The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Review the eligibility requirements for our $100K-$500K company credit.
All you need to begin is your contact details (company name, your name, email and phone) along with the amount you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of your identity but not for starting:
Once we’ve started in the process, for loans that exceed $150,000, you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and the money could be in your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. We offer a company loan is an upfront priced loan therefore you’ll be aware of the total amount payable including the interest, fees and charges. This is then broken down into either a daily or weekly repayment figure.
It is a Small Business Loan can be used for nearly any company need, such as cash flow management, company remodels and marketing, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To qualify 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. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger business loan can be used to fund almost any company use, including company renovations, purchase of inventory or new equipment or as general working capital and so much more. The loan cannot be used for personal use.
Asset security is necessary to obtain funding above $150,000. This can be done in the form of a charge against assets, and could include the registration of this on the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is generally in nature rather than specifying the security for a particular asset. The person who is signing the guarantee is personally accountable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including items or assets). The PPSR permits preference over private property assigned depending on the date that a security interest that is registered.
An affidavit is an official form of document to offer notice of a legal claim to property.
If you’re seeking the Larger Business Loan of $250,000 or more we may be able to provide an initial pre-approval to ease the process. It is possible to get this done without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being questions. It is neither an offer nor a guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may have different terms.
You are eligible to apply for a business loan if you:
The application process is simple and easy. Just complete the online application within a couple minutes, and an experienced company loan specialist will call you to guide you through the process.
To apply for up to $100,000, you’ll require ID details (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer in just one hour, provided you apply in standard business time and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statements , we are able to offer the decision in as little as the span of one business day.
If you are applying for a Larger Business Loan ($100K and up) we may be able to offer the conditional pre-approval in around six hours. Once you’ve 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. Certain transactions have received approval in less than 24 hours.
The quickest method for you to apply is ensure you apply during normal business hours, and allow us to use the advance bank verification to instantly verify your bank information online. If you decide to upload copies of your bank statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour – provided you submit your request within normal business times and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements, we are able to offer a decision within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be capable of provide you with pre-approval conditional to your application in around six hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Certain deals have been approved within just 24 hours.
The quickest method would be to ensure you apply during standard business hours and allow us to use our advance bank verification link to instantly verify your bank information online. If you opt to send us copies of your bank statements it will take a little longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of elements for determining your well-being of the company as well as the amount of repayments your company is able to afford. The amount you receive from your loan will be contingent on the specific circumstances for your company.
When you make an application for a certain amount, we look at a range of variables to assess the well-being of the business and the extent of repayments that your company can support. The total amount of your loan will depend on the specific circumstances the company.
If you decide to make an application for business loans with us business loans, we will assess the risk assessment that you have for your business and provide an individualised offer including the loan amount, the terms and the interest rates. A company loan is an upfront-priced loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on company loans rates differ based on various factors like the amount of money borrowed, what company assets the funds will be used for, the industry the business operates in, the long the business is in operation, how long the company has enough cash flow to cover the loan, and general well-being or financial standing of the business.
There are no hidden fees for our business loans, and you’ll know precisely what it is that you need to pay and when, right from the very first day. There’s not any compounding interest and no extra fees (as long as you make your payments on time).
We do not charge an application fee. You can request a credit loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can decide to repay all of your loan at any point in time.
If you choose to pursue this option, please talk to one of our helpful company loans specialists. They will provide you with details on repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payment in addition to 1.5% of the principal remaining as well as any outstanding fees.
To ensure you do not miss payments and to work your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from your designated business account.
Making sure that your information is secure, and knowing the ways we gather data, process, exchange and secure your information, is crucial and an integral aspect of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We use an advanced bank verification system to instantly verify your bank account information online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where an company owner utilises the assets they have to obtain a loan. The asset could be an individual property, such as the family home, or a company asset such as a truck or other piece of machinery.
The vast majority of the lenders even the big banks, tend to secure loans against assets. If you’re having trouble paying back the loan, then the asset could be sold by the lender. In essence it’s means of securing additional financing making use of the value of what you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds however, we do require the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in the loan contract) the security of assets will never be required. If you take out loans in excess of $150K generally, you can get personal guarantee and security that is in the form charges on assets.
