The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K business loan.
All that’s needed for starting is your contact details (company name, your name, email address, phone) and the amount you’d like to lend, and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are but not for starting:
Once we’ve started in the process, for loans that exceed $150,000, you will also require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
The application for your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and funds may be available in just 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. Our company loan is a cash-based loan and you’ll know ahead of time the total amount payable including any fees, charges or charges. Then, it is broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost every company purpose including managing cash flows, business remodels and marketing to purchase inventory or new equipment, as 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 expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To be eligible for a credit in this amount the company 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 and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for nearly all business need, including company renovations, purchase of inventory or new equipment, as general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary for funding of more than $150,000. It is usually by taking a charge on assets, and could include registering this through the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to repay credit that is general in nature, rather than stipulating security over an asset. The person signing the guarantee is personally responsible if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR permits priority over personal property to be granted in accordance with the date on which a security interest has been registered.
A caveat is a legal document that is filed to provide an official notice of a claim on a property.
If you’re applying for a Larger Business Loan of more than $250,000 we can offer an initial pre-approval to make the process. It is possible to do this without credit checks and within 6 hours of the initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial health questions. It’s not an offer of credit or guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be based on different terms.
You can apply for an company loan if you
The application process is simple and simple. Simply complete the online form in few minutes and an experienced business lending specialist will contact you to guide you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K and up) We can usually offer an answer within an hour – as long as you submit your request at quality business hours and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can provide a decision in as little as one business day.
For Larger Business Loans ($100K up to $500,000) we might be able to provide you with conditional pre-approval within about six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved within less than 24 hours.
The quickest method is to make sure you apply during standard business hours and let us use the advance bank verification to confirm your bank details online. If you opt to send us copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within an hour, provided you apply within normal business times and let us use the bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your bank statements, we will be able to offer the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be capable of offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Certain transactions have received approval within just 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. You can also allow us to use the sophisticated bank verification link to verify your bank account information online. If you decide to upload the copies of bank statement, it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a certain amount, we look at a variety of variables for determining your health for your company and the extent of repayments your company can support. The amount you receive from the loan will be determined by the specifics the business.
When you make an application for a set amount, we consider a variety of elements to assess your well-being of the business and the amount of payments your business can afford. The amount you receive from the loan will be determined by the specifics of your business.
When you make an application for our business loan, we’ll assess the risk profile for your company and provide you with a customised offer that includes the loan amount, the terms and interest rates. It is a company loan is an upfront cost loan therefore you will be aware of the total amount payable including any charges or interest.
The interest rates on business loans rates depend on several variables like the amount to be of money borrowed, the business assets the funds will be used for, the industry the company operates in, how long the company has been running and what percentage of the business has sufficient cash flow to fund the loan, as well as the general well-being and creditworthiness of the company.
There aren’t any hidden costs for our business loans, and you’ll be aware of the amount you’ll be required to pay, and when, right from the very first day. There’s no compounding and no extra fees (as as long as you pay your payments punctually).
We do not charge an Application Fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back all of your advance loan at any time.
If you decide to pursue this option, please speak to our friendly company lending professionals. The specialists will offer you with details for repayment and an early payment figure. The figure will be calculated as the total of the principal amount remaining and any accrued interest at the time of early payment in addition to 1.5 percent of the principal balance and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as being transparent about the ways we gather, use, exchange and secure your information, is of huge importance and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We make use of an advanced bank verification system that allows you to immediately verify your bank account details online so we can provide an immediate response.
Asset-based borrowing is when the company owner borrows from the assets they have to secure a loan. The asset may be a personal asset like the family home, or it could be a business asset such as a vehicle or piece of equipment.
The vast majority of lenders, including the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan then the asset might be offered for sale by the lender. In essence it is the process of securing additional financing taking advantage of the value of what you already have.
For loans up to $150K no asset security is required in advance to gain access to the funds, however we do need the personal guarantee. In the event that you fulfill the loan terms (as specified in your loan contract document), asset security will never be required. For loans of over $150,000 generally, you can get the option of a personal ensure and security that is in the form the charge of assets.
