The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K-$500K company loan.
All that’s needed to get started is your contact details (the name of your company, your name, email or phone number) and the amount you’d like to lend, and your monthly income.
During the process and before settlement we will require confirmation of your identity, but not before we can begin:
In addition, once we have started in the process, for loans over $150,000 you’ll need basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
It is possible to apply to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and funds may be on your account within 24 hours. Traditional company loans are based on an annual interest rate as well as other fees and charges. The business loan is a cash-based loan so you will be aware in advance of the amount you will have to pay, including any fees, charges or charges. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for almost every company reason, such as cash flow management, business renovations, marketing, to purchase inventory or new equipment, as 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 expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
In order to be eligible for a loan that is this large the business needs to be operating for a minimum of 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A large company loan can be used for almost any company reason, such as company renovations, to purchase inventory or new equipment or as general working capital and so much more. The loan is not available for personal purposes.
Asset security is needed for accessing funds over $150,000. This can be done as a result of an charge on assets, and could include registration with the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than defining security over a particular asset. The person who is signing the ensure is personally accountable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including the assets or goods). The PPSR allows priority over personal property to be assigned in accordance with the date on which a security interest was registered.
A caveat is a legal form of document to offer the public notice of a legal claim to a property.
If you’re applying for a Larger Business Loan that is greater than $250K, we may offer an initial pre-approval to make the process. It is possible to do this without a credit verification and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial well-being questions. 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 receive could be subject to different terms.
You can apply for a company loan if you;
The application process is simple and easy. Complete the online form in few minutes and a dedicated company lending specialist will call you to guide you.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $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, as well as interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically offer an answer in just one hour – as long as you submit your request during quality business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your banking statements , we are able to offer the decision within just 1 business day.
For Larger Business Loans ($100K up to $500,000) we could be able to offer you with conditional pre-approval within about six hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Certain transactions have received approval in the space of 24 hours.
The most effective method would be to ensure you apply during normal company hours. You can also allow us to use the modern bank verification to verify your bank account information online. If you choose to upload the copies of bank statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer in just one hour if you apply at normal business timings and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we will be able to offer a decision within one business day.
For the Larger Business Loans ($100K up to $500,000) We may be capable of offer you with pre-approval conditional to your application in about 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Certain offers have been approved in 24 hours.
The fastest way would be to ensure you apply during standard business hours. Also, allow us to use our sophisticated bank verification to instantly check your bank’s information online. If you upload copies of your bank statements it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of factors that determine how much we can lend you health that is your company and the amount of the repayments your business is able to afford. The amount you receive from your loan will depend on the specifics of your company.
When you submit an application for a certain amount, we look at a range of elements to assess the well-being of your business and the extent of repayments your company can support. The amount you receive from your loan will depend on the particulars for your business.
When you apply for the business financing, we’ll assess the risk assessment that you have for your company and provide you with a tailored offer that includes the loan amount, the terms and interest rates. A company loan is an upfront cost loan therefore you will be aware in advance of the total amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates vary due to factors including the amount of money borrowed, the company assets the funds will be used for and the sector the business operates in, how long the company has been operating, how long the company has sufficient cash flow to pay for the loan, and overall health and creditworthiness of the company.
There are no hidden fees for our company loans, and you’ll know exactly how much you’ll be required to pay and when, right from day one. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You can request a credit loan with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can decide to repay the entire amount of the loan at any point in time.
If you decide to do this please talk to one of our helpful business loans specialists. They’ll provide you with the details of your repayment along with an early payout estimate. The figure will be calculated as the total of the principal remaining and accrued interest to the time of early payment and 1.5% of the principal balance as well as any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow schedule, we provide repayments either weekly or daily. They will be automatically deducted from your nominated company account.
The security of your personal information, as well as making it clear the ways we gather the information we collect, use, share and ensure the security of your information is crucial and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We make use of an advanced banking verification system to instantly verify your bank account details online so we can provide an immediate response.
The term "asset-based" refers to borrowing where an business owner makes use of an asset that they own to make the funding. The asset can be an asset belonging to the personal, like the family home or a business asset such as a vehicle or piece or equipment.
The vast majority of lending institutions, even the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan, then the asset might be sold by the lender. In essence it’s means of securing additional financing using the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security before you can access the money However, we require a personal guarantee. need a personal guarantee. In the event that you fulfill your loan obligations (as stipulated in your loan contract) the security of assets is not needed. For loans that exceed $150,000, generally there is an individual ensure and security in the form an asset charge.
