The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K to $500K business financing.
All that is needed for starting is your contact details (company name, your name, email address and phone) as well as the amount you’d like to borrow and your monthly earnings.
While in the process and before settlement we’ll require confirmation of your identity but not before we can begin:
Once we’ve started, for loans of more than $150,000 you’ll require the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
Apply to get this Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and funds may be on your account within 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. This company loan is a pre-paid loan which means you know in advance the amount you will have to pay, including any interest, fees or charges. This is then broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually every business purpose including the management of cash flow, business remodeling, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large the business needs to have been in operation for at least 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan can be used for almost all business reason, such as company improvements, purchasing equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is required for accessing funds over $150,000. It is usually in the form of a charge against assets and can be registered on the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person signing the ensure is personally accountable if the company creditor is unable to repay 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 which are registered with respect to personal property (including the assets or goods). The PPSR permits prioritisation over property that is personal to be assigned according to the date a security interest was registered.
A caveat is a legal document filed to provide the legal claim on a property.
If you’re seeking larger business loans of $250,000 or more, we may offer an initial pre-approval in order to make the process. We may be able to make this decision without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial well-being questions. It is not an offer or guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could have different conditions.
You are eligible to apply for an business loan if you:
The application process is simple and easy. Complete the online form in just a few minutes, and a dedicated business expert in lending will contact you to guide you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we can often offer an answer in just one hour – as long as you apply at standard company time and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements we can provide a decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K or more) we could be able to provide you with conditional pre-approval in about 6 hours. After you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The most efficient method is to ensure you apply during standard business hours, and let us use the advance bank verification link to instantly confirm your bank details online. If you decide 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 often provide a response in one hour – as long as you apply in standard business hours and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statements, we are able to offer an answer within the span of one business day.
For the Larger Business Loans ($100K to $500K) we might be in a position to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval within the space of 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours and allow us to use our advanced bank verification system to instantly verify your bank information online. If you opt to send us copies of your bank accounts, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we take into consideration a range of elements that determine the health of the business and the amount of the repayments your company is able to afford. The amount you receive from your loan will depend on the particular circumstances of your business.
If you apply for a specific amount we look at a range of aspects to determine the health of your business as well as the amount of payments your business will be able to support. The total amount of the loan will be determined by the specifics for your business.
If you decide to apply for our business financing, we’ll assess the risk assessment of your company and provide an individualised proposal that includes the amount of the loan, the duration and interest rates. The company loan is a loan that is priced upfront therefore you will be aware of the total amount due, which includes any charges, interest rates or fees.
The interest rates on business loans rates differ based on various factors such as the amount that is that is borrowed, what business assets the money will be used for and the sector the business operates in, how long the company has been running and what percentage of the company has enough cash flow to cover the loan, and also the general health and creditworthiness of the business.
There aren’t any hidden charges for our business loans, and you’ll be aware of the amount you’ll need to pay and when, starting from the very first day. There’s no compounding interest, and no extra fees (as long as you make your payments on time).
We do not charge an Application Fee. You are able to make an application for loans with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can choose to repay the total amount of your loan at any point in time.
If you do decide to do this please call our helpful business lending specialists. They’ll offer you with the details of your repayment and an early payment figure. This is calculated as the sum of the principal remaining and the accrued interest up to the date of early payout, plus 1.5 percent of the principal remaining and any fees that remain unpaid.
To make sure that you don’t miss due dates and also to be in line with your cash flow standard, we provide repayments either daily or weekly. They are automatically deducted from your designated company account.
Security of your data, and being upfront about the ways we gather data, process, exchange and protect your information, is of paramount importance and is an essential aspect of our relationship with you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to security for our clients and security. We utilise a sophisticated banking verification system to immediately verify your bank account details online to provide a fast response.
Asset-based borrowing is when the company owner makes use of assets they own to get the funding. The asset may be an individual asset, such as the family home or it could be a company asset such as a vehicle as well as a piece of machine.
The majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against an asset. If you have trouble paying back the loan, then your asset may be sold by the lender. In essence, it’s a way of securing new financing by using the value of what you already own.
For loans up to $150K it is not necessary to secure assets before you are able to access the money however, we do need an individual guarantee. So long as you comply with the terms of your loan (as specified in the loan contract) the security of assets will never be required. If you take out loans in excess of $150,000 typically, you will need personal guarantee and security that is in the form an asset charge.
