The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K to $500K company financing.
All that’s needed to begin is your contact information (the name of your company, your name, email and telephone) along with the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we’ll need confirmation of your identity but not to get started:
After we start with loans over $150,000 you will also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes via the internet or by phone. You will receive an instant response and have the funds available in just 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. This business loan is an upfront priced loan which means you be aware of the total amount payable including any fees, interest or charges. This is then broken down into either a daily or weekly payment amount.
A Small Business Loan can be used for almost any business reason, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To qualify for a loan that is this large the company needs to have been operating for a minimum of 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 or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A large company loan is a great option for almost every business purpose including business renovations, to purchase inventory or new equipment for general working capital, and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This is in the form of a charge over assets, and may be registered on the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is generally in nature rather than stipulating the security for a particular asset. The person signing the ensure is personally liable if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR permits prioritisation over property that is personal to be granted according to the date a security interest that is registered.
A caveat is a legal form of document to offer an official notice of a claim to a property.
If you’re seeking the Larger Business Loan of $250K or more we can offer an initial pre-approval to simplify the process. It is possible to apply for this without a credit check, and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial well-being checks. It’s not an offer of credit or guarantee of credit. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may be based on different terms.
You may be eligible for a business loan if you
The application process is fast and easy. Complete the online form within a few minutes and a dedicated business expert in lending will contact you to guide you through the process.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent twelve month bank accounts, the IRD statements as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we can often provide a response in one hour if you make your application during standard company hours and let us use the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your banking statements we can provide the decision in just an company day.
For Larger Business Loans ($100K up to $500,000) we may be able to offer you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Some agreements have been approved in less than 24 hours.
The quickest method can be ensure you apply during standard business hours, and allow us to use our advanced bank verification system link to instantly verify your bank account information online. If you opt to upload copies of your bank accounts, it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within an hour – provided you submit your request within standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statements we can offer the decision in just an business day.
If you are applying for Larger Business Loans ($100K or more) we may be in a position to offer you with pre-approval conditional to your application in about six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this can be faster depending on the circumstances of each application. Certain transactions have received approval within the space of 24 hours.
The quickest method would be to ensure you apply during normal business hours. You can also allow us to use the advance bank verification link to instantly check your bank’s information online. If you opt to upload the copies of bank statements, it will take a little longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of variables in order to assess the health of your business as well as the amount of payments your company is able to afford. The amount you receive from your loan will be contingent on the particular circumstances of your company.
When you submit an application for a specific amount we consider a variety of factors to determine the well-being of the business and the amount of the repayments your company is able to afford. The amount you receive from the loan will be determined by the particular circumstances for your company.
When you request one of our business credit, we’ll assess the risk profile for your business and provide you with a customised offer including the amount of loan, the term and interest rates. A company loan is an upfront-priced loan and you’ll be aware in advance of the total amount payable including any charges or interest.
Business loan interest rates vary due to factors such as the amount that is borrowed, what company assets the funds will be used for in addition to the industry that the business operates in, the long the business is in operation and how long the business has sufficient cash flow to cover the loan, and overall health as well as creditworthiness business.
There are no hidden costs for our company loans, and you’ll know exactly how much you need to pay and when, right from the first day. There’s no compounding and no extra fees (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You are able to make an application for loans without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the entire amount of the advance loan at any time.
If you are deciding to pursue this option, please speak to our friendly business loans specialists. We will provide you with the details of your repayment and an early payment figure. This is calculated as the total of the principal balance plus any accrued interest as of the time of early payment in addition to 1.5% of the principal balance plus any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your designated company account.
Security of your data, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is vital and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online, allowing us to provide a fast response.
An asset-based loan is when the company owner uses an asset they own to get the funding. The asset can be an asset belonging to the personal, like the family home or an business asset such as a vehicle or piece of equipment.
The majority of the lenders including the largest banks, are inclined to secure loans against an asset. If you are having difficulty paying back the loan, the asset could be sold by the lender. In essence it’s a way of securing new financing by 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 but we do require an individual guarantee. So long as you comply with your loan commitments (as specified in your loan contract) Asset security will never be needed. For loans over $150,000 generally, there is the option of a personal ensure and security is provided in the form of the charge of assets.
