The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K business financing.
All that’s required for starting is your contact details (company name and your name, as well as email and phone) as well as the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will require confirmation of your identity, but not to get started:
In addition, once we have started in the process, for loans that exceed $150,000, you’ll require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to your Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and the funds could be in your account in 24 hours. Traditional business loans refer to an interest rate per annum along with other charges and fees. This company loan is a pre-paid loan so you will know ahead of time the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for nearly every business purpose including control of cash flow business remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percentage 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 turnover of $700K. 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 demonstrate at the least 12 months of operating.
A larger company loan is a great option for almost any company reason, such as business renovations, purchase of inventory or new equipment for general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. This is as a result of an charge on assets, which could also include registering this in the PPSR or filing a caveat.
A personal or director’s guarantee is a promise to repay a loan which is generally in nature rather than stating the security of a specific asset. The person signing the guarantee is personally responsible if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted according to the date a registration of a security interest.
An affidavit is an official document that is filed to provide the public notice of a legal claim on a property.
If you’re requesting a Larger Business Loan of more than $250K it’s possible to offer an initial pre-approval in order to make the process. We might be able to get this done without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health checks. This is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may have different terms.
You are eligible to apply for an company loan if you;
The process for applying is fast and simple. Simply complete the online form within a couple minutes, and an experienced business expert in lending will call you to guide you through the process.
To apply for up $100,000 you’ll require identification details (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement 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 to $100K) we typically offer an answer within one hour, provided you submit your request within standard company timings and let us utilise the bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can offer a decision within just 1 company day.
If you are applying for a Larger Business Loan ($100K or more) we could be able to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some transactions have received approval in 24 hours.
The fastest way is to make sure you apply during normal company hours and permit us to use the advance bank verification to verify your bank information online. If you choose to upload documents from your account statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide a response in one hour, provided you make your application at standard business time and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your banking statements, we’ll be able to provide the decision within the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be in a position to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain offers have been approved within less than 24 hours.
The quickest method would be to ensure you apply during normal business hours. You can also allow us to use our modern bank verification link to instantly verify your bank information online. If you opt to send us duplicates of your banking accounts, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. If you apply for a particular amount, we take into consideration a range of variables that determine what is the health that is your company and the level of repayments your business can support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a set amount, we take into consideration a variety of aspects to determine the health that is your business and the level of repayments your business will be able to support. The total amount of the loan will be determined by the particular circumstances the business.
When you apply for our business loan, we’ll assess the risk profile that you have for your business and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront cost loan therefore you will know the exact amount payable including any charges or interest.
Business loan interest rates depend on several factors like the amount of money that is borrowed, what company assets the funds are used to purchase and the sector the business is operating in, how long the company has been running and what percentage of the business has enough cash flow to cover the loan, and also the overall well-being as well as creditworthiness business.
There are no hidden costs for our business loans. You’ll know precisely what it is that you need to pay and at what time, from the very first day. There’s not any compounding interest and the loan comes with 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 without any upfront costs or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the total amount of your loan in full at any time.
If you decide to take this route, please talk to one of our helpful company credit professionals. They will offer you with details on repayment and an early payout figure. It will be calculated using the sum of the principal remaining and any accrued interest at the time of early payment plus 1.5 percent of the remaining principal as well as any outstanding fees.
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and making it clear how we collect the information we collect, use, share and secure your information, is crucial and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to customer security and security. We employ an exceptionally sophisticated bank verification system that allows you to instantly confirm your bank account information online. This allows us to provide rapid response.
An asset-based loan is when a business owner makes use of an asset that they own to make the funds for a loan. The asset can be either an individual asset, such as the family home or a company asset like a truck or other piece of machinery.
The majority of banks, even the major banks, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan, the asset might be offered for sale by the lender. In essence it’s the process of securing additional financing making use of the value of what you already have.
Up to $150,000 in loans no asset security is required in advance to gain access to the funds but we do need a personal guarantee. As long as you follow your loan commitments (as specified in the loan contract) the security of assets is not needed. For loans that exceed $150K, generally there is a personal ensure and security is provided in the form of an asset charge.
