The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K to $500K company financing.
All that’s needed to begin is your contact details (the name of your company, your name, email address or phone number) and the amount you’d like to borrow, and your monthly revenue.
While in the process and before settlement we’ll require confirmation of who you are, but not for starting:
Once we’ve started, for loans greater than $150,000 you’ll need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
You can apply for the Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and have the funds in your account in 24 hours. Traditional company loans have an annual interest rate along with other charges and fees. The business loan is a cash-based loan which means you know ahead of time the total amount to be paid, including any fees, interest or charges. Then, it is broken down into either weekly or daily repayment figure.
A Small Business Loan can be used for nearly any business reason, such as the management of cash flow, business remodels and marketing, to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans are between $100,000 and $500,000 with 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 calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan of this size, your company needs to have been in operation for at least 3 years and generate an annual revenue of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger company loan can be used to fund almost all business use, including company remodeling, buying equipment or inventory as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to access funding over $150,000. This can be done by taking a charge over assets, which could also be registered with the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than stipulating security over a particular asset. The person who signs the ensure is personally responsible if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be assigned according to the date a security interest was registered.
Caveats are legal document filed to offer notice of a legal claim to property.
If you’re seeking the Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval that will help smooth out the process. We might be able to do this without credit checks and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being checks. It’s not an offer of credit or guarantee of funds. Unconditional approval is subject to a full credit assessment and any offer that you receive could be on different terms.
You are eligible to apply for an business loan if you
The process for applying is fast and easy. Complete the online form within a few minutes and a dedicated business expert in lending will be in touch to guide you through the process.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour – as long as you submit your request within standard company time and permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements , we are able to offer a decision within an business day.
For the Larger Business Loan ($100K and up) we could be in a position to provide the conditional pre-approval within six hours. After you’ve signed your 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. Some deals have been approved in 24 hours.
The most efficient method would be to make sure you apply during standard company hours and allow us to use the advance bank verification link to check your bank’s information online. If you choose to send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer within one hour – provided you submit your request at normal business timings and permit us to use the bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statement, we’ll provide an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) we might be able to offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some offers have been approved in 24 hours.
The most efficient method is to ensure you apply during standard business hours. You can also let us use the sophisticated bank verification link to confirm your bank details online. If you send us duplicates of your banking statements it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount we will consider a number of variables in order to assess the well-being of the business and the extent of payments your business will be able to support. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you make an application for a set amount, we consider a variety of aspects to determine how much we can lend you such as well-being of the business and the level of payments your company is able to afford. The amount you receive from your loan will be determined by the particulars that are unique to your company.
When you request one of our business credit, we will assess the risk profile of your company and provide you with a customised offer including the amount of the loan, the duration and interest rates. The company loan is a loan that is priced upfront therefore you will know the exact amount to be paid, including any charges or interest.
Interest rates for business loans rates vary due to factors like the amount of money borrowed, the company assets the funds will be used for in addition to the industry that the company is operating in, how long the company is in operation, in the event that the business has enough cash flow to pay for the loan, and the overall well-being and creditworthiness of the business.
There aren’t any hidden costs with our company loans. You’ll know precisely how much you need to pay, and at what time, from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You are able to request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the entire amount of the loan in full at any time.
If you do decide to do this please speak to our friendly company credit specialists. The experts will offer you with details on repayment and an early payment figure. The figure will be calculated as the total of the principal balance plus any accrued interest as of the time of the early payout plus 1.5% of the principal amount remaining plus any outstanding fees.
To make sure you do not miss due dates and also to be in line with your cash flow standard, we provide repayments either daily or weekly. They will be automatically deducted from the nominated company account.
Protecting your information, and knowing the ways we gather, use, exchange and secure your information, is crucial and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to security for our customers and security. We make use of an advanced bank verification system that allows you to immediately verify your bank account information online to provide an immediate response.
Asset-based borrowing is when a company owner uses an asset that they own to make the loan. The asset may be an individual asset, such as the family home, or an business asset such as a vehicle or piece or equipment.
The majority of lending institutions, even the largest banks, are inclined to guarantee loans against an asset. If you are having difficulty paying back the loan, then your assets could be offered for sale by the lender. In essence it’s the process of securing additional financing using the worth of the asset you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds however, we do need the personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract) the security of assets is not needed. For loans of over $150,000 typically, you will need personal guarantee and security in the form of a charge over assets.
