The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Do you need more money? Find out the eligibility requirements for our $100K-$500K company loan.
All that’s required for starting is your contact details (the name of your company and your name, as well as email, phone) as well as the amount you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we will require confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans greater than $150,000 you will 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 and cash flow-friendly repayments, which are either daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an answer within the same day and have the funds available in just 24 hours. Traditional company loans have an annual rate of interest as well as other fees and charges. We offer a company loan is an upfront priced loan and you’ll be aware of the amount you will have to pay, including any fees, charges or charges. This is then divided into weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually every company need, such as cash flow management, business improvements, advertising to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
To be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years, and have an annual income of $700K. It is necessary to 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 minimum 12 months of continuous trading.
A larger company loan can be used to fund almost every business purpose including business renovations, purchase of inventory or new equipment as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required for accessing funds over $150,000. It is usually as a result of an charge against assets and can include registering this in the PPSR or the registration of a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than stipulating the security of a specific asset. The person signing the ensure is personally accountable if the business borrower 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 lists security interests that are which are registered with respect to personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be granted in accordance with the date on which a registration of a security interest.
Caveats are legal document filed to offer the public notice of a legal claim against a property.
If you’re seeking the Larger Business Loan that is greater than $250K we can offer an initial pre-approval to make the process. We could be able to apply for this without credit checks and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes answering a couple of financial health questions. It is not an offer or guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer that you are offered could be subject to different conditions.
You may apply for a business loan if you
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and a dedicated business expert in lending will be in touch to guide you.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s License), an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we can often offer an answer within one hour – as long as you submit your request during quality business hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements , we are able to offer a decision in as little as 1 business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be capable of provide the conditional pre-approval within six hours. After you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some deals have been approved within less than 24 hours.
The most effective method can be ensure you apply during standard company hours and allow us to use the advance bank verification link to instantly confirm your bank details online. If you decide to send us documents from your account accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically provide an answer in just one hour – provided you make your application during normal business hours and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statements, we are able to offer the decision in as little as the span of one business day.
For Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval within six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this can be faster depending upon the circumstances for each application. Certain deals have been approved in just 24 hours.
The most effective method would be to make sure you apply during normal business hours and let us use the modern bank verification to instantly check your bank’s information online. If you opt to send us documents from your account statement, it may take a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount we take into consideration a range of factors to determine the health of the business and the extent of repayments that your company can afford. The amount you receive from your loan will depend on the specific circumstances the business.
When you submit an application for a set amount, we consider a variety of variables to assess the well-being of the company and the extent of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the specifics for your business.
If you decide to make an application for the company financing, we will assess the risk assessment the company and offer an individualised offer, including the loan amount, the terms and the interest rates. This company loan is an upfront priced loan which means you know in advance the total amount due, which includes any interest rates, fees or charges.
The interest rates on company loans rates depend on several factors like the amount of money that is borrowed, what business assets the funds are used to purchase as well as the field the company is in, how long the business has been running as well as how long the company has sufficient cash flow to cover the loan, as well as the general well-being and creditworthiness of the company.
There are no hidden costs for our business loans, and you’ll know precisely what you be required to pay, and when, starting from the first day. There’s no compounding and there are no additional charges (as as you make your payments on time).
We don’t charge an application fee. You can get a cash loan with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can repay the entire amount of the loan at any point in time.
If you are deciding to take this route, please call our helpful business loan experts. They will provide you with details on repayment and an early payout figure. This will be calculated as the total of the principal remaining and accrued interest to the time of early payment in addition to 1.5% of the principal balance plus any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow schedule, we provide repayments either weekly or daily. These are automatically withdrawn from your designated business account.
Protecting your information, and being upfront about the ways we gather information, use it, and exchange it, as well as protect your information, is vital and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We utilise a sophisticated banking verification system to instantly confirm your bank account information online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where a business owner utilises assets they own to secure a loan. The asset could be a personal asset like the family home, or an business asset such as a truck or piece or equipment.
The vast majority of the lenders even the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence it is an opportunity to secure new financing by using the worth of the asset you already own.
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need an individual guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract) the security of assets is not needed. If you take out loans in excess of $150K generally there is a personal guarantee and security is provided in the form of the charge of assets.
