The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Check out the guidelines for eligibility for our $100K to $500K company credit.
All that’s needed to begin is your contact details (company name, your name, email, phone), how much you’d like to borrow, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity but not for starting:
Additionally after we get started with loans greater than $150,000 you’ll need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply to get the Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and funds may be in your account in 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. Our business loan is a loan that is priced upfront and you’ll be aware of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for almost any company need, such as cash flow management, company improvements, advertising to purchase inventory or new equipment, for general working capital and much more. The loan is not available 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 term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a credit that is this large the company needs to be in operation for at least 3 years with an annual turnover of $700K. 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 of proving at minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost all business purpose including business renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is required for accessing funds over $150,000. This can be done by way of charge over assets and can be registered in the PPSR or the registration of a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally based rather than stating the security of a specific asset. The person signing the ensure is personally liable if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR permits preference over private property granted according to the date the registration of a security interest.
The caveat can be described as a formal form of document to provide notice of a legal claim to a property.
If you’re requesting an enterprise loan of $250K or more we can offer an initial pre-approval in order to ease the process. It is possible to make this decision without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial health questions. It’s not an offer of credit or guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer you may receive may have different terms.
You are eligible to apply for a business loan if you;
The process for applying is fast and simple. Complete the online form in just a few minutes, and an experienced business expert in lending will call you to guide you through the process.
To apply for up $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.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve months of bank records, IRD statements, last 2 years finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we usually provide an answer within one hour, provided you apply within standard 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 banking statements we can provide the decision in just the span of one business day.
For the Larger Business Loan ($100K or more) we may be in a position to provide the conditional pre-approval within six hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours and allow us to use the modern bank verification to instantly verify your bank account information online. If you decide to upload duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer a response in one hour if you apply in standard business times and permit us to use the bank verification system to instantly verify your bank information online. If you decide to upload copies of your banking statement, we’ll offer a decision in as little as an business day.
For Larger Business Loans ($100K to $500K) we might be likely to provide the conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest way would be to ensure you apply during normal business hours, and allow us to use our sophisticated bank verification to instantly verify your bank information online. If you choose to upload documents from your account statement, it will take a little longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of aspects to determine the health of your company as well as the amount of repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a set amount, we take into consideration a variety of elements to determine how much we can lend you such as well-being of the business as well as the amount of the repayments your business can afford. The total amount of your loan will depend on the particulars that are unique to your business.
When you apply for the company financing, we will assess the risk profile the company and offer an individualised proposal that includes the amount of the loan, the duration and interest rates. The company loan is a loan that is priced upfront which means you know the exact amount due, which includes any charges or interest.
Business loan interest rates vary due to factors like the amount of money borrowed, what business assets the money will be used for, the industry the company operates in, the long the business has been running for, what percentage of the company has sufficient cash flow to support the loan, as well as the overall health as well as creditworthiness business.
There aren’t any hidden charges for our business loans. You’ll know exactly how much you’ll be required to pay and when, right from the day you sign up. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We do not charge an application fee. You can get a cash loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay all of your loan in full at any time.
If you do decide to take this route, please contact our helpful business credit experts. The professionals will provide you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the principal remaining and any accrued interest at the time of early payment and 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss repayments and to fit in with your cash flow routine, we offer repayments either weekly or daily. They will be automatically deducted from the nominated company account.
Security of your data, and knowing how we collect the information we collect, use, share and secure your information, is crucial and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system that allows you to immediately verify the bank account details online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where a business owner makes use of the assets they have to make a loan. The asset may be an asset belonging to the personal, like the family home, or a company asset such as a vehicle or piece of equipment.
The majority of the lenders even the major banks, prefer to guarantee loans against assets. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence, it’s an opportunity to secure new financing using the worth of the asset you already own.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money, however we do require a personal guarantee. As long as you follow the loan terms (as specified in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans that exceed $150,000, generally there is personal guarantee and security in the form the charge of assets.
