The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K to $500K business loans.
All that’s required to start is your contact information (company name, your name, email and phone) and the amount you’d like to lend, and your monthly earnings.
While in the process and before settlement we’ll need confirmation of who you are, but not for starting:
In addition, once we have started with loans over $150,000 you’ll also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and funds may be in your account within 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. This business loan is an upfront priced loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
A Small Business Loan can be used for virtually every company use, including the management of cash flow, company improvements, advertising to purchase inventory, new equipment, or as general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size the company needs to have been operating for at least three years and generate an annual revenue of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used for almost every company use, including company remodeling, buying new equipment or inventory, as general working capital and much more. The loan is not available for personal use.
Asset security is necessary to access funding over $150,000. This is by taking a charge against assets, and could include registration through the PPSR or registering a caveat.
A personal or director’s ensure is a commitment to repay credit that is generally based rather than defining security over a particular asset. The person who signs the ensure is personally responsible if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR allows priority over personal property to be granted depending on the date that a registration of a security interest.
An affidavit is an official form of document to offer the public notice of a legal claim on a property.
When you’re applying for a Larger Business Loan that is greater than $250,000, we may offer an initial pre-approval in order to ease the process. It is possible to do this without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. It is neither an offer nor a guarantee of credit. A conditional approval is subject an assessment of your creditworthiness and any offer that you receive could be based on different terms.
You are eligible to apply for a company loan if you
The application process is quick and easy. Simply complete the online form within a couple minutes, and a dedicated business credit specialist will call you to assist you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) We can usually provide an answer within an hour – as long as you apply at quality company hours and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements we can offer an answer within one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be able to offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved in just 24 hours.
The quickest method for you to apply is make sure you apply during standard business hours, and let us use the advanced bank verification system to verify your bank account information online. If you decide to upload duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K and up) we usually provide an answer within an hour, provided you submit your request in normal business time and permit us to use the bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statements we can offer a decision within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be able to offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some deals have been approved in just 24 hours.
The most effective method is to make sure you apply during standard business hours. Also, allow us to use our modern bank verification to confirm your bank details online. If you upload the copies of bank statements, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a certain amount we consider a variety of aspects for determining the health of your company and the amount of the repayments your business is able to afford. The total amount of your loan will depend on the specifics the business.
When you make an application for a specific amount we look at a range of variables to assess your well-being of your company and the level of the repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances of your business.
When you make an application for business loans with us business financing, we’ll assess the risk assessment the company and offer you with a tailored offer that includes the amount of the loan, the duration and interest rates. It is a company loan is an upfront-priced loan and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
Interest rates for company loans rates differ based on various factors like the amount of money of money borrowed, the business assets the funds will be used for in addition to the industry that the business is in, how long the company has been operating as well as whether the business has sufficient cash flow to support the loan, and the general health or financial standing of the business.
There are no hidden costs for our business loans. You’ll know precisely how much you need to pay and when, from day one. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments in time).
We do not charge an application fee. You are able to request a credit loan with no upfront cost or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you choose to do this please speak to our friendly company loans specialists. They’ll offer you with details for repayment as well as an early payout amount. The figure will be calculated as the sum of the principal remaining and any accrued interest at the time of early payment plus 1.5% of the principal amount remaining 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 daily or weekly. They will be automatically deducted from your nominated business account.
Making sure that your information is secure, and being clear about the ways we gather, use, exchange and safeguard your data, is of paramount importance and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We use an advanced bank verification system link to immediately verify your bank account information online so we can provide quick responses.
Asset-based borrowing occurs when the company owner borrows from the assets they have to make the loan. The asset could be a personal asset like the family home or an business asset such as a vehicle or piece of equipment.
The vast majority of lenders, even the big banks, tend to secure loans against assets. If you are having difficulty paying back the loan then your assets could be taken over by the lender. In essence it is the process of securing new financing using the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required before you can access the money However, we require a personal guarantee. require an individual guarantee. If you adhere to the loan terms (as detailed in your loan contract document) Asset security is not needed. If you take out loans in excess of $150,000 generally, you are able to get an individual guarantee and security that is in the form a charge over assets.
