The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K to $500K business loans.
All you need to start is your contact details (company name, your name, email and phone) along with the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we’ll require confirmation of your identity, but not to get started:
After we start in the process, for loans that exceed $150,000, you will also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the money could be available in just 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. The business loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount due, which includes any interest, fees or charges. Then, it is broken down into either weekly or daily installment amount.
A Small Business Loan can be used for virtually any business use, including managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a loan that is this large the business needs to have been operating for at least three years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own 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 to fund almost every business reason, such as company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for funding of more than $150,000. This is by taking a charge against assets, and may include the registration of this with the PPSR or registering a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally based rather than defining the security for a particular asset. The person who signs the ensure is personally liable in the event that the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted according to the date the security interest was registered.
An affidavit is an official form of document to offer notice of a legal claim to a property.
If you’re seeking the Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval to smooth out the process. We may be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial well-being checks. This is in no way an offer, nor is it a guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could be on different conditions.
You are eligible to apply for a business loan if you;
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and a dedicated company credit specialist will be in touch to assist you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent twelve months of bank records, IRD statements and the last two years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour if you submit your request in quality company hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statements we can offer the decision within just one business day.
For the Larger Business Loan ($100K up to $500,000) we may be capable of provide the conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some transactions have received approval within less than 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours, and permit us to use the advanced bank verification system 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 a response in one hour – as long as you submit your request at standard business time and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statement, we’ll offer the decision in just one business day.
For Larger Business Loans ($100K or more) we could be likely to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending upon the circumstances for each application. Certain deals have been approved 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 advance bank verification link to instantly verify your bank information online. If you upload copies of your bank statements, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a certain amount we look at a variety of factors for determining your well-being that is your company as well as the amount of the repayments your business will be able to support. The total amount of the loan will be determined by the particular circumstances the company.
When you apply for a set amount, we look at a range of factors to determine your well-being for your company and the level of repayments that your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances the company.
If you decide to request the company financing, we’ll assess the risk profile that you have for your company and provide an individualised offer that includes loan amount, term and the interest rates. The business loan is an upfront cost loan so you will know in advance the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money borrowed, what business assets the money will be used for as well as the field the business is in, how long the company has been operating for, in the event that the company has enough cash flow to fund the loan, and also the overall health or financial standing of the business.
There aren’t any hidden charges for our business loans. You’ll know exactly how much it is that you need to pay and when, starting from the very first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments punctually).
We do not charge an application fee. You are able to make an application for loans with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back all of your loan early at any time.
If you choose to pursue this option, please speak to our friendly company credit professionals. The professionals will provide you with the details of your repayment as well as an early payout amount. The figure will be calculated as the total of the principal amount remaining plus any accrued interest as of the time of early payment, plus 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. These are automatically deducted from the nominated business account.
Protecting your information, and making it clear how we collect, use, exchange and secure your information, is vital and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We employ a highly sophisticated bank verification system link to instantly verify the bank account details online. This allows us to offer a fast response.
Asset-based borrowing occurs when a company owner uses an asset that they own to get the loan. The asset may be an asset belonging to the personal, like the family home, or a company asset such as a vehicle or piece of equipment.
The majority of the lenders including the major banks, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, the asset might be sold by the lender. In essence, it is an opportunity to secure new funding taking advantage of the value of what you already own.
For loans that exceed $150K, there is no requirement for asset security in advance to gain access to the funds, however we do require a personal guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract), asset security is not needed. If you take out loans in excess of $150K generally there is an individual ensure and security that is in the form an asset charge.
