The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Review the eligibility requirements for our $100K-$500K company credit.
All that’s required to start is your contact details (the name of your company, your name, email and phone), how much you want to borrow, and your monthly income.
While in the process and before settlement we will need confirmation of who you are, but not before we can begin:
Once we’ve started with loans of more than $150,000 you’ll need basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be in your account within 24 hours. Traditional business loans refer to an annual rate of interest plus other fees and charges. Our company loan is a pre-paid loan so you will be aware of the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly any business need, such as cash flow management, business remodels and marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
A Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan of this size the company needs to be trading for at least 3 years and have an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A large business loan can be used for almost every company need, including business renovations, purchase of new equipment or inventory for general working capital and so much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. It is usually in the form of a charge against assets, and may include registration in the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is general in nature, rather than specifying the security of a specific asset. The person who signs the guarantee is personally liable if the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR permits prioritisation over property that is personal to be granted according to the date a security interest was registered.
An affidavit is an official document lodged to provide the legal claim to property.
If you’re applying for larger business loans that is greater than $250,000 we may be able to provide a preliminary pre-approval to help ease the process. We might be able to do this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial well-being checks. It’s not an offer or guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you are offered could be subject to different conditions.
You may be eligible for a business loan if you:
The process for applying is fast and easy. Simply complete the online form within a few minutes and an experienced business loan specialist will call you to guide you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an 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 and up) we can often provide a response in one hour if you submit your request at quality company times and let us utilise the bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll provide the decision within the span of one company day.
For the Larger Business Loan ($100K and up) we may be capable of provide you with a conditional pre-approval in about six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Some deals have been approved in 24 hours.
The most effective method for you to apply is make sure you apply during normal business hours and let us use the modern bank verification link to confirm your bank details online. If you choose to upload copies of your bank statements , it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually provide a response in one hour, provided you submit your request at normal business timings and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements, we are able to offer an answer within the span of one business day.
For the Larger Business Loans ($100K or more) we might be likely to provide you with pre-approval conditional to your application within about six hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Some agreements have been approved in just 24 hours.
The fastest way is to make sure you apply during standard business hours, and permit us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to send us the copies of bank statements, it may take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a particular amount, we look at a variety of variables in order to assess what is the health for your business as well as the amount of repayments your company will be able to support. The amount you receive from the loan will be determined by the specifics for your company.
When you apply for a set amount, we take into consideration a variety of factors to assess your health of your company and the level of repayments your business can afford. The total amount of your loan will depend on the specifics the company.
If you decide to request one of our company loan, we’ll assess the risk profile the company and provide you with a customised offer including loan amount, term and interest rates. The business loan is an upfront priced loan therefore you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
The interest rates on business loans rates depend on several factors like the amount of money borrowed, the company assets the funds are used to purchase as well as the field the company is in, how long the business has been in operation as well as in the event that the business has sufficient cash flow to pay for the loan, and overall health as well as creditworthiness business.
There aren’t any hidden costs for our company loans, and you’ll know precisely what you’ll be required to pay and at what time, from day one. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You can make an application for loans with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can repay the total amount of your loan at any point in time.
If you decide to do this please call our helpful company credit professionals. They’ll provide you with the details of your repayment as well as an early payout amount. It will be calculated using the sum of the principal remaining and the accrued interest up to the time of early payment in addition to 1.5% of the remaining principal plus any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow routine, we offer repayments either daily or weekly. They are automatically deducted from your nominated business account.
The security of your personal information, as well as being transparent about the ways we gather information, use it, and exchange it, as well as secure your information, is of huge importance and a vital part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We use an advanced bank verification system that allows you to instantly verify your bank account details online, allowing us to offer a fast response.
Asset-based borrowing is when a company owner borrows from the assets they have to secure the loan. The asset can be an asset belonging to the personal, like the family home or an company property like a truck as well as a piece of machine.
The majority of lenders, even the banks with the biggest size, prefer to guarantee loans against assets. If you are having difficulty paying back the loan then the asset might be taken over by the lender. In essence, it’s a way of securing additional financing using the worth of the asset you already own.
For loans that exceed $150K, there is no requirement for asset security before you are able to access the money however, we do require the personal guarantee. So long as you comply with the loan terms (as stipulated in the loan contract), asset security will never be required. For loans of over $150,000 typically, you will need personal guarantee and security in the form charges on assets.
