The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All you need to begin is your contact details (the name of your company, your name, email, phone) and the amount you’d like to borrow and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of your identity, but not for starting:
After we start when it comes to loans greater than $150,000 you’ll also need the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
You can apply to your Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the money could be available in just 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. This business loan is a loan that is priced upfront so you will know ahead of time the total amount payable including the interest, fees and charges. This is then broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost every company purpose including the management of cash flow, business remodeling, marketing for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your business needs to have been trading for at least 3 years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly all business need, including company improvements, purchasing equipment or inventory for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required for accessing funds over $150,000. It’s in the form of a charge on assets, and may include registering this through the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than stipulating security over an asset. The person who signs the ensure is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a security interest that is registered.
The caveat can be described as a formal document lodged to offer an official notice of a claim to property.
If you’re seeking the Larger Business Loan that exceeds $250K, we may offer an initial pre-approval that will help smooth out the process. We may be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial well-being checks. This is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could be on different conditions.
You may be eligible for a company loan if you:
The application process is fast and easy. Simply complete the online form in just a few minutes, and a dedicated company credit specialist will call you to guide you.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence), an active NZBN/IRD, and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, as well as interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we typically offer an answer within an hour – as long as you submit your request in quality business timings and let us use the advanced bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements we can provide a decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K and up) we may be capable of provide the conditional pre-approval in about six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain offers have been approved within just 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours and permit us to use the advance bank verification to instantly check your bank’s information online. If you choose to upload duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer in just one hour – provided you make your application during normal business timings and you allow 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 banking statements, we will be able to offer an answer in as little as an business day.
For Larger Business Loans ($100K to $500K) we may be likely to provide you with conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval within 24 hours.
The most effective method for you to apply is make sure you apply during standard business hours and let us use the sophisticated bank verification to check your bank’s information online. If you send us duplicates of your banking statement, it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a certain amount we will consider a number of aspects that determine what is the health of your business and the extent of repayments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances for your business.
When you apply for a particular amount, we take into consideration a variety of elements to determine the well-being of your company and the level of repayments that your business is able to afford. The total amount of your loan will be determined by the particular circumstances the business.
If you decide to request the company financing, we’ll assess the risk assessment for your company and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. The company loan is an upfront cost loan so you will know the exact amount payable including any charges, interest rates or fees.
Business loan interest rates depend on several factors like the amount of money that is borrowed, what company assets the money are used to purchase in addition to the industry that the business operates in, the long the business has been in operation and in the event that the business has enough cash flow to pay for the loan, and also the overall health as well as creditworthiness company.
There aren’t any hidden costs for our company loans, and you’ll know precisely what you’ll be required to pay, and when, starting from day one. There’s no compounding interest, and there are no additional charges (as as you make your payments punctually).
We do not charge an Application Fee. You are able to make an application for loans with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You may choose to pay back the entire amount of the loan early at any time.
If you are deciding to pursue this option, please contact our helpful business lending specialists. We will offer you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout in addition to 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. They will be automatically deducted from your nominated company account.
Protecting your information, and knowing 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 you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system link to instantly confirm your bank account information online, allowing us to offer rapid response.
Asset-based borrowing occurs when the business owner makes use of an asset they own to secure the funds for a loan. The asset can be either a personal asset like the family home, or an business asset such as a vehicle or other piece of machinery.
The vast majority of the lenders not just the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence, it’s the process of securing new financing by using the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security upfront to access the money however, we do require an individual guarantee. In the event that you fulfill your loan obligations (as detailed in the loan contract) the security of assets is not required. For loans over $150,000 generally there is an individual guarantee and security that is in the form charges on assets.
