The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K-$500K company financing.
All you need to get started is your contact information (the name of your company, your name, email or phone number) and the amount you’d like to borrow and your monthly earnings.
During the process and before settlement we will need confirmation of your identity, but not for starting:
Additionally after we get started, for loans that exceed $150,000, you will also require basic financial statements.
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional company loans are based on an annual rate of interest together with additional fees and charges. This business loan is a cash-based loan and you’ll be aware of the total amount to be paid, including any fees, interest or charges. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for almost every company need, such as control of cash flow company remodels and marketing to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
This Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
To be eligible for a credit in this amount the company needs to have been in operation for at least 3 years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Business Loan of a larger size can be used to fund almost every company reason, such as company renovations, to purchase inventory or new equipment as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is necessary for accessing funds over $150,000. It’s as a result of an charge on assets and can be registered on the PPSR or making a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature, rather than specifying security over a particular asset. The person who signs the guarantee is personally liable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR gives priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document lodged to provide the public notice of a legal claim to property.
If you’re seeking larger company loans of $250,000 or more we may be able to provide an initial pre-approval in order to simplify the process. It is possible to do this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being checks. This is not an offer of credit or guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer that you receive could be on different terms.
You are eligible to apply for a business loan if you;
The application process is simple and simple. Just complete the online application within a few minutes and an experienced business lending specialist will be in touch to help you.
To apply for up $100,000, you’ll require identification details (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent and 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) We can usually offer a response in one hour if you apply within quality business timings and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your bank statements , we’ll be able to provide an answer within just 1 company day.
For the Larger Business Loan ($100K and up) we may be likely to offer you with a conditional pre-approval within about six hours. Once you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this could be shorter based upon the circumstances for each application. Some agreements have been approved within just 24 hours.
The most effective method is to ensure you apply during standard company hours. You can also allow us to use the advance bank verification link to instantly check your bank’s information online. If you decide to send us documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer in just one hour if you make your application within normal business timings and you allow us to use the bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements, we will be able to provide the decision in just an business day.
If you are applying for Larger Business Loans ($100K and up) we might be in a position to provide the conditional pre-approval within about six hours. After you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some offers have been approved within 24 hours.
The most efficient method is to make sure you apply during normal business hours, and allow us to use the advance bank verification link to verify your bank account information online. If you decide to send us documents from your account statements, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of factors for determining the well-being for 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 specifics that are unique to your business.
When you apply for a specific amount we take into consideration a variety of aspects to determine how much we can lend you such as well-being of the company and the amount of the repayments your business can support. The amount you receive from your loan will depend on the specifics that are unique to your business.
If you decide to make an application for our company financing, we’ll assess the risk assessment for your business and offer an individualised offer that includes the loan amount, the terms and the interest rates. A company loan is an upfront priced loan which means you be aware of the total amount to be paid, including any charges or interest.
The interest rates on company loans rates depend on several factors including the amount that is borrowed, what company assets the funds are used to purchase, the industry the company is operating in, how long the business has been in operation as well as what percentage of the company has sufficient cash flow to pay for the loan, and overall health as well as creditworthiness business.
There aren’t any hidden costs for our business loans, and you’ll know precisely how much it is that you be required to pay and when, from the first day. There’s no compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to get a cash loan with without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You may choose to pay back the total amount of your loan in full at any time.
If you are deciding to take this route, please speak to our friendly business loans professionals. We will offer you with repayment details and an early payment figure. This is calculated as the total of the principal amount remaining and the accrued interest up to the date of early payout in addition to 1.5% of the principal remaining plus any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we provide repayments either daily or weekly. They will be automatically deducted from your designated business account.
Protecting your information, and making it clear how we collect information, use it, and exchange it, as well as protect your information, is of huge importance and is an essential part of our relationship you.
Yes. We use industry recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system link to instantly verify your bank account information online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where the company owner uses an asset they own to secure the funds for a loan. The asset may be a personal asset like the family home or an company asset such as a vehicle or piece of equipment.
The vast majority of the lenders including the largest banks, are inclined to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it is the process of securing additional financing taking advantage of the value of what you already own.
For loans up to $150K it is not necessary to secure assets before you can access the money but we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract), asset security will never be needed. For loans of over $150K generally there is a personal ensure and security in the form of an asset charge.
