The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Review the guidelines for eligibility for our $100K to $500K business loans.
All you need to get started is your contact information (the name of your company, your name, email and telephone) and the amount you’d like to borrow as well as your monthly income.
During the process and before settlement we will need confirmation of who you are but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you’ll need the following financial statements:
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Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
Apply for your Small Business Loan in under 10 minutes online or over the phone, receive an instant response and have the funds in your account in 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. The company loan is a cash-based loan which means you know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
A Small Business Loan can be used for almost every company purpose including cash flow management, business renovations, marketing to purchase inventory or new equipment, or as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
A Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan in this amount, your business needs to have been operating for at least three years and generate an annual revenue of $700,000. The applicant must also be 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 of proving at minimum 12 months of business.
A larger company loan can be used for almost any business reason, such as company improvements, purchasing inventory or new equipment as well as for general working capital and so much more. The loan is not available for personal purposes.
Asset security is necessary for accessing funds over $150,000. It is usually by taking a charge against assets and can be registered with the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than specifying security over an asset. The person who is signing the guarantee is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including items or assets). The PPSR allows the priority of personal property assigned depending on the date that a security interest was registered.
An affidavit is an official document that is filed to offer notice of a legal claim to property.
When you’re applying for an enterprise loan that is greater than $250K it’s possible to offer an initial pre-approval in order to smooth out the process. We may be able to get this done without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you might receive could have different conditions.
You are eligible to apply for a company loan if you;
The application process is fast and easy. Complete the online form in just a few minutes, and a dedicated company loan specialist will contact you to help you.
To apply for up to $100,000, you’ll require identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent, 12 months of bank statements, IRD statements and the last two years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we usually offer an answer within one hour, provided you apply in quality company hours and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statements , we will be able to provide a decision in just the span of one business day.
For the Larger Business Loan ($100K and up) we may be able to offer you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain transactions have received approval within less than 24 hours.
The most effective method is to make sure you apply during standard company hours, and allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you opt to send us the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within one hour if you make your application during normal business time and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to submit copies of your bank statements, we will be able to provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be able to offer you with conditional pre-approval within 6 hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Some deals have been approved in less than 24 hours.
The quickest method is to ensure you apply during standard business hours, and let us use the modern bank verification to instantly check your bank’s information online. If you send us documents from your account accounts, it may take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a specific amount we take into consideration a range of factors to determine the well-being of the company as well as the amount of the repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics that are unique to your company.
When you submit an application for a certain amount, we consider a variety of aspects to assess the health for your business and the amount of the repayments your company will be able to support. The amount you receive from the loan will be determined by the specific circumstances the company.
If you decide to request one of our company loan, we’ll assess the risk assessment the business and offer you with a tailored offer including the amount of loan, the term and interest rates. This business loan is an upfront-priced loan so you will be aware in advance of the total amount payable including any interest rates, fees or charges.
The interest rates on company loans rates vary due to factors like the amount of money borrowed, what business assets the funds will be used for in addition to the industry that the company operates in, how long the company has been running as well as in the event that the company has enough cash flow to cover the loan, and the overall health or creditworthiness of the business.
There are no hidden costs for our company loans. You’ll know exactly how much you need to pay and at what time, from day one. There’s no compounding interest, and no additional fees (as long as you make your payments punctually).
We do not charge an application fee. You are able to get a cash loan no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can decide to repay the entire amount of the loan in full at any time.
If you are deciding to take this route, please speak to our friendly company lending professionals. They will offer you with details on repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and the accrued interest up to the time of early payout, plus 1.5% of the remaining principal and any fees that remain unpaid.
To ensure you do not miss due dates and also to be in line your cash flow schedule, we provide repayments either weekly or daily. They will be automatically deducted from your business account.
Security of your data, and being transparent about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We use an advanced bank verification system link to instantly verify your bank account information online. This allows us to provide a fast response.
Asset-based borrowing is when a business owner borrows from the assets they have to secure the loan. The asset can be either a personal asset like the family home or an company asset like a truck or piece or equipment.
The majority of banks, including the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, then your asset may be taken over by the lender. In essence, it’s an opportunity to secure additional financing making use of the value of what you already own.
For loans that exceed $150,000, the requirement for asset security is not required prior to the loan’s access but we do require the personal guarantee. If you adhere to the loan terms (as detailed in the loan contract) Asset security is not needed. If you take out loans in excess of $150K generally, there is personal ensure and security that is in the form an asset charge.
