The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K-$500K business credit.
All that is needed for starting is your contact information (the name of your company, your name, email or phone number), how much you’d like to lend, and your monthly revenue.
During the process and before settlement we will require confirmation of who you are, however, not in order to begin:
Additionally after we get started in the process, for loans that exceed $150,000, you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an instant response and funds may be available in just 24 hours. Traditional company loans have an annual rate of interest along with other charges and fees. We offer a company loan is a cash-based loan so you will be aware of the total amount payable including any fees, interest or charges. Then, it is broken down into either a daily or weekly installment amount.
A Small Business Loan can be used for virtually any business purpose including control of cash flow business remodels and marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
To qualify for a loan of this size the business needs to be trading for at least 3 years with an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for almost every business use, including company renovations, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. It is usually by way of charge over assets, which could also include registration on the PPSR or registering as a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally based rather than specifying the security for a particular asset. The person signing the guarantee is personally responsible if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR permits priority over personal property to be granted depending on the date that a security interest that is registered.
An affidavit is an official form of document to offer notice of a legal claim on a property.
When you’re applying for an enterprise loan of more than $250K we may be able to provide an initial pre-approval to simplify the process. We may be able to do this without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes answering a couple of financial health checks. This is not an offer or guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer you receive could be subject to different terms.
You can apply for an company loan if you
The application process is quick and simple. Complete the online form in just a few minutes, and a dedicated company lending specialist will contact you to assist you.
To be eligible for up to $100,000 you’ll need ID details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Details of 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, plus interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) We can usually offer a response in one hour – as long as you apply in standard company timings and permit us to make use of the advanced 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 the decision in as little as an business day.
For Larger Business Loans ($100K and up) we might be able to offer the conditional pre-approval in around 6 hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain agreements have been approved within less than 24 hours.
The quickest method would be to make sure you apply during standard business hours and allow us to use the advanced bank verification system link to check your bank’s information online. If you decide to send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within one hour – as long as you apply at standard business times and allow us to use the bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements, we are able to provide an answer in just one business day.
For Larger Business Loans ($100K or more) we might be in a position to offer you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval document, you will require to wait around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Certain deals have been approved within 24 hours.
The fastest way would be to ensure you apply during standard business hours. You can also allow us to use the advanced bank verification system link to verify your bank account information online. If you opt to send us copies of your bank accounts, it may take a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount, we look at a variety of elements for determining how much we can lend you well-being that is your business and the extent of repayments that your company can support. The total amount of your loan will be contingent on the particular circumstances of your business.
If you apply for a set amount, we take into consideration a variety of factors to determine how much we can lend you such as health of the company and the level of repayments your company can support. The total amount of the loan will be determined by the particulars that are unique to your business.
If you decide to request our business credit, we’ll assess the risk profile for your business and provide you with a customised proposal that includes the loan amount, the terms and interest rates. The business loan is an upfront priced loan and you’ll know in advance the total amount you will have to pay, including costs, fees, or interest rates.
Business loan interest rates vary due to factors such as the amount that is that is borrowed, what business assets the funds will be used for and the sector the company is in, how long the business has been in operation and in the event that the company has sufficient cash flow to pay for the loan, as well as the general well-being as well as creditworthiness company.
There are no hidden fees with our business loans. You’ll know precisely what it is that you be required to pay, and when, right from the first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments in time).
We do not charge an Application Fee. You are able to make an application for loans with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this 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 loan at any point in time.
If you choose to do this please speak to our friendly business credit experts. They will offer you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the principal amount remaining and any accrued interest at the time of early payout and 1.5% of the remaining principal and any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow standard, we offer repayments either daily or weekly. They are automatically deducted from the nominated business account.
Security of your data, and being clear about the ways we gather the information we collect, use, share and secure your information, is vital and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We use an advanced banking verification system to immediately confirm your bank account information online to offer quick responses.
The term "asset-based" refers to borrowing where an business owner utilises assets they own to obtain the loan. The asset can be a personal asset like the family home or it could be a company asset such as a truck or piece of equipment.
The majority of the lenders including the big banks, tend to guarantee loans against assets. If you’re struggling to pay back the loan, then the asset could be transferred to the lender. In essence, it is means of securing new funding using the worth of the asset you already have.
Up to $150,000 in loans no asset security is required before you can access the money, however we do require an individual guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract) Asset security will never be required. For loans of over $150K generally there is personal guarantee and security that is in the form charges on assets.
