The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Find out the eligibility requirements for our $100K to $500K company loans.
All that’s needed to get started is your contact information (company name, your name, email and telephone) and the amount you’d like to lend, as well as your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not for starting:
After we start in the process, for loans over $150,000 you will also 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. They also offer cash flow friendly repayments, which are either daily or weekly.
You can apply to this Small Business Loan in under 10 minutes via the internet or over the phone, receive an immediate response, and have the funds available in just 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. The business loan is a cash-based loan which means you be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for almost every company need, such as control of cash flow business remodeling, marketing for purchasing inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
To be eligible for a credit that is this large, your business needs to have been operating for a minimum of 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost any company use, including company renovations, purchase of new equipment or inventory for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge over assets, and could include registering this through the PPSR or filing as a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is general in nature rather than defining the security for a particular asset. The person signing the guarantee is personally liable in the event that the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including the assets or goods). The PPSR permits the priority of personal property assigned according to the date a security interest that is registered.
An affidavit is an official document that is filed to provide an official notice of a claim against a property.
If you’re seeking a Larger Business Loan of $250,000 or more, we may offer an initial pre-approval in order to make the process. We may be able to apply for this without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial health questions. This is neither an offer nor a guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you are offered could be subject to different conditions.
You may be eligible for an company loan if you
The application process is quick and easy. Just complete the online application within a couple minutes, and an experienced company expert in lending will be in touch to guide you.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K and up) we typically provide an answer in just one hour, provided you make your application during standard business time and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statement, we’ll provide an answer within just 1 company day.
For Larger Business Loans ($100K or more) we might be likely to provide the conditional pre-approval within six hours. Once you’ve signed the 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. Certain transactions have received approval in just 24 hours.
The quickest method can be make sure you apply during standard company hours. You can also permit us to use the advance bank verification link to check your bank’s information online. If you opt to upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer within an hour – as long as you apply within normal business times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements, we are able to provide the decision within one business day.
For the Larger Business Loans ($100K up to $500,000) we may be capable of provide you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved in 24 hours.
The fastest way can be make sure you apply during standard business hours. Also, let us use the sophisticated bank verification to verify your bank account information online. If you upload duplicates of your banking statements, it takes a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a particular amount, we take into consideration a range of variables for determining your health of your company and the extent of payments your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances for your business.
When you submit an application for a set amount, we consider a variety of variables to determine your health that is your company and the amount of the repayments your business can support. The amount you receive from the loan will be determined by the particular circumstances that are unique to your company.
When you apply for business loans with us company loan, we will assess the risk assessment that you have for your company and offer an individualised offer that includes the amount of the loan, the duration and interest rates. A business loan is an upfront priced loan and you’ll know in advance the total amount payable including any interest rates, fees or charges.
Business loan interest rates differ based on various factors such as the amount that is borrowed, the business assets the funds are used to purchase, the industry the company operates in, the long the company has been running as well as what percentage of the business has sufficient cash flow to cover the loan, and the overall health or creditworthiness of the business.
There aren’t any hidden charges with our company loans. You’ll be aware of the amount you need to pay, and when, starting from the very first day. There’s no compounding interest, and no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You can get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you are deciding to do this please contact our helpful company loan professionals. They will provide you with details for repayment along with an early payout estimate. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payout plus 1.5 percent of the remaining principal and any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments either daily or weekly. These are automatically deducted from the nominated company account.
Protecting your information, and being clear about the ways we gather, use, exchange and safeguard your data, is of paramount importance and is an essential part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We utilise a sophisticated banking verification system to instantly verify the bank account details online so we can provide an immediate response.
Asset-based borrowing is when a company owner utilises assets they own to get the funds for a loan. The asset can be an individual property, such as the family home or a company asset like a truck or piece of equipment.
The vast majority of the lenders even the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan then your asset may be taken over by the lender. In essence it’s the process of securing new financing by taking advantage of the value of what you already own.
For loans of up to $150K, there is no requirement for asset security before you can access the money however, we do need the personal guarantee. So long as you comply with your loan obligations (as detailed in your loan contract) the security of assets is not needed. For loans that exceed $150,000, typically, you will need personal guarantee and security in the form of the charge of assets.
