The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K business loan.
All you need for starting is your contact information (company name, your name, email or phone number), how much you’d like to lend, as well as your monthly income.
During the process and before settlement we’ll require confirmation of who you are, however, not in order to begin:
After we start with loans of more than $150,000 you’ll also require basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and funds may be in your account in 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. Our company loan is an upfront priced loan which means you be aware in advance of the total amount payable including any fees, charges 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 company need, such as the management of cash flow, business remodeling, marketing, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
To be eligible for a loan that is this large the company needs to have been trading for at least 3 years and generate an annual revenue of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan can be used for almost any company reason, such as business renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed to obtain funding above $150,000. It’s by way of charge against assets, and may include registering this through the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is generally in nature rather than defining security over an asset. The person who is signing the guarantee is personally liable if the company the borrower fails 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 granted to individuals who own personal property (including items or assets). The PPSR gives preference over private property granted according to the date a security interest that is registered.
Caveats are legal document filed to provide the legal claim to a property.
If you’re applying for a Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval that will help smooth out the process. It is possible to get this done without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves you answering some financial well-being checks. It’s not an offer of credit or guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer that you may receive may be on different conditions.
You may apply for a business loan if you:
The application process is fast and simple. Complete the online form within a couple minutes, and a dedicated company credit specialist will contact you to guide you through the process.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least six months worth 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 loan above $150K).
$250K-$500K: Information on the application including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide a response in one hour if you submit your request in quality company hours and permit us to use the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements , we are able to offer an answer within just an company day.
For Larger Business Loans ($100K or more) we might be likely to provide you with pre-approval conditional to your application in about six hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Certain agreements have been approved within just 24 hours.
The quickest way to apply can be make sure you apply during normal company hours, and allow us to use our modern bank verification link to confirm your bank details online. If you opt to send us copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer within one hour, provided you make your application in standard business times and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements we can offer the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with a conditional pre-approval in about 6 hours. Once 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. Some agreements have been approved within the space of 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours and permit us to use the advanced bank verification system to check your bank’s information online. If you choose to upload duplicates of your banking statements it may take a bit longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a specific amount we look at a variety of factors to determine your health 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 that are unique to your company.
When you apply for a specific amount we will consider a number of factors to determine your health of your business as well as the amount of payments your business will be able to support. The amount you receive from your loan will depend on the particulars that are unique to your company.
When you request our business credit, we’ll assess the risk profile that you have for your business and provide you with a customised offer including the loan amount, the terms and the interest rates. A business loan is a loan that is priced upfront therefore you will know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates depend on several factors such as the amount that is that is borrowed, what business assets the money will be used for, the industry the company operates in, the long the company is in operation as well as whether the company has enough cash flow to pay for the loan, as well as the overall health or creditworthiness of the business.
There are no hidden fees with our company loans. You’ll know exactly how much you’ll be required to pay, and when, from the first day. There’s no compounding interest and no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay all of your loan at any point in time.
If you choose to do this please contact our helpful business lending professionals. They will offer you with details on repayment along with an early payout estimate. It will be calculated using the total of the principal amount remaining and the accrued interest up to the time of early payment and 1.5 percent of the remaining principal as well as any outstanding fees.
To make sure that you don’t miss payments and to work your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
Making sure that your information is secure, and knowing the ways we gather data, process, exchange and ensure the security of your information is crucial and an integral part of our relationship you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and security. We utilise a sophisticated bank verification system to immediately confirm your bank account information online to offer rapid response.
An asset-based loan is when a company owner uses assets they own to get the funds for a loan. The asset could be an individual asset, such as the family home, or an business asset such as a vehicle or piece of equipment.
The vast majority of the lenders even the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, then your assets could be sold by the lender. In essence, it is the process of securing new funding using the value of what you already have.
For loans that exceed $150K, it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need an individual guarantee. As long as you follow the terms of your loan (as detailed in your loan contract) Asset security will never be needed. For loans that exceed $150K, generally, you are able to get the option of a personal ensure and security in the form of an asset charge.
