The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All that is needed for starting is your contact details (company name, your name, email address 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’ll need confirmation of who you are but not for starting:
In addition, once we have started, for loans of more than $150,000 you’ll also 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 and cash flow friendly repayments that are either per day or weekly.
Apply to this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the funds could be available in just 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. We offer a company loan is a loan that is priced upfront and you’ll know in advance the total amount due, which includes any fees, charges or charges. This is then broken down into either weekly or daily amount to be paid back.
A Small Business Loan can be used for virtually any company use, including cash flow management, business improvements, advertising for purchasing inventory or new equipment, or as general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan that is this large the company needs to be in operation for at least 3 years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Business Loan of a larger size can be used for nearly every company use, including business improvements, purchasing inventory or new equipment or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is needed for accessing funds over $150,000. It’s by taking a charge over assets, and could include registering this with the PPSR or filing a caveat.
A director’s or personal ensure is a commitment to repay a loan which is general in nature rather than stating the security of a specific asset. The person signing the guarantee is personally responsible if the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be assigned according to the date a security interest has been registered.
Caveats are legal document that is filed to offer notice of a legal claim on a property.
If you’re seeking a Larger Business Loan of more than $250K, we may offer an initial pre-approval in order to ease the process. It is possible to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes the answer to a series of financial well-being questions. It’s not an offer or guarantee of finance. Unconditional approval is subject to an extensive credit evaluation and any offer you receive could have different terms.
You may apply for a company loan if you;
The application process is quick and easy. Complete the online form within a few minutes and an experienced company expert in lending will contact you to guide you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, as well as interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) we can often provide a response in one hour, provided you make your application within standard business hours and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your bank statements , we will be able to provide an answer within one business day.
For the Larger Business Loan ($100K up to $500,000) we could be capable of offer the conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Certain agreements have been approved in less than 24 hours.
The most effective method would be to make sure you apply during standard business hours. Also, allow us to use our advance bank verification to verify your bank account information online. If you decide to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer a response in one hour if you apply in normal business time and permit us to use the bank verification system link to instantly verify your bank information online. If you want to send us 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 likely to offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Certain offers have been approved within just 24 hours.
The most effective method is to ensure you apply during normal business hours. You can also allow us to use our modern bank verification to instantly confirm your bank details online. If you decide to send us copies of your bank statement, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a particular amount, we consider a variety of factors for determining how much we can lend you health for your company as well as the amount of the repayments your business will be able to support. The total amount of your loan will depend on the particular circumstances for your business.
If you apply for a set amount, we will consider a number of variables to assess how much we can lend you such as health for your company and the level of payments your business can support. The amount you receive from your loan will depend on the particulars that are unique to your company.
If you decide to request our company credit, we will assess the risk profile of your company and provide you with a customised offer, including loan amount, term and interest rates. The company loan is an upfront cost loan and you’ll know in advance the total amount payable including any charges or interest.
Interest rates for business loans rates vary due to variables like the amount to be of money borrowed, the company assets the funds will be used for as well as the field the company is operating in, how long the business is in operation as well as what percentage of the company has enough cash flow to pay for the loan, and also the overall health or financial standing of the company.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount you’ll be required to pay and at what time, from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (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 with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the total amount of your loan early at any time.
If you choose to take this route, please call our helpful company credit professionals. They’ll provide you with details for repayment as well as an early payout amount. It will be calculated using the sum of the remaining principal amount and the accrued interest up to the time of early payment, plus 1.5 percent of the principal remaining and any outstanding fees.
To make sure that you don’t miss due dates and also to be in line with your cash flow routine, we offer repayments either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and making it clear how we collect, use, exchange and secure your information, is of huge importance and is an essential part of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We use an advanced bank verification system link to instantly verify your bank account details online to provide rapid response.
Asset-based borrowing is when an company owner utilises an asset that they own to get a loan. The asset may be a personal asset like the family home, or a company property like a truck as well as a piece of machine.
The vast majority of the lenders including the big banks, tend to make loans secured by assets. If you’re struggling to pay back the loan then the asset could be transferred to the lender. In essence, it is a way of securing new financing by making use of the value of what you already have.
For loans that exceed $150K, no asset security is required upfront to access the money, however we require a personal guarantee. require a personal guarantee. As long as you follow the terms of your loan (as specified in the loan contract) Asset security will never be required. For loans of over $150K generally there is the option of a personal guarantee and security that is in the form charges on assets.
