The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the conditions of eligibility for our $100K to $500K company loans.
All that’s needed for starting is your contact information (the name of your company, your name, email address, phone), how much you’d like to borrow and your monthly revenue.
During the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
In addition, once we have started with loans over $150,000 you will also require the following financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
It is imaginable to apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the money could be in your account in 24 hours. Traditional company loans refer to an annual rate of interest plus other fees and charges. Our business loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount due, which includes any fees, interest or charges. This is then broken down into weekly or daily installment amount.
A Small Business Loan can be used to fulfill almost every business use, including control of cash flow company improvements, advertising to purchase inventory, new equipment, for general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your situation.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size, your business needs to be operating for a minimum of 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own 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 almost all company need, including business renovations, to purchase new equipment or inventory for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is required to access funding over $150,000. This can be done by way of charge over assets, and could include registration through the PPSR or making as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is generally in nature rather than defining security over a particular asset. The person who is signing the guarantee is personally accountable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR gives priority over personal property to be granted according to the date the registration of a security interest.
An affidavit is an official document lodged to offer the legal claim to property.
If you’re seeking a Larger Business Loan of $250,000 or more we may be able to provide an initial pre-approval to smooth out the process. We could be able to make this decision without a credit verification and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial well-being checks. It’s in no way an offer, nor is it a guarantee of financing. The approval of a conditional loan 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 an company loan if you;
The process for applying is fast and easy. Just complete the online application in few minutes and a dedicated business credit specialist will contact you to help you.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank statements, IRD statement, last 2 years finalised financial statements, and interim financial statements for the current year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer within one hour – as long as you apply during quality business timings and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to send us copies of your bank statements , we are able to offer an answer within an business day.
For Larger Business Loans ($100K to $500K) we may be likely to provide you with a conditional pre-approval in about six hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved in the space of 24 hours.
The fastest way for you to apply is ensure you apply during normal company hours. Also, let us use the modern bank verification to confirm your bank details online. If you send us the copies of bank statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer within an hour – as long as you submit your request within standard business hours and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statements, we’ll be able to offer the decision within one business day.
If you are applying for Larger Business Loans ($100K or more) we might be capable of offer you with pre-approval conditional to your application in around six hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain offers have been approved in the space of 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours. You can also allow us to use the sophisticated bank verification link to verify your bank information online. If you choose to upload the copies of bank statements, 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 look at a variety of factors that determine your health of the company and the amount of repayments that your business will be able to support. The amount you receive from your loan will depend on the specifics for your company.
If you apply for a specific amount we take into consideration a variety of aspects to determine how much we can lend you such as health of the company and the extent of repayments your business is able to afford. The amount you receive from your loan will be contingent on the particular circumstances of your business.
If you decide to apply for one of our business financing, we’ll assess the risk assessment of your business and offer an individualised offer that includes the amount of loan, the term and interest rates. It is a company loan is a loan that is priced upfront therefore you will know the exact amount you will have to pay, including charges or interest.
Interest rates for business loans rates depend on several factors such as the amount that is borrowed, what company assets the funds are used to purchase in addition to the industry that the business operates in, the long the business is in operation and how long the company has sufficient cash flow to fund the loan, as well as the general well-being as well as creditworthiness company.
There aren’t any hidden costs with our business loans, and you’ll know precisely what you’ll be required to pay, and at what time, from day one. There’s not any compounding interest and no extra fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You can apply for a loan no cost upfront or any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay the entire amount of your loan at any point in time.
If you decide to pursue this option, please contact our helpful business credit experts. We will provide you with the details of your repayment and an early payment figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout plus 1.5% of the principal balance and any outstanding fees.
To make sure that you don’t miss payments and to work your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from your nominated company account.
Protecting your information, and being transparent about the ways we gather data, process, exchange and protect your information, is vital and is an essential aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your personal, sensitive 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 banking verification system to instantly verify the bank account details online to offer quick responses.
Asset-based borrowing is when the company owner makes use of an asset that they own to make the funding. The asset can be a personal asset like the family home or a business asset such as a truck or piece or equipment.
The vast majority of lenders, even the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan, then your assets could be sold by the lender. In essence, it’s an opportunity to secure new financing making use of the value of what you already own.
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds but we do need the personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract) the security of assets is not required. For loans of over $150K generally, there is a personal guarantee and security that is in the form the charge of assets.
