The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K company loan.
All that is needed to get started is your contact details (the name of your company, your name, email address, phone) as well as the amount you’d like to lend, as well as your monthly income.
While in the process and before settlement we’ll need confirmation of your identity, but not to get started:
Additionally after we get started, for loans that exceed $150,000, you’ll need basic financial statements.
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Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
The application to get the Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and have the funds available in just 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. The company loan is a pre-paid loan so you will know in advance the total amount to be paid, including any fees, interest or charges. Then, it is broken down into weekly or daily payment amount.
A Small Business Loan can be used for almost any business reason, such as managing cash flows, company improvements, advertising, to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large the business needs to be operating for a minimum of 3 years and have an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A large business loan can be used for almost every company reason, such as company renovations, to purchase inventory or new equipment as well as for general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is needed to access funding over $150,000. This can be done by taking a charge against assets, and may include registering this in the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally based rather than specifying the security of a specific asset. The person signing the ensure is personally liable in the event that the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned according to the date the security interest was registered.
A caveat is a legal document lodged to provide the public notice of a legal claim on a property.
If you’re applying for an enterprise loan that exceeds $250,000, we may offer an initial pre-approval that will help simplify the process. We may be able to get this done without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial health questions. It is not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could be on different conditions.
You may be eligible for an company loan if you:
The application process is fast and easy. Complete the online form within a few minutes and an experienced business loan specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Application details including credit consent and 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often offer an answer within an hour – as long as you apply during standard business timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your bank statements , we are able to provide a decision within just the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain agreements have been approved in 24 hours.
The quickest method can be make sure you apply during normal company hours. Also, permit us to use the advance bank verification to verify your bank account information online. If you upload the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer in just one hour, provided you apply in normal business time and permit us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your bank statements, we’ll be able to offer a decision in just one business day.
For the Larger Business Loans ($100K up to $500,000) we may be able to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the specifics of each application. Certain deals have been approved within less than 24 hours.
The quickest method would be to ensure you apply during normal business hours. You can also let us use the advance bank verification link to check your bank’s information online. If you choose to send us the copies of bank statement, it takes a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of factors for determining how much we can lend you well-being that is your business as well as the amount of the repayments your company can afford. The total amount of your loan will be contingent on the specifics the company.
When you submit an application for a particular amount, we look at a range of aspects to assess your health of your business and the extent of payments your business can afford. The total amount of the loan will be determined by the specific circumstances for your company.
When you apply for our business financing, we will assess the risk profile of your company and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. A business loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates depend on a variety of variables like the amount to be borrowed, what company assets the money will be used for and the sector the company operates in, how long the business has been operating for, how long the company has sufficient cash flow to cover the loan, and general well-being or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you need to pay and when, starting from day one. There’s no compounding interest and no extra fees (as as you make your payments on time).
We do not charge an Application Fee. You are able to get a cash loan with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay the total amount of your loan early at any time.
If you decide to do this please call our helpful company credit experts. They’ll provide you with repayment details along with an early payout estimate. The figure will be calculated as the sum of the principal remaining plus any accrued interest as of the time of the early payout plus 1.5% of the principal balance plus any outstanding fees.
In order to help you avoid missing due dates and also to be in line your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from your nominated company account.
Protecting your information, and making it clear the ways we gather, use, exchange and ensure the security of your information is of huge importance and a vital part of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to security for our clients and security. We use an advanced bank verification system link to immediately confirm your bank account information online. This allows us to offer quick responses.
Asset-based borrowing is when a company owner makes use of an asset they own to get the loan. The asset could be an individual asset, such as the family home or an company asset such as a vehicle or piece or equipment.
The majority of the lenders including the largest banks, are inclined to make loans secured by an asset. If you are having difficulty paying back the loan then the asset could be sold by the lender. In essence it is an opportunity to secure additional financing using the value of what you already own.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds but we require a personal guarantee. need an individual guarantee. So long as you comply with your loan obligations (as stated in your loan contract document), asset security will never be needed. For loans that exceed $150,000, generally, you are able to get a personal guarantee and security is provided in the form of an asset charge.
