The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the eligibility requirements for our $100K-$500K business credit.
All you need to start is your contact information (the name of your company, your name, email, phone) along with the amount you’d like to borrow and your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are but not to get started:
Once we’ve started with loans that exceed $150,000, you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and funds may be in your account in 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. The business loan is a pre-paid loan which means you know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for almost every business purpose including control of cash flow company improvements, advertising for purchasing inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
The 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 in this amount, your company needs to be operating for at least three years and have an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Larger Business Loan is a great option for almost all company purpose including business renovations, purchase of equipment or inventory, as general working capital and so much more. The loan is not available for personal use.
Asset security is needed for funding of more than $150,000. This can be done as a result of an charge on assets, which could also include registering this on the PPSR or registering as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature, rather than specifying security over an asset. The person who is signing the guarantee is personally accountable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR grants preference over private property granted in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal document filed to offer the public notice of a legal claim to a property.
If you’re requesting a Larger Business Loan of $250K or more we can offer an initial pre-approval that will help make the process. We may be able to get this done without a credit verification and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering a few financial well-being questions. It’s not an offer or guarantee of financing. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you are offered could be based on different terms.
You may apply for an company loan if you;
The process for applying is fast and easy. Complete the online form in just a few minutes, and a dedicated company loan specialist will be in touch to guide you.
To apply for up $100,000 you’ll require 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 also require:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent, 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within an hour – as long as you apply at quality business timings and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements , we are able to provide a decision within the span of one company day.
For the Larger Business Loan ($100K or more) we may be likely to provide the conditional pre-approval within about six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Certain offers have been approved in 24 hours.
The quickest method would be to make sure you apply during normal company hours. Also, let us use the advance bank verification link to instantly check your bank’s information online. If you choose to upload the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer within an hour – provided you submit your request during standard business times and permit us to use the bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will require to wait around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some agreements have been approved within the space of 24 hours.
The quickest method can be ensure you apply during standard business hours. Also, allow us to use our advance bank verification link to verify your bank information online. If you decide to send us the copies of bank statement, it may take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we consider a variety of factors that determine how much we can lend you health for your company and the level of payments your company will be able to support. The amount you receive from the loan will be determined by the specifics of your business.
When you submit an application for a set amount, we take into consideration a variety of aspects to determine your health of the company as well as the amount of the repayments your company can support. The total amount of the loan will be determined by the particulars that are unique to your business.
When you apply for business loans with us business loans, we will assess the risk profile for your business and provide you with a tailored proposal that includes the amount of loan, the term and the interest rates. This company loan is an upfront cost loan so you will be aware in advance of the total amount payable including any interest rates, fees or charges.
Business loan interest rates depend on several factors including the amount borrowed, what company assets the money will be used for and the sector the company is operating in, how long the company has been running, what percentage of the business has sufficient cash flow to fund the loan, and general health as well as creditworthiness company.
There aren’t any hidden charges for our business loans, and you’ll be aware of the amount it is that you need to pay and when, from the very first day. There’s no compounding and no additional fees (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 obligation to proceed.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You may choose to pay back the entire amount of your advance loan at any time.
If you choose to do this please call our helpful company lending experts. They’ll provide you with repayment details and an early payout figure. The figure will be calculated as the total of the principal remaining and the accrued interest up to the time of early payment in addition to 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align your cash flow schedule, we provide payments that are either weekly or daily. These are automatically deducted from your designated company account.
Protecting your information, and knowing the ways we gather, use, exchange and safeguard your data, is crucial 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 qualified for our dedication to the security of our clients as well as their privacy. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account details online so we can offer a fast response.
An asset-based loan is when a company owner utilises an asset that they own to secure the funds for a loan. The asset could be a personal asset like the family home or a company property like a truck or other piece of machinery.
The majority of lenders, including the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, the asset could be sold by the lender. In essence, it’s a way of securing new financing taking advantage of the value of what you already have.
For loans up to $150K the requirement for asset security is not required upfront to access the money, however we do need the personal guarantee. As long as you follow your loan commitments (as stated in the loan contract) the security of assets will never be required. For loans of over $150,000 typically, you will need the option of a personal ensure and security in the form the charge of assets.
