The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Do you need more money? Take a look at the guidelines for eligibility for our $100K to $500K business financing.
All that’s required to get started is your contact details (the name of your company, your name, email or phone number) along with the amount you’d like to borrow and your monthly income.
In the course of the process and before settlement we will require confirmation of your identity, but not to get started:
Additionally after we get started when it comes to loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the funds could be on your account within 24 hours. Traditional company loans have an annual rate of interest as well as other fees and charges. The company loan is a pre-paid 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 weekly or daily repayment figure.
The Small Business Loan can be used for virtually every company use, including managing cash flows, business remodels and marketing, to purchase inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 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 calculated at 2.5 percent of the amount of the loan.
To qualify for a loan in this amount, your business needs to have been operating for at least three years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly every business use, including business renovations, purchase of inventory or new equipment for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary for funding of more than $150,000. This can be done by way of charge against assets, and could include the registration of this with the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to pay back a loan that is general in nature rather than defining security over an asset. The person who is signing the ensure is personally liable in the event that the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR permits preference over private property granted according to the date a security interest that is registered.
The caveat can be described as a formal form of document to provide an official notice of a claim on a property.
When you’re applying for larger business loans that is greater than $250K we can offer an initial pre-approval to smooth out the process. We might be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health checks. It is not an offer or guarantee of financing. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you receive could be based on different conditions.
You can apply for an business loan if you;
The process for applying is fast and simple. Just fill out the online application in few minutes and a dedicated business credit specialist will call you to guide you through the process.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, plus interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) we typically offer a response in one hour if you make your application at quality company times and let us utilise the bank verification system link to instantly verify your bank details online. If you opt to send us copies of your bank statements we can provide a decision within just one company day.
For the Larger Business Loan ($100K up to $500,000) we could be capable of offer the conditional pre-approval in around 6 hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours, and permit us to use the modern bank verification to confirm your bank details online. If you opt to upload copies of your bank accounts, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within an hour, provided you apply within standard business time and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statements, we are able to provide a decision in just one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be in a position to provide you with conditional pre-approval in around six hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during standard business hours, and allow us to use the advance bank verification link to instantly confirm your bank details online. If you decide to upload the copies of bank statement, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of factors that determine what is the health for your business as well as the amount of repayments that your company can support. The total amount of your loan will depend on the particular circumstances the business.
When you submit an application for a certain amount, we consider a variety of aspects to determine the health for your company and the level of payments your company is able to afford. The amount you receive from your loan will depend on the particulars that are unique to your business.
If you decide to request the company financing, we’ll assess the risk profile of your business and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. A business loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates depend on several factors such as the amount that is of money borrowed, the company assets the funds are used to purchase, the industry the company operates in, how long the company has been running for, whether the business has enough cash flow to support the loan, and overall well-being or creditworthiness of the company.
There are no hidden costs for our business loans, and you’ll know precisely how much it is that you need to pay and when, starting from the very first day. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You can make an application for loans no cost upfront or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan in full at any time.
If you are deciding to do this please call our helpful business credit specialists. We will offer you with the details of your repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and the accrued interest up to the time of early payment in addition to 1.5 percent of the remaining principal as well as any outstanding fees.
To make sure that you don’t miss payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from your nominated business account.
Making sure that your information is secure, and being clear about how we collect the information we collect, use, share and safeguard your data, is vital and is an essential part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account details online so we can provide a fast response.
The term "asset-based" refers to borrowing where the company owner makes use of an asset they own to get the loan. The asset could be an individual asset, such as the family home or it could be a company property like a truck or piece of equipment.
The majority of the lenders even the largest banks, are inclined to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset could be offered for sale by the lender. In essence, it is the process of securing new financing using the worth of the asset you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds, however we do require the personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract document) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150K typically, you will need personal ensure and security is provided in the form of an asset charge.
