The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K-$500K business loans.
All that’s needed for starting is your contact information (the name of your company, your name, email and telephone) and the amount you’d like to lend, and your monthly income.
While in the process and before settlement we’ll require confirmation of who you are, but not to get started:
Once we’ve started with loans of more than $150,000 you’ll also require basic financial statements:
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Wellington unsecured loans provides 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 possible to apply to the Small Business Loan in under 10 minutes on the internet or over the phone, receive an answer within the same day and have the funds in your account in 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. This company loan is a cash-based loan therefore you’ll be aware of the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily payment amount.
The Small Business Loan can be used for virtually every company reason, such as control of cash flow business renovations, marketing to purchase inventory or new equipment, as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly depending on your situation.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a loan in this amount, your company needs to be operating for at least three years with an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large company loan can be used for nearly every business purpose including business renovations, purchase of inventory or new equipment as well as for general working capital and so much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. It’s in the form of a charge on assets and can include registering this through the PPSR or registering a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is generally based rather than stating security over an asset. The person signing the ensure is personally liable in the event that the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR grants the priority of personal property granted according to the date a security interest has been registered.
Caveats are legal document that is filed to provide the public notice of a legal claim to property.
If you’re applying for a Larger Business Loan that is greater than $250K we can offer an initial pre-approval in order to make the process. We might be able to make this decision without a credit check and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. This is not an offer or guarantee of financing. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you are offered could have different conditions.
You may apply for an business loan if you:
The application process is quick and easy. Complete the online form in few minutes and an experienced company lending specialist will call you to help you.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we can often provide a response in one hour if you apply during standard company hours and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statement, we’ll provide the decision within just the span of one business day.
For Larger Business Loans ($100K and up) we could be likely to offer you with conditional pre-approval in around 6 hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Some deals have been approved within 24 hours.
The most effective method is to make sure you apply during normal business hours, and let us use the advanced bank verification system to check your bank’s information online. If you send us duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer a response in one hour – as long as you submit your request within standard business hours and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements, we will be able to offer an answer within an 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, turnaround times are about 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Certain offers have been approved in just 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 modern bank verification link to verify your bank information online. If you opt to send us the copies of bank statements it can take a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount we consider a variety of factors that determine how much we can lend you well-being that is your company and the amount of payments your business can support. The amount you receive from your loan will depend on the particular circumstances of your company.
When you apply for a specific amount we take into consideration a variety of aspects to determine the well-being that is your company as well as the amount of repayments your business can afford. The total amount of your loan will depend on the particular circumstances for your company.
If you decide to apply for business loans with us business loans, we’ll assess the risk assessment that you have for your company and offer you with a customised offer, including the amount of the loan, the duration and interest rates. The company loan is an upfront-priced loan so you will know in advance the total amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates depend on a variety of factors such as the amount that is borrowed, the company assets the funds will be used for, the industry the company is in, how long the company has been in operation for, whether the company has enough cash flow to cover the loan, as well as the overall well-being and creditworthiness of the company.
There are no hidden fees with our business loans, and you’ll be aware of the amount it is that you need to pay and when, starting from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can get a cash loan absolutely no upfront cost and no commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful business loan experts. The professionals will offer you with details for repayment as well as an early payout amount. This is calculated as the sum of the principal balance and the accrued interest up to the time of early payment in addition to 1.5% of the principal remaining plus any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow general, we provide payments that are either weekly or daily. These are automatically deducted from your designated company account.
Protecting your information, and knowing how we collect, use, exchange and safeguard your data, is vital and is a crucial part of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We employ a highly sophisticated bank verification system link to immediately verify your bank account information online so we can offer quick responses.
An asset-based loan is when an business owner utilises an asset that they own to secure a loan. The asset can be a personal asset like the family home or a business asset like a truck or piece of equipment.
The vast majority of lenders, not just the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then your asset may be offered for sale by the lender. In essence, it is a way of securing new financing by using the worth of the asset you already own.
For loans of up to $150,000, no asset security is required before you can access the money However, we require a personal guarantee. need the personal guarantee. If you adhere to the terms of your loan (as stated in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans over $150K generally there is an individual ensure and security is provided in the form of an asset charge.
