The eligibility requirements for 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 that’s needed to get started is your contact information (the name of your company, your name, email address and telephone) along with the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity but not for starting:
In addition, once we have started in the process, for loans that exceed $150,000, you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
Apply to get the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and the funds could be in your account within 24 hours. Traditional company loans refer to an annual rate of interest along with other charges and fees. Our company loan is a pre-paid loan and you’ll know in advance the total amount to be paid, including any fees, charges or charges. Then, it is divided into weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually every company need, such as cash flow management, company remodels and marketing to purchase inventory, new equipment, as general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. The repayments are made weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
To qualify for a loan of this size, your company needs to be operating for a minimum of 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Business Loan of a larger size can be used for almost all business need, including business improvements, purchasing equipment or inventory for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required to access funding over $150,000. This can be done by taking a charge against assets, and could include registration on the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is general in nature rather than stating security over an asset. The person who signs the ensure is personally liable if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR allows preference over private property assigned according to the date the security interest was registered.
Caveats are legal document lodged to provide the legal claim against a property.
If you’re applying for an enterprise loan of $250K or more, we may offer an initial pre-approval in order to ease the process. We might be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial health checks. It is not an offer of credit or guarantee of credit. A conditional approval is subject an exhaustive credit evaluation, and any offer that you may receive may have different terms.
You may apply for a company loan if you;
The process for applying is fast and easy. Just fill out the online application in few minutes and an experienced business expert in lending will call you to help you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we typically offer an answer within an hour, provided you make your application at quality business time and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statements , we’ll be able to provide an answer in just one business day.
If you are applying for a Larger Business Loan ($100K and up) we could be capable of offer you with a conditional pre-approval within about 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved in the space of 24 hours.
The fastest way can be ensure you apply during standard company hours. Also, permit us to use the advanced bank verification system to verify your bank account information online. If you upload the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within an hour if you submit your request at normal business hours and let us use the bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your bank statement, we’ll offer a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be likely to provide you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this may be quicker depending on the particular circumstances of each application. Some transactions have received approval in just 24 hours.
The most effective method can be ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system to instantly check your bank’s information online. If you opt to upload documents from your account statements it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of factors that determine your health of your business as well as the amount of the repayments your company can support. The amount you receive from the loan will be determined by the specifics for your business.
When you submit an application for a certain amount, we take into consideration a variety of aspects to assess your well-being of the business and the level of payments your company is able to afford. The total amount of your loan will depend on the particular circumstances the company.
When you request our business credit, we’ll assess the risk assessment of your company and provide you with a tailored offer, including loan amount, term and interest rates. A company loan is a loan that is priced upfront which means you be aware in advance of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for company loans rates depend on several factors like the amount of money borrowed, the business assets the funds will be used for and the sector the company operates in, how long the company has been operating, in the event that the business has sufficient cash flow to fund the loan, and general health or creditworthiness of the business.
There aren’t any hidden costs for our company loans, and you’ll know exactly how much it is that you be required to pay, and when, right from day one. There’s not any compounding interest and no extra fees (as long as you make your payments in time).
We do not charge an application fee. You are able to request a credit loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with setting up 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% of the amount of loan.
You may choose to pay back the entire amount of the loan in full at any time.
If you choose to pursue this option, please speak to our friendly business loan professionals. They will offer you with the details of your repayment as well as an early payout amount. This will be calculated as the total of the principal amount remaining and accrued interest to the date of early payout, plus 1.5 percent of the principal remaining as well as any outstanding fees.
To ensure that you don’t miss repayments and to fit in your cash flow schedule, we provide payments that are either weekly or daily. They will be automatically deducted from your company account.
The security of your personal information, as well as knowing the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to immediately verify the bank account details online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where the company owner makes use of an asset they own to secure the funding. The asset may be an individual property, such as the family home, or an business property like a truck or other piece of machinery.
The vast majority of lenders, including the banks with the biggest size, prefer to secure loans against assets. If you have trouble paying back the loan then the asset might be taken over by the lender. In essence it is an opportunity to secure new financing taking advantage of the value of what you already own.
For loans of up to $150K, no asset security is required before you can access the money but we do need an individual guarantee. If you adhere to your loan commitments (as stipulated in your loan contract document) the security of assets is not required. For loans of over $150,000 generally, there is an individual guarantee and security that is in the form a charge over assets.
