The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the eligibility requirements for our $100K-$500K company loans.
All you need to start is your contact details (the name of your company, your name, email and telephone) and the amount you want to borrow, and your monthly earnings.
While in the process and before settlement we will need confirmation of who you are but not for starting:
After we start, for loans greater than $150,000 you will also require the following financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and funds may be available in just 24 hours. Traditional business loans are based on an annual rate of interest plus other fees and charges. We offer a company loan is a cash-based loan which means you be aware in advance of the total amount payable including any fees, interest or charges. This is then divided into a daily or weekly repayment figure.
A Small Business Loan can be used to fulfill almost every company use, including control of cash flow business remodels and marketing, to purchase inventory or 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 business expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount the company needs to be operating for at least three years, and have an annual income of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used for almost all business use, including business renovations, purchase of inventory or new equipment or as general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. This is as a result of an charge on assets, which could also include the registration of this through the PPSR or registering as a caveat.
A director’s or personal ensure is a promise to repay a loan which is general in nature, rather than stating the security of a specific asset. The person who signs the ensure is personally responsible if the company lender is not able to re-pay the debt.
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 prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
Caveats are legal document that is filed to provide an official notice of a claim against a property.
When you’re applying for the Larger Business Loan of $250,000 or more we can offer an initial pre-approval in order to smooth out the process. We might be able to do this without a credit check and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health questions. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you receive could have different terms.
You are eligible to apply for an company loan if you:
The application process is simple and easy. Simply complete the online form in few minutes and a dedicated business credit specialist will be in touch to assist you.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K to $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $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, in addition to interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K and up) We can usually offer an answer within an hour – as long as you apply at standard business times and let us utilise the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statement, we’ll provide an answer in just 1 business day.
For the Larger Business Loan ($100K or more) we may be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based upon the circumstances for each application. Certain agreements have been approved in the space of 24 hours.
The quickest way to apply is to ensure you apply during normal company hours. Also, allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you opt to upload duplicates of your banking statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer in just one hour – as long as you submit your request in normal business hours and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can provide a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to offer you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some agreements have been approved within just 24 hours.
The quickest method is to make sure you apply during normal business hours and permit us to use the sophisticated bank verification link to instantly check your bank’s information online. If you upload documents from your account statement, it takes a bit longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of elements to determine what is the well-being of the company and the level of repayments your company is able to afford. The total amount of your loan will be contingent on the specific circumstances of your company.
When you submit an application for a set amount, we consider a variety of elements to determine the well-being of the company as well as the amount of payments your company can afford. The amount you receive from your loan will depend on the specific circumstances for your company.
If you decide to apply for our business financing, we will assess the risk assessment of your company and provide you with a customised offer, including loan amount, term and interest rates. This company loan is an upfront priced loan so you will be aware of the total amount you will have to pay, including charges or interest.
The interest rates on business loans rates differ based on various factors like the amount of money that is borrowed, what business assets the funds are used to purchase and the sector the business operates in, the long the company has been running and how long the business has enough cash flow to pay for the loan, as well as the overall health as well as creditworthiness business.
There are no hidden fees for our business loans, and you’ll know precisely how much it is that you need to pay, and at what time, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments in time).
We don’t charge an application fee. You can get a cash loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the total amount of your loan at any point in time.
If you choose to take this route, please call our helpful business loan specialists. The experts will provide you with the details of your repayment along with an early payout estimate. This is calculated as the total of the principal amount remaining and accrued interest to the time of the early payout, plus 1.5 percent of the remaining principal plus any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow general, we offer repayments either weekly or daily. These are automatically deducted from your nominated company account.
Making sure that your information is secure, and making it clear how we collect the information we collect, use, share and protect your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We use an advanced banking verification system to instantly confirm your bank account information online so we can offer rapid response.
The term "asset-based" refers to borrowing where an business owner utilises an asset they own to obtain the funding. The asset can be a personal asset like the family home or an business asset such as a truck as well as a piece of machine.
The vast majority of lenders, not just the banks with the biggest size, prefer to secure loans against an asset. If you are having difficulty paying back the loan then your asset may be transferred to the lender. In essence it’s an opportunity to secure additional financing using the worth of the asset you already have.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds but we do need the personal guarantee. If you adhere to your loan commitments (as specified in the loan contract), asset security will never be needed. For loans of over $150,000 generally, you can get the option of a personal ensure and security that is in the form charges on assets.
