you make your application within standard company times and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your banking statements we can offer an answer within just 1 business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be in a position to offer the conditional pre-approval within about six 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 particular circumstances of each application. Some agreements have been approved within the space of 24 hours.
The fastest way would be to make sure you apply during standard company hours and allow us to use the advanced bank verification system to check your bank’s information online. If you decide to upload copies of your bank statements , it takes a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour – as long as you make your application within normal business timings and you allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your banking statement, we’ll provide the decision in just an business day.
If you are applying for Larger Business Loans ($100K or more) we may be likely to provide you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be faster depending upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The fastest way is to ensure you apply during normal business hours. You can also permit us to use the sophisticated bank verification to check your bank’s information online. If you send us documents from your account statement, it will take a little longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of aspects in order to assess your health of the company and the extent of repayments that your business is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a specific amount we look at a range of aspects to assess the well-being for your business and the level of repayments your business will be able to support. The amount you receive from your loan will depend on the particulars that are unique to your company.
When you apply for business loans with us business credit, we’ll assess the risk profile that you have for your company and provide you with a customised offer that includes the amount of loan, the term and the interest rates. A 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 vary due to factors like the amount of money borrowed, what company assets the money are used to purchase as well as the field the business is operating in, how long the company has been running for, what percentage of the business has enough cash flow to pay for the loan, and general health as well as creditworthiness company.
There aren’t any hidden charges with our business loans. You’ll be aware of the amount you’ll need to pay, and when, from the first day. There’s no compounding interest and there are no additional charges (as as long as you pay your payments in time).
We don’t charge an Application Fee. You can make an application for loans with no cost upfront or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay all of your loan early at any time.
If you choose to take this route, please contact our helpful business credit experts. They will provide you with details for repayment and an early payout figure. This is calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payout and 1.5 percent of the principal remaining and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from your nominated company account.
The security of your personal information, as well as making it clear the ways we gather data, process, exchange and ensure the security of your information is of paramount importance and an integral part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system to immediately verify the bank account details online. This allows us to provide quick responses.
Asset-based borrowing is when a business owner borrows from the assets they have to secure the funding. The asset can be an individual asset, such as the family home, or an company property like a truck or piece or equipment.
The majority of the lenders not just the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan, the asset might be taken over by the lender. In essence, it’s means of securing additional financing making use of the value of what you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds however, we do require a personal guarantee. So long as you comply with the terms of your loan (as stipulated in the loan contract), asset security is not needed. For loans of over $150K typically, you will need personal ensure and security that is in the form charges on assets.