The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K to $500K business credit.
All that’s required for starting is your contact information (company name and your name, as well as email or phone number) along with the amount you’d like to lend, and your monthly earnings.
In the course of the process and before settlement we will need confirmation of who you are, but not to get started:
Once we’ve started, for loans that exceed $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, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
It is possible to apply to your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and have the funds in your account in 24 hours. Traditional company loans reference an interest rate per annum as well as other fees and charges. Our company loan is a cash-based loan and you’ll know in advance the total amount payable including any interest, fees or charges. This is then divided into weekly or daily installment amount.
It is a Small Business Loan can be used for virtually any company reason, such as cash flow management, business remodeling, marketing to purchase inventory, 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 size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a loan of this size, your company needs to be operating for at least three years and generate an annual revenue of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost any business use, including business remodeling, buying equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Asset security is needed for funding of more than $150,000. It’s by way of charge against assets, and could include registration with the PPSR or the registration of as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature, rather than stating the security for a particular asset. The person who is signing the ensure is personally liable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR grants priority over personal property to be granted according to the date a registration of a security interest.
An affidavit is an official form of document to provide an official notice of a claim on a property.
If you’re applying for the Larger Business Loan of more than $250,000 we can offer an initial pre-approval in order to ease the process. We may be able to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer you are offered could have different terms.
You may be eligible for a company loan if you
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and an experienced business expert in lending will be in touch to help you.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually offer an answer within an hour if you submit your request within standard company timings and you allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statements , we are able to provide the decision in just 1 business day.
For the Larger Business Loan ($100K or more) we may be able 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 it could be faster based upon the circumstances for each application. Some transactions have received approval in just 24 hours.
The most efficient method can be ensure you apply during standard company hours. Also, allow us to use the advance bank verification link to verify your bank information online. If you choose to send us copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer a response in one hour, provided you submit your request at standard business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements, we are able to provide the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) We may be able to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be faster depending upon the circumstances for each application. Some offers have been approved in just 24 hours.
The fastest method would be to make sure you apply during normal business hours. You can also permit us to use the modern bank verification link to instantly confirm your bank details online. If you choose to send us documents from your account statements, it takes a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a certain amount we look at a variety of factors to determine your well-being that is your company and the extent of repayments your company will be able to support. The amount you receive from your loan will depend on the specifics the company.
When you make an application for a particular amount, we take into consideration a variety of aspects to determine how much we can lend you such as health for your business and the level of repayments that your business can support. The amount you receive from your loan will be determined by the specific circumstances that are unique to your company.
If you decide to make an application for the business credit, we will assess the risk profile that you have for your company and provide you with a customised offer that includes the amount of loan, the term and the interest rates. This company loan is an upfront-priced loan so you will know the exact amount due, which includes any interest rates, fees or charges.
Interest rates for company loans rates differ based on various factors including the amount borrowed, the company assets the funds will be used for as well as the field the business is operating in, how long the company has been in operation, whether the company has sufficient cash flow to pay for the loan, and the overall well-being and creditworthiness of the company.
There are no hidden costs for our company loans, and you’ll know exactly how much you be required to pay and when, from the day you sign up. There’s no compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an application fee. You can request a credit loan without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay the total amount of your loan at any point in time.
If you are deciding to pursue this option, please talk to one of our helpful business lending specialists. They’ll offer you with details for repayment along with an early payout estimate. The figure will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payment and 1.5 percent of the principal balance and any fees that remain unpaid.
To make sure you do not miss payments and to work with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your nominated company account.
Making sure that your information is secure, and being upfront about the ways we gather data, process, exchange and protect your information, is of paramount importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and security. We make use of an advanced banking verification system to instantly verify the bank account details online so we can offer quick responses.
Asset-based borrowing occurs when a company owner makes use of an asset they own to make the funds for a loan. The asset could be an individual property, such as the family home or an business asset such as a vehicle or piece of equipment.
The majority of lenders, not just the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan, your assets could be sold by the lender. In essence it’s an opportunity to secure new funding using the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money however, we do need an individual guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150K generally, there is a personal guarantee and security in the form of an asset charge.
