The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Find out the conditions of eligibility for our $100K to $500K company loans.
All that’s needed for starting is your contact details (company name, your name, email address or phone number) along with the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will require confirmation of your identity however, not in order to begin:
In addition, once we have started in the process, for loans greater than $150,000 you will also require basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the money could be available in just 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. The company loan is an upfront priced loan so you will know ahead of time the total amount due, which includes any interest, fees or charges. This is then divided into weekly or daily repayment figure.
A Small Business Loan can be used for nearly any business purpose including managing cash flows, business remodels and marketing to purchase inventory or new equipment, for general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
In order to be eligible for a loan of this size the company needs to be in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Larger Business Loan can be used to fund almost any company use, including business renovations, purchase of new equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. This can be done in the form of a charge on assets, and may include the registration of this in the PPSR or the registration of a caveat.
A director’s or personal ensure is a commitment to repay credit that is generally based rather than specifying the security for a particular asset. The person who is signing the ensure is personally accountable if the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR gives priority over personal property to be granted according to the date the security interest that is registered.
A caveat is a legal document that is filed to offer notice of a legal claim to property.
If you’re seeking a Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval in order to smooth out the process. We may be able to do this without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health checks. This is not an offer or guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you receive could be based on different conditions.
You can apply for a company loan if you;
The process for applying is fast and easy. Just complete the online application in few minutes and an experienced company lending specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often offer an answer within one hour – as long as you apply during standard 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 an answer within just an business day.
If you are applying for a Larger Business Loan ($100K and up) we may be likely to offer you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Some offers have been approved in just 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours. You can also allow us to use our advance bank verification link to verify your bank account information online. If you choose to upload documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer a response in one hour – provided you submit your request within normal business timings and allow us to use the bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statements, we’ll be able to provide the decision in as little as 1 business day.
For the Larger Business Loans ($100K and up) we may be capable of provide you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain offers have been approved within just 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, let us use the modern bank verification to instantly verify your bank information online. If you opt to send us the copies of bank accounts, it can take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of aspects that determine what is the well-being of the company and the level of the repayments your business will be able to support. The total amount of your loan will be contingent on the specifics for your business.
When you apply for a specific amount we look at a range of factors to determine how much we can lend you such as health of your business as well as the amount of repayments that your business can afford. The amount you receive from your loan will be contingent on the specific circumstances the company.
When you request one of our business loans, we will assess the risk assessment that you have for your business and provide you with a customised offer, including the amount of loan, the term and interest rates. The business loan is an upfront cost loan which means you be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates differ based on various factors such as the amount that is borrowed, what company assets the money are used to purchase as well as the field the business is in, how long the company has been running and what percentage of the company has enough cash flow to support the loan, as well as the general health and creditworthiness of the business.
There aren’t any hidden charges with our company loans. You’ll know precisely what you’ll need to pay and when, from the very first day. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You can get a cash loan with with no upfront cost or the obligation to take action.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay all of your loan at any point in time.
If you do decide to take this route, please speak to our friendly business loan professionals. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the principal balance plus any accrued interest as of the time of early payment and 1.5% of the principal remaining as well as any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide payments that are either weekly or daily. These are automatically deducted from your company account.
Protecting your information, and being upfront about the ways we gather data, process, exchange and secure your information, is of huge importance and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to security for our clients and privacy. We use an advanced bank verification system link to immediately confirm your bank account information online, allowing us to offer a fast response.
An asset-based loan is when a company owner utilises assets they own to get a loan. The asset may be an individual asset, such as the family home, or an business asset such as a truck as well as a piece of machine.
The vast majority of banks, even the big banks, tend to guarantee loans against assets. If you have trouble paying back the loan then your assets could be taken over by the lender. In essence it’s the process of securing additional financing using the worth of the asset you already own.
For loans up to $150K the requirement for asset security is not required before you can access the money but we require a personal guarantee. require an individual guarantee. If you adhere to your loan commitments (as stipulated in your loan contract document), asset security is not needed. If you take out loans in excess of $150K typically, you will need the option of a personal guarantee and security that is in the form the charge of assets.
