The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Find out the eligibility requirements for our $100K-$500K business financing.
All that’s required for starting is your contact details (the name of your company, your name, email and phone) and the amount you’d like to lend, and your monthly earnings.
During the process and before settlement we’ll require confirmation of your identity, but not to get started:
Once we’ve started in the process, for loans greater than $150,000 you’ll require 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 month and cash flow-friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes over the phone, receive a same day response and have the funds in your account within 24 hours. Traditional company loans have an interest rate per annum as well as other fees and charges. This business loan is a cash-based loan so you will know in advance the total amount due, which includes any interest, fees or charges. This is then broken down into a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually every business need, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To be eligible for a loan that is this large the business needs to be trading for at least 3 years, and have an annual income of $700,000. It is necessary to 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 demonstrate at the least 12 months of operating.
A large company loan is a great option for almost any company use, including company remodeling, buying equipment or inventory or as general working capital, and 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 way of charge over assets, and could include registration through the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is generally in nature rather than defining the security for a particular asset. The person signing the ensure is personally liable in the event that the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR grants the priority of personal property assigned according to the date the security interest has been registered.
An affidavit is an official form of document to offer the public notice of a legal claim on a property.
If you’re requesting the Larger Business Loan that exceeds $250K we may be able to provide a preliminary pre-approval to help smooth out the process. We may be able to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves you answering some financial health checks. It is not an offer or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you receive could be based on different terms.
You can apply for an company loan if you:
The application process is simple and simple. Just complete the online application in just a few minutes, and a dedicated business credit specialist will be in touch to guide you.
To apply for up to $100,000 you’ll require the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent twelve month bank accounts, the IRD statement Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we can often offer a response in one hour if you submit your request within standard business timings and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statement, we’ll offer a decision within 1 business day.
For the Larger Business Loan ($100K up to $500,000) we might be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The quickest method would be to make sure you apply during standard company hours and permit us to use the advanced bank verification system to check your bank’s information online. If you opt to send us documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within an hour – provided you make your application during normal business hours and allow us to use the bank verification system to instantly verify your bank information online. If you want to submit copies of your bank statements, we’ll be able to offer a decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we could be capable of offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Certain deals have been approved within just 24 hours.
The quickest method is to ensure you apply during normal business hours and allow us to use our sophisticated bank verification link to instantly verify your bank information online. If you decide to upload duplicates of your banking statement, it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of factors that determine what is the well-being for your company and the extent of payments your business can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you submit an application for a particular amount, we consider a variety of variables to assess the well-being of your business and the level of payments your business can afford. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you make an application for the business loan, we’ll assess the risk assessment that you have for your company and offer you with a customised offer that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront-priced loan which means you be aware of the total amount you will have to pay, including interest rates, fees or charges.
The interest rates on company loans rates vary due to factors like the amount of money that is borrowed, what company assets the money are used to purchase and the sector the company operates in, the long the company has been operating and how long the business has enough cash flow to cover the loan, and also the general health or creditworthiness of the business.
There are no hidden fees with our company loans. You’ll know precisely how much you’ll be required to pay and when, right from the first day. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We don’t charge an application fee. You can make an application for loans with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved in establishing 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% of the amount of loan.
You can choose to repay the entire amount of your loan at any point in time.
If you choose to do this please speak to our friendly company lending professionals. They’ll provide you with details for repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of the early payout plus 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow cycle we offer repayments that are either daily or weekly. These are automatically deducted from your nominated company account.
Protecting your information, and making it clear how we collect, use, exchange and secure your information, is crucial and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We use an advanced bank verification system that allows you to immediately verify your bank account details online to provide a fast response.
An asset-based loan is when a business owner makes use of assets they own to secure the funds for a loan. The asset could be an individual asset, such as the family home, or an company property like a truck or other piece of machinery.
The vast majority of the lenders not just the banks with the biggest size, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be transferred to the lender. In essence, it’s an opportunity to secure additional financing making use of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required upfront to access the money but we require a personal guarantee. require a personal guarantee. If you adhere to the terms of your loan (as detailed in your loan contract), asset security is not required. For loans that exceed $150K, generally there is personal ensure and security in the form an asset charge.
