The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Find out the guidelines for eligibility for our $100K to $500K business credit.
All you need to begin is your contact information (the name of your company, your name, email and phone) and the amount you’d like to lend, and your monthly revenue.
While in the process and before settlement we’ll require confirmation of your identity, but not for starting:
Once we’ve started in the process, for loans that exceed $150,000, you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
You can apply to get this Small Business Loan in under 10 minutes by phone. You will receive a same day response and the funds could be in your account in 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. The business loan is an upfront priced loan which means you be aware of the total amount to be paid, including any fees, interest or charges. Then, it is broken down into a daily or weekly installment amount.
The Small Business Loan can be used for almost any company purpose including managing cash flows, company renovations, marketing to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the amount of the loan.
To be eligible for a loan that is this large, your company needs to be trading for at least 3 years and have an annual turnover of at least $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used to fund almost any business reason, such as business improvements, purchasing inventory or new equipment or as general working capital and so much more. The loan cannot be used for personal use.
Asset security is required for accessing funds over $150,000. This is by way of charge against assets and can include registration through the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay credit that is general in nature rather than specifying the security for a particular asset. The person signing the guarantee is personally liable in the event that the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR permits prioritisation over property that is personal to be granted according to the date the registration of a security interest.
Caveats are legal document that is filed to offer notice of a legal claim against a property.
When you’re applying for a Larger Business Loan of more than $250K it’s possible to offer an initial pre-approval in order to ease the process. It is possible to get this done without credit checks and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you may receive may have different terms.
You may apply for an business loan if you
The process for applying is fast and simple. Just fill out the online application in just a few minutes, and an experienced business loan specialist will contact you to guide you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent and 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K and up) we usually offer an answer in just one hour if you make your application in quality company time and let us make use of the advanced bank verification system link to instantly verify your bank’s information online. If you want 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 up to $500,000) we might be able to offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain offers have been approved within the space of 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours and allow us to use our advanced bank verification system link to verify your bank account information online. If you decide to upload the copies of bank statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide a response in one hour if you apply in standard business time and you allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statements, we are able to offer a decision in as little as one business day.
For Larger Business Loans ($100K or more) We may be capable of offer the conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Certain offers have been approved in 24 hours.
The fastest way would be to ensure you apply during normal business hours. Also, let us use the advance bank verification to check your bank’s information online. If you decide to upload the copies of bank statements, it takes a bit longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of variables in order to assess what is the well-being that is your business and the extent of the 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 company.
If you apply for a particular amount, we consider a variety of variables to assess your health of your business and the extent of the repayments your company is able to afford. The total amount of your loan will depend on the particular circumstances of your business.
If you decide to request our business loans, we’ll assess the risk profile that you have for your company and provide you with a customised offer including the loan amount, the terms and interest rates. A business loan is an upfront cost loan so you will be aware in advance of the total amount payable including any charges or interest.
Business loan interest rates depend on several variables like the amount to be that is borrowed, what company assets the money are used to purchase in addition to the industry that the company is in, how long the business has been in operation for, whether the company has sufficient cash flow to pay for the loan, and overall well-being and creditworthiness of the business.
There aren’t any hidden costs for our company loans. You’ll know exactly how much it is that you be required to pay and when, from the very first day. There’s no compounding and no additional fees (as long as you make your payments punctually).
We do not charge an Application Fee. You can make an application for loans with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the entire amount of your advance loan at any time.
If you decide to pursue this option, please talk to one of our helpful company credit specialists. We will provide you with repayment details along with an early payout estimate. This will be calculated as the sum of the remaining principal amount and any accrued interest at the time of the early payout and 1.5 percent of the remaining principal and any fees that remain unpaid.
To ensure you do not miss payments and to work with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your designated business account.
Making sure that your information is secure, and being clear about how we collect data, process, exchange and safeguard your data, is of huge importance and is a crucial part of our relationship you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We utilise a sophisticated bank verification system link to instantly confirm your bank account information online so we can offer rapid response.
Asset-based borrowing occurs when an company owner utilises assets they own to secure the loan. The asset can be an asset belonging to the personal, like the family home or it could be a company property like a truck or piece or equipment.
The majority of lenders, including the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan then your asset may be transferred to the lender. In essence, it is an opportunity to secure new financing making use of the value of what you already own.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds, however we do require a personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract document) Asset security is not needed. For loans of over $150K generally, you can get a personal ensure and security is provided in the form of the charge of assets.
