The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K company loan.
All that is needed to begin is your contact information (company name, your name, email address or phone number) along with the amount you want to borrow, and your monthly income.
During the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
In addition, once we have started when it comes to loans over $150,000 you’ll also need the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and the funds could be in your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. The business loan is a pre-paid loan and you’ll be aware of the total amount due, which includes the interest, fees and charges. Then, it is divided into a daily or weekly repayment figure.
A Small Business Loan can be used for almost any company reason, such as control of cash flow business remodeling, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the loan amount.
To qualify for a loan in this amount, your business needs to be operating for a minimum of 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Larger Business Loan is a great option for almost all company purpose including company renovations, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed for funding of more than $150,000. It’s as a result of an charge over assets and can include registration on the PPSR or making as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature rather than specifying security over an asset. The person signing the guarantee is personally liable in the event that the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted according to the date the security interest that is registered.
A caveat is a legal document lodged to offer the legal claim to property.
When you’re applying for larger company loans of more than $250,000 we can offer an initial pre-approval in order to simplify the process. We could be able to get this done without credit checks and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial well-being checks. It’s not an offer or guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer that you may receive may be based on different terms.
You may apply for a business loan if you
The application process is quick and easy. Simply complete the online form within a few minutes and a dedicated business credit specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K and up) we usually provide a response in one hour, provided you make your application in standard company time and permit us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to submit copies of your bank statements , we are able to offer an answer in as little as an company day.
For Larger Business Loans ($100K or more) we might be likely to provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the specifics of each application. Certain offers have been approved in 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours and allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you decide to upload the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer in just one hour, provided you submit your request at standard business timings and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statements we can offer a decision in just an business day.
For the Larger Business Loans ($100K or more) we might be able to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The most efficient method can be make sure you apply during normal business hours, and allow us to use our advance bank verification link to instantly verify your bank information online. If you decide to upload duplicates of your banking statements it may take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a certain amount we look at a variety of aspects for determining the well-being of your business and the level of payments your company can support. The total amount of your loan will depend on the specific circumstances for your business.
If you apply for a specific amount we will consider a number of variables to determine your health for your business and the amount of repayments your business will be able to support. The amount you receive from your loan will depend on the specifics of your business.
When you make an application for our company financing, we will assess the risk assessment of your business and provide you with a customised offer, including the amount of the loan, the duration and interest rates. This business loan is an upfront-priced loan which means you know in advance the total amount due, which includes any charges or interest.
Interest rates for company loans rates differ based on various factors like the amount of money of money borrowed, the business assets the funds are used to purchase in addition to the industry that the company operates in, how long the business has been operating for, whether the business has sufficient cash flow to support the loan, and the overall well-being or creditworthiness of the company.
There are no hidden fees for our company loans, and you’ll know exactly how much you need to pay, and when, starting from the first day. There’s no compounding and there are no additional charges (as long as you are able to make your payments in time).
We don’t charge an application fee. You are able to get a cash loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a 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 are deciding to take this route, please call our helpful business lending specialists. They’ll offer you with repayment details and an early payment figure. It will be calculated using the total of the principal amount remaining and accrued interest to the time of the early payout and 1.5 percent of the remaining principal and any fees that remain unpaid.
In order to help you avoid missing due dates and also to be in line your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from your nominated business account.
The security of your personal information, as well as being clear about how we collect the information we collect, use, share and secure your information, is of paramount importance and an integral part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and security. We utilise a sophisticated bank verification system link to instantly verify the bank account details online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset that they own to get a loan. The asset can be a personal asset like the family home, or it could be a company property like a truck or piece of equipment.
The vast majority of banks, including the big banks, tend to guarantee loans against assets. If you are having difficulty paying back the loan, the asset might be transferred to the lender. In essence, it’s means of securing new financing taking advantage of the value of what you already have.
For loans up to $150,000 no asset security is required in advance to gain access to the funds However, we do require a personal guarantee. If you adhere to the loan terms (as stipulated in the loan contract) Asset security is not required. For loans of over $150K typically, you will need the option of a personal ensure and security in the form of an asset charge.
