The requirements for getting an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the conditions of eligibility for our $100K to $500K business loan.
All that’s needed to begin is your contact details (the name of your company, your name, email or phone number) as well as the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
Once we’ve started in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and the money could be in your account within 24 hours. Traditional company loans refer to an annual interest rate along with other charges and fees. This business loan is an upfront priced loan therefore you’ll know ahead of time the total amount due, which includes any fees, interest or charges. This is then divided into weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every business reason, such as control of cash flow business improvements, advertising to purchase inventory, 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 amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
To qualify for a loan that is this large, your company needs to be operating for a minimum of 3 years and have an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Larger Business Loan can be used to fund almost any business need, including company improvements, purchasing inventory or new equipment as well as for general working capital and so much more. The loan cannot be used for personal use.
Asset security is required to access funding over $150,000. This is in the form of a charge on assets, and could include the registration of this in the PPSR or making as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is generally in nature rather than stating the security for a particular asset. The person who is signing the guarantee is personally accountable if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR permits the priority of personal property granted according to the date the security interest has been registered.
A caveat is a legal document that is filed to provide the legal claim to a property.
If you’re requesting the Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval to make the process. It is possible to do this without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. It’s in no way an offer, nor is it a guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer that you are offered could have different terms.
You are eligible to apply for an company loan if you
The application process is simple and simple. Simply complete the online form in just a few minutes, and a dedicated business lending specialist will be in touch to help you.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within one hour – as long as you apply at standard business hours and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statements , we’ll be able to offer a decision within just an business day.
If you are applying for a Larger Business Loan ($100K and up) we could be capable of provide you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some deals have been approved in less than 24 hours.
The quickest way to apply would be to make sure you apply during normal company hours. You can also allow us to use our modern bank verification to confirm your bank details online. If you decide to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within one hour – provided you apply within normal business time and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we will be able to offer an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K or more) We may be capable of offer the conditional pre-approval in around 6 hours. After 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 circumstances of each application. Certain agreements have been approved within less than 24 hours.
The fastest method can be make sure you apply during standard business hours. Also, let us use the advanced bank verification system link to instantly verify your bank account information online. If you upload documents from your account statements it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a certain amount we consider a variety of aspects in order to assess your health for your company and the extent of payments your company can afford. The total amount of your loan will depend on the specifics the business.
When you submit an application for a specific amount we consider a variety of elements to assess the well-being of your company and the extent of payments your company can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
If you decide to apply for one of our company loans, we’ll assess the risk profile of your company and provide you with a customised proposal that includes the amount of loan, the term and interest rates. A business loan is an upfront cost loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for business loans rates vary due to factors such as the amount that is borrowed, the business assets the money are used to purchase, the industry the business operates in, how long the business has been running as well as in the event that the company has sufficient cash flow to support the loan, and also the overall health or creditworthiness of the company.
There are no hidden fees for our business loans. You’ll be aware of the amount you’ll be required to pay, and at what time, from the day you sign up. There’s not any compounding interest and there are no additional charges (as as you make your payments punctually).
We don’t charge an Application Fee. You can apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the total amount of your loan early at any time.
If you choose to pursue this option, please talk to one of our helpful company loan professionals. We will provide you with details on repayment along with an early payout estimate. This is calculated as the total of the principal remaining plus any accrued interest as of the time of early payment and 1.5 percent of the principal balance and any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow general, we offer repayments 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 information, use it, and exchange it, as well as ensure the security of your information is of paramount importance and is a crucial element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We employ a highly sophisticated bank verification system link to instantly verify your bank account information online, allowing us to offer quick responses.
An asset-based loan is when an business owner uses the assets they have to get a loan. The asset could 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 vast majority of banks, not just the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, your asset may be offered for sale by the lender. In essence it is the process of securing new financing by taking advantage of the value of what you already own.
For loans that exceed $150K, it is not necessary to secure assets before you are able to access the money but we require a personal guarantee. require a personal guarantee. As long as you follow your loan obligations (as specified in the loan contract) the security of assets will never be required. If you take out loans in excess of $150K generally there is the option of a personal ensure and security is provided in the form of an asset charge.
