The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Review the guidelines for eligibility for our $100K-$500K company financing.
All that’s needed to start is your contact details (company name, your name, email address, phone) and the amount you want to borrow, and your monthly income.
While in the process and before settlement we’ll need confirmation of your identity but not before we can begin:
Once we’ve started when it comes to loans over $150,000 you’ll need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and the money could be on your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. Our business loan is a pre-paid loan and you’ll know in advance the total amount to be paid, including any fees, interest or charges. This is then divided into weekly or daily installment amount.
The Small Business Loan can be used for nearly every business use, including managing cash flows, company renovations, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly, depending on your situation.
A Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
To be eligible for a credit in this amount the company needs to have been trading for at least 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large company loan can be used to fund almost every business purpose including company renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. This can be done in the form of a charge on assets, and could be registered through the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is general in nature rather than stating security over an asset. The person signing the guarantee is personally accountable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry 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 allows prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
The caveat can be described as a formal document lodged to provide notice of a legal claim on a property.
If you’re applying for an enterprise loan of more than $250,000 we can offer an initial pre-approval to make the process. It is possible to apply for this without a credit check, and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial health questions. It is in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you receive could be based on different terms.
You can apply for a company loan if you;
The application process is quick and simple. Simply complete the online form within a couple minutes, and an experienced business loan specialist will call you to guide you through the process.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent as well as 12 months of bank records, IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer within an hour if you submit your request in standard business time and permit us to utilise the bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements , we will be able to provide the decision in just an company day.
For Larger Business Loans ($100K or more) we could be able to offer you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the specifics of each application. Certain agreements have been approved within 24 hours.
The quickest way to apply can be make sure you apply during normal company hours. You can also allow us to use the advanced bank verification system link to verify your bank information online. If you opt to send us duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually provide an answer within an hour – as long as you make your application at normal business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statement, we’ll provide an answer in as little as 1 business day.
For Larger Business Loans ($100K up to $500,000) we could be likely to provide you with conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Some agreements have been approved in less than 24 hours.
The most efficient method would be to ensure you apply during normal business hours and allow us to use our sophisticated bank verification to confirm your bank details online. If you choose to send us duplicates of your banking statement, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we take into consideration a range of factors for determining what is the health for your company and the extent of repayments your business is able to afford. The total amount of your loan will depend on the particular circumstances for your company.
When you apply for a set amount, we take into consideration a variety of aspects to assess your health that is your business and the extent of repayments that your business can afford. The amount you receive from your loan will depend on the particular circumstances the company.
If you decide to request the business loan, we will assess the risk profile that you have for your company and offer you with a customised offer that includes loan amount, term and the interest rates. This company loan is a loan that is priced upfront therefore you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
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 in addition to the industry that the business operates in, how long the company has been operating, in the event that the business has sufficient cash flow to cover the loan, and overall well-being or creditworthiness of the business.
There are no hidden costs for our company loans. You’ll know precisely what you’ll need to pay and when, from the day you sign up. There’s no compounding interest, and no additional fees (as long as you are able to make your payments punctually).
We do not charge an application fee. You can make an application for loans without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged 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 advance loan at any time.
If you are deciding to do this please call our helpful company lending experts. We will offer you with repayment details and an early payment figure. The figure will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payment and 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss repayments and to fit in your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from your nominated business account.
Security of your data, and being clear about the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated banking verification system to immediately verify your bank account details online. This allows us to provide quick responses.
Asset-based borrowing occurs when an business owner makes use of assets they own to make the funds for a loan. The asset can be either an individual property, such as the family home or a company asset such as a truck or other piece of machinery.
The vast majority of banks, not just the major banks, prefer to make loans secured by assets. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence it’s a way of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security prior to the loan’s access however, we do need an individual guarantee. As long as you follow the loan terms (as specified in your loan contract document) the security of assets is not needed. For loans that exceed $150,000, generally there is personal ensure and security is provided in the form of a charge over assets.
