The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K business financing.
All that is needed to get started is your contact information (the name of your company, your name, email and telephone) along with the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will require confirmation of who you are but not for starting:
Once we’ve started in the process, for loans that exceed $150,000, you’ll also require basic 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 this Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and funds may be in your account within 24 hours. Traditional company loans refer to an annual interest rate as well as other fees and charges. This business loan is a loan that is priced upfront which means you know in advance the amount you will have to pay, including the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
The Small Business Loan can be used for virtually any business need, such as the management of cash flow, company remodels and marketing for purchasing 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 business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size the company needs to be in operation for at least 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size can be used for almost every business purpose including company remodeling, buying inventory or new equipment for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed to access funding over $150,000. This is as a result of an charge on assets, which could also include registration in the PPSR or the registration of as a caveat.
A director’s or personal ensure is a promise to repay credit that is general in nature, rather than stipulating security over a particular asset. The person who is signing the guarantee is personally responsible if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document lodged to offer an official notice of a claim to property.
If you’re seeking the Larger Business Loan of $250,000 or more it’s possible to offer a preliminary pre-approval to help ease the process. We might be able to do this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health questions. It’s not an offer of credit or guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could be on different conditions.
You may be eligible for an company loan if you:
The application process is quick and simple. Just complete the online application in few minutes and an experienced business expert in lending will be in touch to guide you through the process.
To be eligible for up to $100,000 you’ll require identification details (valid Driver’s Licence), a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent and 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, as well as interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer within an hour, provided you make your application in quality business hours and permit us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to submit copies of your bank statements we can offer the decision within the span of one company day.
For the Larger Business Loan ($100K and up) we could be capable of offer the conditional pre-approval within six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest method is to ensure you apply during normal business hours, and allow us to use our advance bank verification to confirm your bank details online. If you opt to send us the copies of bank statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within one hour, provided you submit your request at normal business time and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll provide a decision within one business day.
For Larger Business Loans ($100K up to $500,000) we could be in a position to offer you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Some deals have been approved in less than 24 hours.
The most efficient method would be to ensure you apply during standard business hours. Also, let us use the advance bank verification to verify your bank information online. If you send us the copies of bank statement, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of aspects to determine what is the well-being that is your business and the extent of repayments your business can support. The total amount of your loan will depend on the specifics of your company.
When you apply for a set amount, we will consider a number of factors to determine how much we can lend you such as well-being for your business and the level of repayments that your business can afford. The total amount of the loan will be determined by the particular circumstances of your business.
When you apply for one of our company loan, we’ll assess the risk assessment of your company and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. The company loan is an upfront cost loan and you’ll be aware of the total amount due, which includes any charges or interest.
Business loan interest rates depend on several factors such as the amount that is borrowed, what company assets the funds will be used for and the sector the business operates in, how long the company is in operation, what percentage of the business has enough cash flow to support the loan, as well as the general health as well as creditworthiness business.
There are no hidden fees with our business loans, and you’ll know exactly how much it is that you need to pay, and when, starting from the very first day. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You can make an application for loans absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to take this route, please speak to our friendly business lending specialists. The specialists will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal remaining and accrued interest to the time of early payout and 1.5% of the principal remaining and any fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from the nominated company account.
Making sure that your information is secure, and making it clear the ways we gather information, use it, and exchange it, as well as secure your information, is of paramount importance and is a crucial part of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system to instantly verify the bank account details online. This allows us to offer quick responses.
An asset-based loan is when a company owner uses assets they own to secure the funds for a loan. The asset can be either an individual property, such as the family home, or an company asset such as a vehicle or piece or equipment.
The vast majority of the lenders not just the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, then the asset could be taken over by the lender. In essence it’s an opportunity to secure additional financing taking advantage of the value of what you already have.
For loans that exceed $150K, it is not necessary to secure assets prior to the loan’s access, however we require a personal guarantee. need the personal guarantee. In the event that you fulfill the terms of your loan (as stated in your loan contract) the security of assets is not needed. For loans over $150,000 generally there is the option of a personal ensure and security that is in the form the charge of assets.
