The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Review the guidelines for eligibility for our $100K-$500K company financing.
All that’s required to get started is your contact details (company name and your name, as well as email or phone number) and the amount you’d like to borrow, and your monthly income.
During the process and before settlement we will require confirmation of your identity, however, not in order to begin:
Additionally after we get started with loans over $150,000 you will also require fundamental financial statements:
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Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
You can apply to this Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and have the funds available in just 24 hours. Traditional business loans have an interest rate per annum plus other fees and charges. Our company loan is a pre-paid loan which means you be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then broken down into a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost every business need, such as the management of cash flow, company renovations, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit in this amount the business needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A larger business loan can be used to fund almost all business use, including business renovations, purchase of new equipment or inventory for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to obtain funding above $150,000. This is by taking a charge on assets, and may include registering this through the PPSR or making a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature rather than stipulating the security of a specific asset. The person who is signing the guarantee is personally responsible if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR grants preference over private property assigned according to the date a security interest was registered.
A caveat is a legal document lodged to offer the public notice of a legal claim to a property.
If you’re applying for a Larger Business Loan that is greater than $250K, we may offer a preliminary pre-approval to help ease the process. We may be able to apply for this without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial assessment that includes the answer to a series of financial well-being checks. It’s not an offer of credit or guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you may receive may be on different terms.
You are eligible to apply for a company loan if you
The process for applying is fast and easy. Complete the online form in few minutes and a dedicated company lending specialist will call you to guide you through the process.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statement Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually offer a response in one hour, provided you make your application during standard business timings and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements we can offer a decision in as little as the span of one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we might be capable of offer you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the particular circumstances of each application. Certain transactions have received approval within less than 24 hours.
The quickest way to apply can be make sure you apply during standard business hours. You can also permit us to use the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) we usually provide a response in one hour, provided you submit your request within standard business timings and allow us to make use of 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 the decision in just the span of one business day.
For Larger Business Loans ($100K and up) we could be capable of offer the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Certain deals have been approved in the space of 24 hours.
The fastest way is to ensure you apply during standard business hours. You can also allow us to use our sophisticated bank verification link to instantly verify your bank account 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 will consider a number of variables to determine your health that is your business and the extent of repayments that your business can afford. The amount you receive from your loan will be contingent on the specifics the business.
When you apply for a particular amount, we take into consideration a variety of aspects to determine how much we can lend you such as health of the company and the level of payments your company can afford. The total amount of the loan will be determined by the particular circumstances for your company.
If you decide to make an application for our business financing, we’ll assess the risk profile of your company and offer an individualised offer that includes the loan amount, the terms and the interest rates. A business loan is an upfront cost loan which means you be aware of the total amount payable including any charges or interest.
Interest rates for company loans rates vary due to factors including the amount borrowed, the business assets the funds are used to purchase, the industry the business is in, how long the business is in operation and how long the company has sufficient cash flow to cover the loan, and the overall well-being or financial standing of the business.
There aren’t any hidden charges for our company loans. You’ll know precisely how much it is that you need to pay and when, from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You can get a cash loan with no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this fee if you 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 your loan in full at any time.
If you do decide to take this route, please call our helpful business loan professionals. We will offer you with details on repayment and an early payment figure. It will be calculated using the sum of the principal balance plus any accrued interest as of the date of early payout and 1.5% of the principal balance as well as any outstanding fees.
To make sure you do not miss due dates and also to be in line with your cash flow cycle we provide payments that are either weekly or daily. They will be automatically deducted from the nominated business account.
Making sure that your information is secure, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is crucial and an integral part of our relationship you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system link to immediately confirm your bank account information online to offer rapid response.
An asset-based loan is when the business owner uses assets they own to obtain the funding. The asset can be an asset belonging to the personal, like the family home or a company asset such as a truck or piece or equipment.
The majority of banks, including the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence, it is a way of securing new funding using the value of what you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds but we do require the personal guarantee. In the event that you fulfill the loan terms (as specified in your loan contract) the security of assets will never be needed. If you take out loans in excess of $150K generally, there is personal ensure and security is provided in the form of an asset charge.
