The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Take a look at the eligibility requirements for our $100K to $500K company loan.
All that’s required to start is your contact details (company name and your name, as well as email, phone), how much you’d like 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:
Once we’ve started, for loans of more than $150,000 you’ll require basic financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
The application to get your Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and have the funds in your account in 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. We offer a business loan is an upfront priced loan which means you know in advance the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
A Small Business Loan can be used for nearly every company reason, such as control of cash flow business remodeling, marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan in this amount, your company needs to be operating for a minimum of 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large company loan is a great option for almost all business purpose including company remodeling, buying inventory or new equipment or as general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is necessary to access funding over $150,000. It is usually as a result of an charge on assets and can be registered through the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than stating 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 a central, national online register run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR permits preference over private property granted according to the date the security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim against a property.
If you’re requesting an enterprise loan that is greater than $250K we can offer an initial pre-approval in order to simplify the process. It is possible to do this without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial well-being checks. It is not an offer of credit or guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you receive could be on different terms.
You may apply for an business loan if you
The application process is quick and simple. Complete the online form within a couple minutes, and an experienced business credit specialist will contact you to guide you.
To apply for up $100,000, you’ll require identification details (valid Driver’s License) as well as an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details of the application, including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we typically offer an answer within one hour if you apply in standard business hours and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements we can provide the decision in just 1 business day.
For Larger Business Loans ($100K or more) we may be in a position to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved within 24 hours.
The quickest way to apply is to make sure you apply during normal company hours, and permit us to use the advanced bank verification system to instantly check your bank’s information online. If you choose to send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within an hour, provided you make your application at normal business time and permit us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we will be able to offer an answer in just the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be able to offer you with a conditional pre-approval within six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Certain transactions have received approval within just 24 hours.
The most effective method can be ensure you apply during normal business hours and allow us to use our sophisticated bank verification to instantly verify your bank account information online. If you send us the copies of bank statement, it takes a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of aspects in order to assess what is the well-being of your company and the amount of payments your company will be able to support. The total amount of your loan will be contingent on the specific circumstances the business.
If you apply for a certain amount, we look at a range of elements to determine the well-being of the company and the level of payments your company can support. The total amount of the loan will be determined by the particulars of your company.
If you decide to request the business loan, we will assess the risk assessment that you have for your business and offer an individualised proposal that includes the amount of the loan, the duration and the interest rates. A company loan is an upfront-priced loan therefore you will know the exact 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 company assets the money will be used for and the sector the company operates in, how long the business has been operating and how long the business has sufficient cash flow to fund the loan, and the general health or financial standing of the business.
There aren’t any hidden costs with our company loans. You’ll know precisely how much you need to pay, and when, starting from day one. There’s no compounding interest and there are no additional charges (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to request a credit loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you decide to do this please speak to our friendly company credit experts. They will offer you with the details of your repayment and an early payment figure. This will be calculated as the sum of the principal amount remaining and any accrued interest at the time of early payout, plus 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing payments and to work with your cash flow standard, we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
Making sure that your information is secure, and being clear about the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and is an essential element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and security. We utilise a sophisticated banking verification system to instantly verify the bank account details online so we can offer an immediate response.
The term "asset-based" refers to borrowing where the business owner uses an asset that they own to obtain a loan. The asset could be a personal asset like the family home, or an business asset such as a truck or piece or equipment.
The vast majority of banks, not just the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan, then the asset might be taken over by the lender. In essence it is a way of securing new funding making use of the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security prior to the loan’s access but we do need an individual guarantee. If you adhere to the loan terms (as stated in the loan contract) Asset security is not needed. If you take out loans in excess of $150,000 generally, you can get the option of a personal guarantee and security in the form of a charge over assets.
