The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Find out the eligibility requirements for our $100K to $500K business loans.
All that’s needed for starting is your contact details (the name of your company, your name, email or phone number) and the amount you’d like to borrow and your monthly earnings.
In the course of the process and before settlement we will require confirmation of your identity, but not before we can begin:
In addition, once we have started when it comes to loans that exceed $150,000, you will also need basic financial statements:
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Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
The application to the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. We offer a company loan is a cash-based loan therefore you’ll know in advance the total amount to be paid, including any fees, charges or charges. This is then broken down into either a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually every company need, such as managing cash flows, company renovations, marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size the company needs to be operating for a minimum of 3 years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost any business need, including business renovations, purchase of inventory or new equipment, as general working capital and much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. It’s as a result of an charge on assets, and could include registering this in the PPSR or registering a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is generally based rather than specifying security over an asset. The person who signs the ensure is personally responsible if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It contains security interests registered in respect of personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date the security interest was registered.
A caveat is a legal document filed to provide notice of a legal claim to a property.
If you’re seeking the Larger Business Loan of $250,000 or more, we may offer an initial pre-approval to ease the process. We could be able to do this without a credit verification and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial health questions. This is neither an offer nor a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may have different terms.
You can apply for an company loan if you;
The application process is quick and easy. Just fill out the online application within a few minutes and a dedicated company loan specialist will call you to guide you through the process.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour – as long as you submit your request during quality company timings and allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements , we will be able to offer a decision within one business day.
For the Larger Business Loan ($100K to $500K) we could be able to offer the conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some offers have been approved within the space of 24 hours.
The quickest way to apply is to ensure you apply during standard company hours. You can also permit us to use the advance bank verification link to instantly verify your bank information online. If you decide to send us documents from your account statements , it may take a bit longer.
For the Small Business Loan ($5K and up) we typically provide a response in one hour, provided you submit your request within standard business time and allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can provide a decision in just 1 business day.
For the Larger Business Loans ($100K and up) We may be capable of offer you with conditional pre-approval within six hours. Once you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Certain offers have been approved within just 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours, and permit us to use the advanced bank verification system to instantly confirm your bank details online. If you choose to upload the copies of bank statement, it can take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a particular amount, we consider a variety of variables for determining the well-being for your company as well as the amount of repayments that your company can afford. The amount you receive from your loan will depend on the specific circumstances for your business.
When you submit an application for a certain amount, we consider a variety of elements to assess how much we can lend you such as health of the company and the level of repayments your business can support. The total amount of your loan will be contingent on the particulars for your business.
If you decide to apply for business loans with us business loans, we will assess the risk assessment that you have for your business and offer an individualised offer that includes the loan amount, the terms and interest rates. A business loan is an upfront-priced loan so you will be aware of the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates differ based on various factors including the amount of money borrowed, the company assets the funds will be used for, the industry the company operates in, the long the company has been running and whether the company has sufficient cash flow to support the loan, and general well-being or financial standing of the company.
There are no hidden fees for our business loans, and you’ll know exactly how much you’ll be required to pay, and when, from the day you sign up. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to make an application for loans with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can choose to repay the total amount of your loan at any point in time.
If you choose to take this route, please talk to one of our helpful company loans specialists. They’ll provide you with repayment details along with an early payout estimate. The figure will be calculated as the total of the principal balance plus any accrued interest as of the time of the early payout in addition to 1.5 percent of the principal amount remaining as well as any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow standard, we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Protecting your information, and being transparent about the ways we gather information, use it, and exchange it, as well as ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We employ an exceptionally sophisticated bank verification system that allows you to instantly verify your bank account information online. This allows us to provide rapid response.
An asset-based loan is when a business owner borrows from an asset they own to secure the funding. The asset can be either an individual property, such as the family home or it could be a company asset like a truck or other piece of machinery.
The vast majority of lending institutions, even the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, then your asset may be transferred to the lender. In essence, it is an opportunity to secure new funding using the value of what you already own.
For loans up to $150K no asset security is required before you are able to access the money but we do need an individual guarantee. If you adhere to the loan terms (as stipulated in your loan contract), asset security is not required. For loans that exceed $150K, generally, you can get the option of a personal guarantee and security is provided in the form of charges on assets.
