The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the conditions of eligibility for our $100K to $500K business loan.
All that is needed to get started is your contact details (company name, your name, email, phone) as well as the amount you’d like to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of your identity but not before we can begin:
Once we’ve started, for loans that exceed $150,000, you will also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
The application to this Small Business Loan in under 10 minutes over the phone, receive a same day response and have the funds in your account in 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. We offer a business loan is a loan that is priced upfront which means you be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then divided into a daily or weekly repayment figure.
The Small Business Loan can be used to fulfill almost any business use, including managing cash flows, company remodeling, marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan of this size, your company needs to have been in operation for at least 3 years and have an annual turnover of at least $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Larger Business Loan is a great option for almost all business purpose including company renovations, to purchase equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to obtain funding above $150,000. It’s as a result of an charge against assets, and could be registered through the PPSR or making as a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is general in nature, rather than specifying security over an asset. The person signing the ensure is personally accountable if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including the assets or goods). The PPSR gives the priority of personal property granted in accordance with the date on which a security interest has been registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim on a property.
If you’re requesting larger company loans that exceeds $250,000 we may be able to provide an initial pre-approval to simplify the process. We could be able to make this decision without a credit check and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial well-being checks. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you might receive could be subject to different terms.
You may be eligible for an business loan if you
The process for applying is fast and easy. Just complete the online application in just a few minutes, and a dedicated business loan specialist will be in touch to guide you through the process.
To apply for up $100,000, you’ll require ID details (valid Driver’s License) as well as a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent as well as 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K and up) we can often provide an answer within an hour, provided you make your application in standard business times and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements , we will be able to provide the decision in as little as the span of one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be in a position to provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain transactions have received approval in less than 24 hours.
The most effective method would be to ensure you apply during normal business hours. You can also permit us to use the advanced bank verification system link to confirm your bank details online. If you opt to send us the copies of bank statements it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer in just one hour if you submit your request at normal business times and allow us to use the bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statements, we will be able to provide the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) We may be likely to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this could be shorter based upon the circumstances for each application. Some offers have been approved in the space of 24 hours.
The most effective method would be to ensure you apply during normal business hours, and permit us to use the modern bank verification to confirm your bank details online. If you decide to upload the copies of bank statement, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a particular amount, we consider a variety of elements in order to assess how much we can lend you health of your business as well as the amount of repayments your company will be able to support. The amount you receive from your loan will depend on the particular circumstances the business.
When you submit an application for a specific amount we consider a variety of variables to determine the health of the company and the amount of payments your business can support. The total amount of your loan will depend on the particulars the business.
If you decide to apply for our business loans, we’ll assess the risk profile of your business and offer an individualised proposal that includes the amount of loan, the term and interest rates. A company loan is an upfront priced loan therefore you will be aware of the total amount to be paid, including any charges, interest rates or fees.
Interest rates for business loans rates differ based on various factors like the amount of money that is borrowed, what business assets the money are used to purchase, the industry the business operates in, how long the company has been in operation, what percentage of the business has enough cash flow to fund the loan, and general well-being as well as creditworthiness business.
There aren’t any hidden charges for our business loans. You’ll be aware of the amount it is that you need to pay, and when, 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 are able to request a credit loan with without any upfront costs or obligation to proceed.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay all of your loan in full at any time.
If you decide to take this route, please call our helpful company loan professionals. They will provide you with details on repayment along with an early payout estimate. The figure will be calculated as the sum of the principal remaining plus any accrued interest as of the time of early payout and 1.5% of the principal balance plus any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow standard, we provide payments that are either weekly or daily. These are automatically deducted from your company account.
Security of your data, and making it clear how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our clients and security. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online, allowing us to offer rapid response.
An asset-based loan is when the company owner makes use of an asset that they own to make the funds for a loan. The asset could be a personal asset like the family home or an company property like a truck or other piece of machinery.
The majority of banks, even the largest banks, are inclined to secure loans against assets. If you are having difficulty paying back the loan, then your assets could be sold by the lender. In essence, it’s means of securing new financing by using the value of what you already own.
For loans that exceed $150K, the requirement for asset security is not required before you are able to access the money but we do need the personal guarantee. If you adhere to your loan commitments (as stated in the loan contract), asset security will never be needed. If you take out loans in excess of $150K typically, you will need a personal guarantee and security in the form of the charge of assets.
