The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K company financing.
All that’s required to get started is your contact information (the name of your company and your name, as well as email, phone) as well as the amount you’d like to borrow and your monthly income.
While in the process and before settlement we’ll need confirmation of your identity, but not for starting:
In addition, once we have started when it comes to loans over $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
It is possible to apply for this Small Business Loan in under 10 minutes online or over the phone. You’ll get an instant response and the funds could be in your account in 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. We offer a company loan is an upfront priced loan and you’ll be aware of the amount you will have to pay, including any fees, interest or charges. This is then broken down into either a daily or weekly installment amount.
A Small Business Loan can be used for virtually any business purpose including cash flow management, company remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To qualify for a loan of this size the business needs to be operating for at least three years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A larger company loan can be used for almost every business need, including company remodeling, buying equipment or inventory, as general working capital and so much more. The loan is not available for personal reasons.
Asset security is required to obtain funding above $150,000. This can be done by way of charge over assets, which could also include registering this on the PPSR or filing as a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature, rather than specifying the security of a specific asset. The person who is signing the guarantee is personally liable in the event that the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including items or assets). The PPSR permits preference over private property granted in accordance with the date on which a security interest that is registered.
The caveat can be described as a formal document filed to provide an official notice of a claim against a property.
If you’re requesting the Larger Business Loan of $250K or more, we may offer an initial pre-approval to smooth out the process. We may be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial well-being questions. It’s in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be on different terms.
You can apply for a business loan if you;
The application process is quick and easy. Complete the online form within a couple minutes, and a dedicated company lending specialist will call you to help you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s License) along with a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent as well as 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we can often offer a response in one hour if you submit your request during standard company timings and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your banking statements , we are able to offer an answer within just the span of one business day.
For the Larger Business Loan ($100K and up) we could be able to provide you with conditional pre-approval in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval in just 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours, and allow us to use our modern bank verification to instantly verify your bank information online. If you opt to send us the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer within an hour if you apply in standard business times and allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements, we are able to provide a decision in just one business day.
If you are applying for Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The fastest method is to make sure you apply during standard business hours and allow us to use our sophisticated bank verification to confirm your bank details online. If you decide to send us the copies of bank statements it can take a bit longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a specific amount we look at a variety of aspects to determine how much we can lend you health for your company and the extent of repayments your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you apply for a specific amount we will consider a number of variables to assess your well-being of your company and the level of the repayments your company is able to afford. The amount you receive from your loan will be contingent on the particular circumstances for your company.
When you apply for business loans with us business loan, we will assess the risk assessment that you have for your company and provide an individualised offer, including the amount of loan, the term and the interest rates. A company loan is a loan that is priced upfront so you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates differ based on various factors such as the amount that is that is borrowed, what company assets the funds will be used for, the industry the company is in, how long the business has been running, in the event that the business has sufficient cash flow to pay for the loan, and the general well-being and creditworthiness of the company.
There are no hidden fees for our company loans. You’ll know exactly how much you’ll need to pay and when, starting from day one. There’s no compounding interest, and no additional fees (as long as you make your payments in time).
We do not charge an application fee. You are able to get a cash loan with with no upfront cost or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can choose to repay the entire amount of the loan at any point in time.
If you choose to do this please speak to our friendly company credit specialists. The experts will provide you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the principal balance and any accrued interest at the time of early payment, plus 1.5% of the principal remaining and any fees that remain unpaid.
To make sure that you don’t miss due dates and also to be in line your cash flow schedule, we provide repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Protecting your information, and knowing the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account details online to provide an immediate response.
Asset-based borrowing is when a business owner uses an asset that they own to make a loan. The asset may be an individual property, such as the family home or an company asset such as a vehicle or piece or equipment.
The majority of lenders, including the major banks, prefer to make loans secured by an asset. If you’re struggling to pay back the loan, the asset might be sold by the lender. In essence it is the process of securing new financing taking advantage of the value of what you already own.
For loans up to $150K no asset security is required prior to the loan’s access however, we do require the personal guarantee. If you adhere to your loan obligations (as stipulated in your loan contract document) Asset security will never be required. For loans over $150K typically, you will need an individual ensure and security in the form charges on assets.
