The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Review the eligibility requirements for our $100K to $500K business loans.
All you need for starting is your contact information (company name, your name, email and telephone) and the amount you’d like to borrow and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity but not before we can begin:
In addition, once we have started in the process, for loans over $150,000 you will also require the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either per day 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 have the funds in your account in 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. The business loan is an upfront priced loan so you will know ahead of time the amount you will have to pay, including any fees, interest or charges. This is then broken down into either weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly any company use, including the management of cash flow, company renovations, marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your business needs to have been trading for at least 3 years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost all company need, including business renovations, purchase of equipment or inventory for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. It’s by taking a charge over assets, which could also include registering this on the PPSR or registering a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature rather than stipulating the security for a particular asset. The person who signs the guarantee is personally responsible if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR permits preference over private property assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document filed to offer the legal claim against a property.
If you’re seeking a Larger Business Loan that is greater than $250K it’s possible to offer an initial pre-approval in order to simplify the process. We could be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial well-being questions. It is neither an offer nor a guarantee of financing. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you might receive could have different conditions.
You may apply for an business loan if you:
The application process is fast and easy. Just fill out the online application in just a few minutes, and a dedicated business credit specialist will contact you to assist you.
For a loan of up to $100,000, you’ll need identification details (valid Driver’s License) as well as a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent and 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) we usually provide a response in one hour – as long as you apply during quality business time and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we are able to offer an answer within just one company day.
For the Larger Business Loan ($100K or more) we might be in a position to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Some agreements have been approved in the space of 24 hours.
The fastest way is to ensure you apply during standard company hours and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you send us copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer in just one hour if you make your application within normal business times and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements, we are able to offer the decision within 1 business day.
For the Larger Business Loans ($100K up to $500,000) we could be able to provide you with a 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, it could be faster based on the circumstances of each application. Certain agreements have been approved within the space of 24 hours.
The fastest method for you to apply is make sure you apply during normal business hours. Also, let us use the sophisticated bank verification to check your bank’s information online. If you opt to send us copies of your bank statements it will take a little longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a certain amount we consider a variety of factors in order to assess how much we can lend you health that is your business and the extent of repayments that your business will be able to support. The amount you receive from your loan will be contingent on the particular circumstances for your company.
When you apply for a set amount, we will consider a number of elements to assess your health for your business and the level of payments your business can support. The amount you receive from the loan will be determined by the particulars for your company.
If you decide to request business loans with us business loans, we’ll assess the risk assessment the business and offer an individualised proposal that includes loan amount, term and interest rates. A company loan is an upfront-priced loan therefore you will know the exact amount you will have to pay, including charges, interest rates or fees.
Interest rates for business loans rates vary due to variables like the amount to be borrowed, what business assets the funds are used to purchase, the industry the business operates in, the long the business has been in operation and whether the company has enough cash flow to fund the loan, as well as the general health or financial standing of the business.
There are no hidden costs with our business loans, and you’ll know precisely how much you be required to pay and when, starting from the very first day. There’s no compounding interest and there are no additional charges (as as you make your payments punctually).
We do not charge an application fee. You can request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to pursue this option, please talk to one of our helpful company loans experts. The specialists will provide you with details on repayment and an early payout figure. It will be calculated using the sum of the principal remaining and the accrued interest up to the time of early payout in addition to 1.5 percent of the principal balance and any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we provide repayments either daily or weekly. They are automatically deducted from the nominated business account.
Security of your data, and knowing how we collect, use, exchange and ensure the security of your information is of paramount importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system link to instantly verify the bank account details online, allowing us to offer rapid response.
An asset-based loan is when the business owner uses assets they own to make the funds for a loan. The asset can be either an individual asset, such as the family home, or a business asset such as a vehicle or piece or equipment.
The vast majority of the lenders even the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan, then the asset could be offered for sale by the lender. In essence it’s a way of securing new financing using the value of what you already own.
For loans of up to $150,000, it is not necessary to secure assets before you are able to access the money however, we do need an individual guarantee. As long as you follow your loan commitments (as detailed in the loan contract) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 generally, there is personal guarantee and security in the form the charge of assets.
