The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Check out the conditions of eligibility for our $100K to $500K company loan.
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 borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of your identity, but not before we can begin:
In addition, once we have started, for loans that exceed $150,000, you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be on your account within 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. The company loan is a loan that is priced upfront and you’ll be aware of the total amount to be paid, including any interest, fees or charges. Then, it is broken down into a daily or weekly payment amount.
A Small Business Loan can be used for almost every company reason, such as control of cash flow business improvements, advertising 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 size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on your situation.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
To qualify for a loan in this amount the company needs to have been operating for at least three years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Business Loan of a larger size is a great option for almost any company need, including business improvements, purchasing inventory or new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. It’s by way of charge on assets, which could also include registration on the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to repay a loan which is generally in nature rather than stating the security of a specific asset. The person signing the guarantee is personally accountable if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR allows preference over private property assigned depending on the date that a security interest was registered.
A caveat is a legal document that is filed to offer an official notice of a claim on a property.
If you’re applying for an enterprise loan that is greater than $250K, we may offer an initial pre-approval that will help ease the process. It is possible to apply for this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial health checks. It’s neither an offer nor a guarantee of credit. A conditional approval is subject an extensive credit evaluation and any offer you receive could be subject to different conditions.
You are eligible to apply for a business loan if you;
The application process is quick and simple. Just complete the online application in just a few minutes, and a dedicated company lending specialist will be in touch to guide you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) we can often provide an answer within one hour if you submit your request in standard company 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 upload copies of your banking statements we can offer a decision in just one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be likely to provide you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some transactions have received approval within the space of 24 hours.
The quickest method can be ensure you apply during standard business hours. Also, allow us to use the advance bank verification link to instantly confirm your bank details online. If you opt to upload duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K or more) we typically provide an answer in just one hour – as long as you apply at normal business times and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your banking statements, we will be able to offer an answer in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be able to provide you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The fastest method can be ensure you apply during normal business hours. You can also let us use the sophisticated bank verification to instantly check your bank’s information online. If you opt to upload the copies of bank accounts, it takes a bit longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a specific amount we look at a variety of elements in order to assess the well-being that is your company and the extent of the repayments your business can support. The total amount of your loan will depend on the specifics the business.
When you submit an application for a set amount, we will consider a number of variables to determine your health for your company as well as the amount of repayments your company can afford. The total amount of your loan will depend on the specifics that are unique to your company.
If you decide to request business loans with us company loans, we’ll assess the risk assessment the business and offer you with a tailored offer including the loan amount, the terms and the interest rates. A business loan is an upfront priced loan therefore you will know the exact amount payable including any interest rates, fees or charges.
The interest rates on company loans rates differ based on various variables like the amount to be that is borrowed, what business assets the money will be used for as well as the field the business is operating in, how long the company has been in operation and what percentage of the company has sufficient cash flow to pay for the loan, and overall well-being and creditworthiness of the company.
There aren’t any hidden costs with our company loans, and you’ll know exactly how much you’ll be required to pay and at what time, from day one. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We don’t charge an application fee. You can apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the entire amount of the advance loan at any time.
If you decide to pursue this option, please talk to one of our helpful business loans experts. They’ll offer you with the details of your repayment and an early payment figure. The figure will be calculated as the sum of the remaining principal amount and the accrued interest up to the date of early payout, plus 1.5 percent of the principal remaining and any fees that remain unpaid.
In order to help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from your company account.
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as safeguard your data, is vital and is an essential part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced banking verification system to instantly confirm your bank account information online so we can provide rapid response.
An asset-based loan is when the company owner utilises an asset that they own to get a loan. The asset can be an asset belonging to the personal, like the family home or it could be a business asset such as a truck or other piece of machinery.
The vast majority of lending institutions, not just the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, then your assets could be transferred to the lender. In essence it’s an opportunity to secure new funding using the worth of the asset you already own.
Up to $150,000 in loans the requirement for asset security is not required prior to the loan’s access but we require a personal guarantee. need the personal guarantee. As long as you follow your loan obligations (as stated in your loan contract) Asset security is not needed. For loans of over $150K typically, you will need personal guarantee and security that is in the form the charge of assets.
