The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Find out the conditions of eligibility for our $100K-$500K business loan.
All that’s needed to begin is your contact information (the name of your company, your name, email, phone) along with the amount you’d like to lend, and your monthly income.
In the course of the process and before settlement we will require confirmation of who you are, but not before we can begin:
After we start with loans of more than $150,000 you’ll also need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
You can apply for the Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and have the funds in your account in 24 hours. Traditional company loans refer to an annual interest rate as well as other fees and charges. We offer a business loan is a cash-based loan which means you know in advance the total amount to be paid, including any interest, fees or charges. Then, it is divided into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for virtually every company use, including managing cash flows, company renovations, marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. The repayments are made weekly or fortnightly depending on you cashflow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan in this amount, your company needs to be in operation for at least 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A Larger Business Loan can be used to fund almost every business purpose including business remodeling, buying new equipment or inventory or as general working capital and much more. The loan is not available to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is as a result of an charge against assets, and may be registered with the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is general in nature rather than specifying the security of a specific asset. The person signing the ensure is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR gives the priority of personal property assigned depending on the date that a registration of a security interest.
An affidavit is an official document that is filed to provide notice of a legal claim to property.
If you’re requesting an enterprise loan of $250K or more we may be able to provide an initial pre-approval in order to make the process. We could be able to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves answering a couple of financial well-being questions. This is not an offer or guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer that you receive could have different conditions.
You can apply for a company loan if you:
The process for applying is fast and simple. Complete the online form within a few minutes and a dedicated company lending specialist will be in touch to guide you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent twelve months bank statement, an IRD statement as well as the two most recent years’ financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour if you make your application at quality business timings and let us utilise the bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statements we can provide the decision in just one business day.
For the Larger Business Loan ($100K and up) we may be likely to provide the conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based on the particular circumstances of each application. Certain deals have been approved in the space of 24 hours.
The most efficient method can be make sure you apply during standard company hours and allow us to use our advanced bank verification system to confirm your bank details online. If you send us copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide a response in one hour, provided you apply in standard business times and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statement, we’ll provide a decision in as little as 1 business day.
For the Larger Business Loans ($100K and up) we may be likely to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval document, you will require to wait around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain agreements have been approved in the space of 24 hours.
The fastest way would be to ensure you apply during standard business hours, and permit us to use the sophisticated bank verification link to instantly confirm your bank details online. If you opt to upload documents from your account statements, it will take a little longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a certain amount, we take into consideration a range of aspects in order to assess the well-being that is your company as well as the amount of payments your business can support. The total amount of your loan will be contingent on the specifics the business.
If you apply for a specific amount we take into consideration a variety of factors to determine how much we can lend you such as well-being of your company and the level of repayments your company will be able to support. The amount you receive from your loan will be determined by the particular circumstances the business.
When you apply for business loans with us company credit, we will assess the risk profile for your business and offer you with a customised offer that includes the amount of the loan, the duration and interest rates. The company loan is a loan that is priced upfront which means you know the exact amount you will have to pay, including charges, interest rates or fees.
The interest rates on company loans rates depend on a variety of variables like the amount to be that is borrowed, what company assets the funds are used to purchase in addition to the industry that the business operates in, how long the company has been running, whether the business has sufficient cash flow to support the loan, and overall health or financial standing of the company.
There aren’t any hidden charges with our company loans, and you’ll be aware of the amount you’ll need to pay and when, right from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You are able to request a credit loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay all of your loan early at any time.
If you do decide to take this route, please contact our helpful company loan experts. They will offer you with details for repayment as well as an early payout amount. The figure will be calculated as the total of the principal remaining plus any accrued interest as of the date of early payout in addition to 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from the nominated business account.
Protecting your information, and being clear about the ways we gather data, process, exchange and safeguard your data, is vital and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We use an advanced bank verification system to instantly confirm your bank account information online so we can provide a fast response.
An asset-based loan is when an business owner makes use of the assets they have to get the loan. The asset can be a personal asset like the family home, or an business asset like a truck as well as a piece of machine.
The majority of banks, including the major banks, prefer to make loans secured by assets. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence, it’s means of securing new funding using the worth of the asset you already own.
For loans of up to $150,000, the requirement for asset security is not 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 stated in your loan contract) the security of assets will never be needed. For loans of over $150,000 generally there is an individual guarantee and security is provided in the form of charges on assets.
