The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K business loans.
All you need to begin is your contact details (the name of your company, your name, email address or phone number) as well as the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not to get started:
After we start, for loans that exceed $150,000, you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
The application for the Small Business Loan in under 10 minutes via the internet or over the phone, receive an answer within the same day and funds may be available in just 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. The company loan is an upfront priced loan and you’ll know ahead of time the total amount to be paid, including any fees, interest or charges. This is then divided into weekly or daily repayment figure.
A Small Business Loan can be used for virtually every business use, including the management of cash flow, business remodeling, marketing for purchasing inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large, your company needs to be operating for at least three years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A larger business loan is a great option for almost all company need, including business renovations, purchase of inventory or new equipment as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is required for funding of more than $150,000. This can be done as a result of an charge over assets, and could be registered in the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stipulating the security for a particular asset. The person who is signing the ensure is personally liable in the event that the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR gives priority over personal property to be granted according to the date the security interest was registered.
An affidavit is an official form of document to provide notice of a legal claim against a property.
If you’re applying for a Larger Business Loan of more than $250K it’s possible to offer an initial pre-approval that will help make the process. We might be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial health checks. It is not an offer or guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer that you are offered could be on different terms.
You may be eligible for an company loan if you:
The process for applying is fast and simple. Complete the online form in few minutes and an experienced company lending specialist will contact you to help you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) we can often provide an answer within an hour, provided you make your application within standard business time and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements we can provide a decision within the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be capable of offer the conditional pre-approval within six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Some deals have been approved within less than 24 hours.
The quickest method would be to ensure you apply during standard company hours and allow us to use the modern bank verification to instantly verify your bank account information online. If you opt to send us documents from your account accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within one hour – provided you make your application within normal business time and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements, we are able to provide a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with conditional pre-approval within 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved within less than 24 hours.
The fastest method would be to make sure you apply during standard business hours and permit us to use the modern bank verification link to instantly verify your bank account information online. If you send us the copies of bank statements, it will take a little longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a specific amount we will consider a number of factors that determine your health that is your business as well as the amount of the repayments your company can support. The amount you receive from the loan will be determined by the specific circumstances the business.
When you apply for a particular amount, we look at a range of elements to determine your health for your company as well as the amount of repayments your company can support. The amount you receive from your loan will be determined by the specific circumstances the company.
If you decide to make an application for business loans with us business loan, we will assess the risk assessment for your business and offer you with a customised offer including the loan amount, the terms and the interest rates. A business loan is an upfront cost loan and you’ll be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates vary due to factors including the amount borrowed, what business assets the money will be used for and the sector the business is in, how long the company has been running and in the event that the business has enough cash flow to support the loan, and the overall well-being as well as creditworthiness company.
There aren’t any hidden charges with our company loans, and you’ll know precisely what you’ll need to pay and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an application fee. You can request a credit loan no cost upfront or commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to pursue this option, please call our helpful company lending specialists. We will provide you with details for repayment as well as an early payout amount. This will be calculated as the sum of the principal amount remaining and any accrued interest at the time of early payment and 1.5% of the remaining principal plus any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your designated company account.
Making sure that your information is secure, and being upfront about how we collect, use, exchange and protect your information, is of paramount importance and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We use an advanced bank verification system link to instantly confirm your bank account information online, allowing us to provide quick responses.
An asset-based loan is when the business owner utilises an asset they own to get the loan. The asset can be a personal asset like the family home or an business asset such as a vehicle as well as a piece of machine.
The vast majority of lenders, not just the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan then the asset might be sold by the lender. In essence it’s means of securing new funding making use of the value of what you already have.
For loans that exceed $150K, it is not necessary to secure assets prior to the loan’s access but we do need the personal guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract) Asset security is not required. If you take out loans in excess of $150K generally, there is personal guarantee and security that is in the form an asset charge.
