The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Review the guidelines for eligibility for our $100K-$500K business loans.
All that is needed for starting is your contact information (company name, your name, email or phone number), how much you’d like to lend, and your monthly income.
Through the process and before settlement we will require confirmation of who you are but not for starting:
Additionally after we get started in the process, for loans greater than $150,000 you will also need basic financial statements.
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Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
It is imaginable to apply to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive an instant response and have the funds on your account within 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. This business loan is a cash-based loan which means you know ahead of time the total amount payable including the interest, fees and charges. Then, it is divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used for nearly every business need, such as control of cash flow company remodeling, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a loan in this amount, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A larger company loan can be used for almost every business need, including business improvements, purchasing inventory or new equipment for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to access funding over $150,000. It’s by taking a charge on assets, and could include the registration of this on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than stipulating the security of a specific asset. The person signing the guarantee is personally responsible if the company creditor 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 granted to individuals who own personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
An affidavit is an official document filed to offer the public notice of a legal claim to property.
If you’re applying for an enterprise loan of $250,000 or more it is possible to offer a preliminary pre-approval to help smooth out the process. We might be able to get this done without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial well-being questions. This is neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you may receive may be based on different terms.
You can apply for a company loan if you
The application process is fast and simple. Simply complete the online form in few minutes and an experienced company loan specialist will be in touch to guide you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s License) as well as a valid NZBN/IRD and at least six months of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within an hour – as long as you apply during standard business timings and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll offer a decision in as little as 1 company day.
For Larger Business Loans ($100K or more) we may be in a position to offer you with a conditional pre-approval within six hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain transactions have received approval within 24 hours.
The most efficient method is to make sure you apply during normal business hours. You can also allow us to use the advanced bank verification system to confirm your bank details online. If you decide to send us copies of your bank statements it will take a little longer.
For the Small Business Loan ($5K or more) we typically provide an answer in just one hour if you apply in normal business time and you allow us to use the bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements, we will be able to offer an answer in as little as one business day.
If you are applying for Larger Business Loans ($100K or more) we could be in a position to offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for 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 most effective method would be to ensure you apply during standard business hours, and allow us to use the advance bank verification to instantly confirm your bank details online. If you upload duplicates of your banking statements it will take a little longer.
We provide loans ranging from $5,000 and $500,000. If you apply for a specific amount we consider a variety of variables to determine your well-being for your business and the extent of repayments that your business will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your company.
When you make an application for a certain amount, we take into consideration a variety of variables to assess the health of your business and the level of the repayments your business can afford. The amount you receive from your loan will be determined by the specific circumstances of your company.
When you request the company loan, we’ll assess the risk assessment for your business and provide you with a customised offer, including loan amount, term and the interest rates. A business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates depend on a variety of factors including the amount of money borrowed, the company assets the funds will be used for, the industry the business is operating in, how long the company has been operating, whether the business has enough cash flow to fund the loan, and general health and creditworthiness of the company.
There are no hidden fees with our business loans. You’ll be aware of the amount it is that you be required to pay, and when, right from the very first day. There’s no compounding interest, and no additional fees (as long as you make your payments in time).
We don’t charge an application fee. You can make an application for loans with absolutely no upfront cost and no commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay the total amount of your loan in full at any time.
If you are deciding to pursue this option, please call our helpful business credit experts. They will provide you with details on repayment along with an early payout estimate. This is calculated as the sum of the principal balance plus any accrued interest as of the time of early payout and 1.5 percent of the remaining principal and any outstanding fees.
To ensure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments either daily or weekly. They will be automatically deducted from your nominated company account.
Protecting your information, and making it clear how we collect, use, exchange and secure your information, is vital and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account information online to provide a fast response.
The term "asset-based" refers to borrowing where a company owner uses an asset they own to get the loan. The asset can be either an individual property, such as the family home, or a company property like a truck or piece or equipment.
The vast majority of the lenders not just the major banks, prefer to make loans secured by an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence, it’s means of securing new financing taking advantage of the value of what you already own.
For loans up to $150,000 the requirement for asset security is not required in advance to gain access to the funds but we do require the personal guarantee. As long as you follow your loan commitments (as detailed in your loan contract document) the security of assets is not required. For loans over $150K typically, you will need a personal ensure and security in the form a charge over assets.
