The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that’s needed for starting is your contact details (company name and your name, as well as email, phone) along with 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 for starting:
Once we’ve started with loans of more than $150,000 you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
You can apply for the Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and the funds could be in your account within 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. Our company loan is an upfront priced loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. This is then broken down into either a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually every business use, including managing cash flows, company remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
To be eligible for a loan in this amount, your business needs to be trading for at least 3 years with an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan can be used for nearly every company reason, such as company remodeling, buying equipment or inventory as well as for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required for accessing funds over $150,000. This can be done in the form of a charge against assets and can include the registration of this in the PPSR or registering a caveat.
A personal or director’s ensure is a promise to pay back a loan that is generally in nature rather than stipulating the security for a particular asset. The person who is signing the guarantee is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR permits priority over personal property to be granted depending on the date that a registration of a security interest.
Caveats are legal document lodged to offer notice of a legal claim to a property.
When you’re applying for the Larger Business Loan that exceeds $250K we can offer an initial pre-approval to simplify the process. We may be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health checks. It is neither an offer nor a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may be subject to different conditions.
You can apply for an company loan if you
The application process is fast and easy. Just complete the online application within a couple minutes, and an experienced company lending specialist will be in touch to assist you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically provide an answer within one hour if you submit your request during standard business times and let us utilise 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 are able to provide an answer within just the span of one business day.
For the Larger Business Loan ($100K or more) we may be able to offer you with a conditional pre-approval in around six hours. After you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be quicker based on the specifics of each application. Some offers have been approved in the space of 24 hours.
The quickest method can be make sure you apply during normal company hours and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour – provided you submit your request at normal business timings and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we’ll be able to provide the decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be likely to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Certain transactions have received approval within the space of 24 hours.
The fastest way is to make sure you apply during normal business hours. You can also let us use the advance bank verification link to instantly verify your bank account information online. If you decide to send us duplicates of your banking 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 will consider a number of variables in order to assess your well-being that is your company and the amount of payments your company can support. The total amount of your loan will be contingent on the particular circumstances the company.
If you apply for a set amount, we consider a variety of aspects to determine your well-being that is your business and the extent of repayments your company is able to afford. The total amount of the loan will be determined by the specifics of your company.
When you request one of our business credit, we will assess the risk profile that you have for your company and offer you with a customised offer that includes loan amount, term and the interest rates. The business loan is an upfront-priced loan therefore you will know the exact amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates depend on a variety of variables like the amount to be that is borrowed, what business assets the money are used to purchase, the industry the company is in, how long the business has been running as well as how long the business has sufficient cash flow to support the loan, and also the general well-being or financial standing of the business.
There are no hidden fees for our business loans. You’ll be aware of the amount you be required to pay and when, right from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you make your payments on time).
We do not charge an application fee. You are able to request a credit loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the entire amount of the loan early at any time.
If you choose to pursue this option, please talk to one of our helpful business loan specialists. They’ll provide you with details on repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the date of early payout and 1.5% of the remaining principal and any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow schedule, we offer repayments either daily or weekly. They will be automatically deducted from your business account.
The security of your personal information, as well as being transparent about how we collect data, process, exchange and protect your information, is of huge importance and is a crucial aspect of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and security. We make use of an advanced bank verification system link to immediately verify your bank account details online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where a company owner borrows from an asset they own to secure a loan. The asset can be an asset belonging to the personal, like the family home, or it could be a business property like a truck or piece of equipment.
The vast majority of lending institutions, even the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan then the asset could be taken over by the lender. In essence, it’s an opportunity to secure new financing taking advantage of the value of what you already have.
Up to $150,000 in loans it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. require an individual guarantee. So long as you comply with the loan terms (as stipulated in your loan contract) the security of assets is not required. If you take out loans in excess of $150K generally, you are able to get an individual guarantee and security is provided in the form of the charge of assets.
