The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Find out the guidelines for eligibility for our $100K to $500K business credit.
All you need to begin is your contact information (company name, your name, email and telephone), how much you want to borrow, as well as your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, however, not in order to begin:
After we start, for loans that exceed $150,000, you will also need the following financial statements:
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Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and have the funds in your account in 24 hours. Traditional company loans refer to an interest rate per annum along with other charges and fees. This company loan is an upfront priced loan so you will know ahead of time the total amount payable including any fees, charges or charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for virtually every company use, including the management of cash flow, business renovations, marketing to purchase inventory, new equipment, or as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan in this amount the business 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) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used for almost all business use, including company improvements, purchasing equipment or inventory for general working capital and so much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. This can be done as a result of an charge over assets and can be registered in the PPSR or making as a caveat.
A director’s or personal ensure is a promise to pay back a loan that is general in nature rather than specifying security over an asset. The person who is signing the guarantee is personally liable if the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including objects or assets). The PPSR grants preference over private property assigned according to the date a security interest has been registered.
An affidavit is an official document filed to provide the legal claim on a property.
If you’re applying for an enterprise loan that is greater than $250K we may be able to provide an initial pre-approval in order to simplify the process. We could be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial health checks. This is not an offer of credit or guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be based on different terms.
You may be eligible for an company loan if you
The application process is fast and easy. Just fill out the online application in few minutes and a dedicated business credit specialist will be in touch to assist you.
To apply for up $100,000 you’ll need identification details (valid Driver’s Licence) and an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K and up) we usually provide an answer within an hour – as long as you apply in standard company times and allow us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements , we’ll be able to offer the decision in as little as one company day.
For the Larger Business Loan ($100K or more) we could be capable of provide you with a conditional pre-approval in about six hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The most effective method is to make sure you apply during standard business hours. You can also permit us to use the modern bank verification link to verify your bank information online. If you upload copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K and up) we can often offer a response in one hour, provided you apply during normal business times and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll offer a decision within one business day.
For Larger Business Loans ($100K and up) We may be able to provide you with conditional pre-approval in around six hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The most effective method is to ensure you apply during normal business hours and allow us to use our sophisticated bank verification to verify your bank account information online. If you choose to send us the copies of bank accounts, it takes a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a certain amount we take into consideration a range of elements to determine how much we can lend you health of your company and the extent of the repayments your business can support. The total amount of the loan will be determined by the specifics that are unique to your company.
If you apply for a certain amount, we take into consideration a variety of elements to determine the well-being of the company as well as the amount of repayments your company can afford. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you make an application for the business loans, we’ll assess the risk assessment that you have for your business and offer you with a customised offer, including the amount of the loan, the duration and interest rates. A business loan is a loan that is priced upfront and you’ll know the exact amount payable including any charges or interest.
Interest rates for company loans rates differ based on various factors such as the amount that is that is borrowed, what company assets the funds are used to purchase, the industry the business operates in, how long the business has been in operation as well as how long the company has enough cash flow to cover the loan, as well as the general health and creditworthiness of the business.
There are no hidden costs with our business loans. You’ll know precisely what you need to pay and when, from the first day. There’s not any compounding interest and no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You can get a cash loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can decide to repay the entire amount of the loan early at any time.
If you are deciding to do this please contact our helpful company lending specialists. We will offer you with repayment details and an early payout figure. This is calculated as the total of the principal amount remaining and the accrued interest up to the date of early payout and 1.5% of the principal amount remaining and any outstanding fees.
To ensure that you don’t miss payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from your designated business account.
Protecting your information, and being upfront about how we collect, use, exchange and safeguard your data, is of paramount importance and is a crucial part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to security for our 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.
Asset-based borrowing occurs when the company owner utilises the assets they have to obtain the funds for a loan. The asset can be an individual asset, such as the family home or it could be a company property like a truck or piece or equipment.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to make loans secured by assets. If you’re having trouble paying back the loan then the asset could be taken over by the lender. In essence it’s an opportunity to secure new funding using the value of what you already have.
For loans of up to $150K, it is not necessary to secure assets upfront to access the money but we do require a personal guarantee. If you adhere to the loan terms (as specified in your loan contract) Asset security will never be needed. For loans that exceed $150K, generally, there is a personal ensure and security in the form a charge over assets.
