The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Check out the eligibility requirements for our $100K-$500K company loan.
All that is needed to start is your contact information (company name and your name, as well as email and phone) and the amount you’d like to borrow, and your monthly revenue.
In the course of the process and before settlement we’ll require confirmation of who you are but not to get started:
In addition, once we have started when it comes to loans greater than $150,000 you will also need basic financial statements.
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
You can apply for the Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and have the funds in your account in 24 hours. Traditional business loans have an annual rate of interest along with other charges and fees. Our company loan is a cash-based loan which means you know in advance the total amount to be paid, including any fees, interest or charges. This is then divided into weekly or daily amount to be paid back.
A Small Business Loan can be used for almost every company purpose including the management of cash flow, business remodels and marketing to purchase inventory or new equipment, or as 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. The loan ranges from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the amount of the loan.
To qualify for a loan in this amount, your company needs to be operating for a minimum of 3 years, and have an annual income of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A larger company loan can be used to fund almost any company reason, such as company remodeling, buying equipment or inventory or as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. It’s as a result of an charge against assets, and could include registration through the PPSR or registering a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is general in nature, rather than defining the security of a specific asset. The person who is signing the ensure is personally accountable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including items or assets). The PPSR gives preference over private property assigned according to the date the security interest has been registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim to a property.
If you’re applying for an enterprise loan of $250K or more we may be able to provide an initial pre-approval that will help smooth out the process. We could be able to make this decision without a credit check, and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being questions. This is not an offer or guarantee of credit. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different terms.
You may be eligible for a business loan if you;
The application process is simple and simple. Just fill out the online application within a couple minutes, and an experienced company loan specialist will contact you to guide you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s License), an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we typically provide a response in one hour – as long as you make your application within quality business hours and permit us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can offer an answer in as little as one business day.
For Larger Business Loans ($100K and up) we may be likely to offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval within 24 hours.
The quickest way to apply can be ensure you apply during normal company hours, and permit us to use the advance bank verification link to instantly verify your bank account information online. If you choose to upload the copies of bank statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer in just one hour if you submit your request in normal business hours and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements we can offer an answer in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K or more) we might be in a position to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The most effective method for you to apply is make sure you apply during normal business hours. You can also permit us to use the sophisticated bank verification link to confirm your bank details online. If you send us the copies of bank statements it takes a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a specific amount we take into consideration a range of aspects in order to assess your health for your company and the amount of payments your business can afford. The total amount of your loan will be contingent on the specific circumstances of your business.
When you make an application for a particular amount, we look at a range of factors to determine your health of your business as well as the amount of the repayments your company is able to afford. The amount you receive from your loan will depend on the particulars for your business.
When you request the business credit, we will assess the risk assessment the business and provide you with a customised offer, including the amount of loan, the term and interest rates. A business loan is an upfront cost loan therefore you will know the exact amount to be paid, including any interest rates, fees or charges.
The interest rates on company loans rates vary due to factors such as the amount that is borrowed, what business assets the money will be used for and the sector the company is in, how long the business is in operation for, whether the business has enough cash flow to support the loan, as well as the general health or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much it is that you be required to pay and when, starting from the day you sign up. There’s no compounding interest, and there are no additional charges (as as you make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can decide to repay all of your loan in full at any time.
If you decide to do this please call our helpful company lending specialists. They’ll offer you with repayment details as well as an early payout amount. This will be calculated as the sum of the remaining principal amount and any accrued interest at the date of early payout and 1.5% of the principal remaining as well as any outstanding fees.
To make sure you do not miss payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They are automatically deducted from the nominated company account.
Security of your data, and being transparent about the ways we gather information, use it, and exchange it, as well as safeguard your data, is crucial and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We make use of an advanced bank verification system link to instantly verify your bank account information online, allowing us to offer rapid response.
An asset-based loan is when an business owner utilises the assets they have to get the funds for a loan. The asset can be either an individual asset, such as the family home or a business property like a truck or piece or equipment.
The majority of the lenders even the largest banks, are inclined to secure loans against assets. If you are having difficulty paying back the loan then the asset could be taken over by the lender. In essence it is an opportunity to secure new funding using the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security before you are able to access the money, however we require a personal guarantee. need a personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract document), asset security is not needed. If you take out loans in excess of $150,000 generally, there is the option of a personal ensure and security in the form a charge over assets.
