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Unsecured Business Lending NZ
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Business Finance Kingston Wellington 6021 NZ

Simple eligibility checklist

Small Business Loan Eligibility Criteria

The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.

  • A minimum of six months in business
  • At least $6,000 revenue per month
  • You must be a New Zealand based company with a New Zealand Business Number (NZBN)
  • Passport or Driver’s License for evidence of identity
  • Have an account with a New Zealand bank as your principal trading account
  • Bank statements for the last 6 months

Need more funds? Take a look at the conditions of eligibility for our $100K-$500K business loans.

Quick application checklist

What do you need to apply

All that’s required to get started is your contact details (company name, your name, email or phone number) as well as the amount you’d like to borrow as well as your monthly income.

While in the process and before settlement we’ll need confirmation of your identity but not before we can begin:

  • Details of the Idenfication (valid Driver’s License)
  • Details of the company including time of trading owner details, trading time, as well as NZBN (New Zealand Business Number)

Additionally after we get started, for loans over $150,000 you’ll also require the following financial statements:

  • Profit & Loss statement
  • Aged payables
  • Aged receivables

Let’s get started.

 

FAQ: business lending & business loans for business owners

Business Loans Frequently Ask Questions

More about the Wellington Small Business Loans

Let me know how you can avail the Wellington Small Business Loans

Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.

What is this Unsecured Loan different from a traditional business loan?

The application for the Small Business Loan in under 10 minutes online or over the phone, receive an instant response and have the funds on your account within 24 hours. Traditional business loans reference an annual rate of interest along with other charges and fees. This company loan is an upfront priced loan which means you be aware in advance of the amount you will have to pay, including any interest, fees or charges. Then, it is divided into weekly or daily repayment figure.

What can be the Small Business Loan be used for?

It is a Small Business Loan can be used for virtually every company purpose including cash flow management, business renovations, marketing to purchase inventory or new equipment, for general working capital, and much more. The loan is not available for personal reasons.

About the Larger Wellington Business Loans

What is the Larger Wellington Business Loan?

The Larger Business Loan is a larger loan size to support company growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.

How is the Origination Fee determined?

A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.

Am I eligible for the Larger Business Loan?

To be eligible for a credit of this size, your business needs to have been trading for at least 3 years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.

How can the funds be utilised?

A larger company loan can be used for nearly all business purpose including business improvements, purchasing inventory or new equipment as well as for general working capital, and much more. The loan is not available for personal purposes.

Is the Larger Business Loan one that is secured?

Asset security is required for funding of more than $150,000. This is by way of charge over assets, and may include the registration of this on the PPSR or making as a caveat.

A director’s or personal guarantee is a guarantee to pay back a loan that is generally based rather than stating the security of a specific asset. The person signing the ensure is personally liable if the business lender is not able to make the repayment.

The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR permits preference over private property assigned according to the date a registration of a security interest.

An affidavit is an official document lodged to offer the legal claim against a property.

What is a pre-approval that does not require Credit Check?

If you’re seeking larger business loans that is greater than $250,000 it is possible to offer an initial pre-approval to simplify the process. We may be able to make this decision without credit checks and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering a few financial well-being questions. This is not an offer of credit or guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you are offered could have different terms.

Application process

Can I be eligible for funding?

You may apply for an company loan if you:

  • are a New Zealand Citizen (or Permanent Resident)
  • are at least 18 years old, have a New Zealand company (with a valid NZBN/IRD)
  • can demonstrate at least 6 months worth of trade (for the unsecured loan $5K – $100K) or 3 years of trading (for the Larger Business Loan $100K up to $500K)

How do I apply?

The process for applying is fast and easy. Just complete the online application in few minutes and an experienced business lending specialist will be in touch to help you.

To apply for up to $100,000, you’ll need identification details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least six months of bank statements.

If you’re looking for loans with larger sizes, you’ll also need:

$100K – $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent as well as 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables Summary.

How soon will I hear an answer?

For an unsecured loan ($5K up to $100,000) We can usually offer an answer in just one hour, provided you submit your request at standard company times and permit us to utilise the bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements , we’ll be able to provide the decision in as little as an business day.

For the Larger Business Loan ($100K and up) we could be capable of offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain transactions have received approval within the space of 24 hours.

The quickest way to apply is to ensure you apply during normal business hours, and let us use the advance bank verification link to verify your bank account information online. If you decide to upload documents from your account statement, it takes a bit longer.

How fast will I get the funds?

For the Small Business Loan ($5K and up) we can often offer a response in one hour, provided you submit your request during normal business timings and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements, we are able to offer a decision in as little as the span of one business day.

If you are applying for Larger Business Loans ($100K to $500K) we might be able to offer you with pre-approval conditional to your application in about 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based on the particular circumstances of each application. Certain offers have been approved within less than 24 hours.

The quickest method for you to apply is make sure you apply during standard business hours. You can also allow us to use the advance bank verification link to instantly check your bank’s information online. If you upload the copies of bank statements, it can take a bit longer.

How much can I borrow?

We offer loan amounts between $5,000 and $500,000. If you apply for a certain amount, we consider a variety of variables for determining your health of the company and the amount of repayments that your company can support. The amount you receive from your loan will depend on the specific circumstances of your company.

When you apply for a specific amount we consider a variety of factors to determine the health of the business and the extent of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the specifics of your company.

Fees & repayments

How much should you charge for an business loan?

If you decide to make an application for one of our company financing, we will assess the risk profile the company and offer you with a customised offer, including loan amount, term and interest rates. It is a business loan is an upfront priced loan therefore you will know the exact amount due, which includes any charges, interest rates or fees.

What is the factor that determines the price I pay?

Business loan interest rates differ based on various factors such as the amount that is that is borrowed, what company assets the funds are used to purchase, the industry the business operates in, how long the business has been running, what percentage of the business has sufficient cash flow to fund the loan, and the overall health or creditworthiness of the company.

What are the charges?

There aren’t any hidden charges with our company loans. You’ll be aware of the amount you’ll be required 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 in time).

We do not charge an application fee. You are able to request a credit loan with no cost upfront or obligation to proceed.

The Origination Fee is the cost associated in establishing 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% of the loan amount.

Can I pay out the loan in advance?

You may choose to pay back the entire amount of your loan in full at any time.

If you are deciding to pursue this option, please contact our helpful business loan professionals. We will provide you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the remaining principal amount and any accrued interest at the time of early payment in addition to 1.5% of the principal remaining plus any outstanding fees.

What is the process for repayments?

To ensure you do not miss payment dates and to align your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your designated company account.

Security & privacy

Will my information be protected?

The security of your personal information, as well as being clear about how we collect data, process, exchange and protect your information, is of paramount importance and is a crucial aspect of our relationship with you.

Is it safe to link my bank account to the platform?

Yes. We employ industry-recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We make use of an advanced bank verification system that allows you to immediately confirm your bank account information online. This allows us to provide a fast response.

About business loans

How do you define asset-based lending (a secured loan)?

An asset-based loan is when an business owner uses assets they own to get the funds for a loan. The asset may be an individual asset, such as the family home, or it could be a company asset such as a vehicle or other piece of machinery.

The majority of banks, even the banks with the biggest size, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could be sold by the lender. In essence, it is means of securing new financing by using the worth of the asset you already have.

What do I need security to get a company loan?

Up to $150K in loans there is no requirement for asset security prior to the loan’s access but we do need a personal guarantee. As long as you follow the loan terms (as specified in the loan contract), asset security will never be required. For loans over $150K typically, you will need personal ensure and security is provided in the form of the charge of assets.

Unsecured Business Lending NZ Services

Unsecured Business Loans

Unsecured Business Loans

Eligibility Requirements

Eligibility Requirements

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0800 004 520