The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the guidelines for eligibility for our $100K to $500K company loans.
All that is needed to get started is your contact details (the name of your company, your name, email or phone number) along with the amount you’d like to lend, and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are, but not before we can begin:
Additionally after we get started in the process, for loans of more than $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
The application for the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and the funds could be on your account within 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. We offer a company loan is a pre-paid loan which means you know ahead of time the amount you will have to pay, including the interest, fees and charges. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for virtually any business use, including cash flow management, business renovations, marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
To be eligible for a credit that is this large the company needs to be trading for at least 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost all business use, including business improvements, purchasing new equipment or inventory for general working capital and much more. The loan is not available for personal purposes.
Asset security is needed to obtain funding above $150,000. It’s as a result of an charge on assets and can include registration on the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is general in nature, rather than stating security over a particular asset. The person who is signing the guarantee is personally liable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including items or assets). The PPSR grants priority over personal property to be assigned according to the date a security interest that is registered.
The caveat can be described as a formal document lodged to offer the public notice of a legal claim to a property.
If you’re applying for larger business loans of more than $250,000 we may be able to provide an initial pre-approval that will help smooth out the process. We might be able to apply for this without a credit check, and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial well-being checks. It’s not an offer or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you are offered could have different conditions.
You may be eligible for an company loan if you;
The application process is simple and easy. Just complete the online application within a couple minutes, and a dedicated company credit specialist will call you to help you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent and 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour, provided you make your application in standard company hours and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can provide a decision in just the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be able to provide you with conditional pre-approval within about six hours. After you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain transactions have received approval in the space of 24 hours.
The quickest way to apply would be to ensure you apply during normal company hours, and permit us to use the modern bank verification to confirm your bank details online. If you choose to send us duplicates of your banking statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer in just one hour – as long as you submit your request during standard business times and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements, we’ll be able to provide a decision within 1 business day.
For the Larger Business Loans ($100K up to $500,000) we could be likely to offer you with a conditional pre-approval in about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The quickest method would be to make sure you apply during normal business hours. You can also permit us to use the advanced bank verification system link to instantly confirm your bank details online. If you upload duplicates of your banking statements, it can take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a particular amount, we look at a variety of variables in order to assess what is the health that is your business as well as the amount of the repayments your company will be able to support. The total amount of your loan will depend on the specific circumstances for your company.
If you apply for a certain amount, we take into consideration a variety of aspects to assess how much we can lend you such as health of your business and the extent of repayments that your company can afford. The amount you receive from your loan will be contingent on the specifics the business.
If you decide to request the company loan, we will assess the risk assessment that you have for your company and offer you with a tailored offer including the amount of the loan, the duration and interest rates. This company loan is an upfront-priced loan therefore you will be aware of the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates vary due to variables like the amount to be of money borrowed, the business assets the money will be used for in addition to the industry that the company operates in, how long the business is in operation for, in the event that the business has sufficient cash flow to cover the loan, as well as the overall health or creditworthiness of the business.
There aren’t any hidden costs for our business loans, and you’ll know precisely how much you be required to pay, and when, right from day one. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan without any upfront costs or obligation to proceed.
The Origination Fee covers the expenses involved with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of the loan in full at any time.
If you are deciding to do this please speak to our friendly business loans specialists. We will provide you with the details of your repayment and an early payout figure. This is calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payout, plus 1.5 percent of the remaining principal as well as any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from the nominated business account.
The security of your personal information, as well as making it clear the ways we gather, use, exchange and safeguard your data, is of huge importance and is an essential part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information 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 bank verification system to instantly verify your bank account details online to offer an immediate response.
An asset-based loan is when an business owner utilises the assets they have to obtain a loan. The asset can be either an individual asset, such as the family home or it could be a business asset such as a truck or piece or equipment.
The majority of the lenders even the largest banks, are inclined to secure loans against an asset. If you have trouble paying back the loan then the asset could be offered for sale by the lender. In essence it is an opportunity to secure new financing taking advantage of the value of what you already have.
For loans of up to $150K, there is no requirement for asset security prior to the loan’s access, however we do need an individual guarantee. As long as you follow your loan obligations (as specified in the loan contract), asset security will never be required. For loans over $150,000 generally, there is personal ensure and security in the form of a charge over assets.
