The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K-$500K company financing.
All that’s needed to get started is your contact information (company name, your name, email address and phone), how much you’d like to lend, and your monthly income.
During the process and before settlement we will need confirmation of your identity however, not in order to begin:
Additionally after we get started when it comes to loans that exceed $150,000, you’ll also require basic financial statements:
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Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the funds could be in your account in 24 hours. Traditional company loans refer to an interest rate per annum plus other fees and charges. The business loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost every company purpose including cash flow management, business remodeling, marketing to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size, your business needs to have been operating for at least three years with an annual turnover of at least $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large business loan can be used to fund almost any business use, including business remodeling, buying new equipment or inventory, as general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed for funding of more than $150,000. It is usually by way of charge on assets, which could also be registered on the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is general in nature, rather than stating the security of a specific asset. The person signing the guarantee is personally accountable if the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including objects or assets). The PPSR permits priority over personal property to be granted according to the date a registration of a security interest.
Caveats are legal document lodged to offer the legal claim to property.
If you’re applying for larger business loans of more than $250,000 it’s possible to offer an initial pre-approval that will help make the process. We might be able to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial health questions. It’s in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you receive could be based on different terms.
You may be eligible for a company loan if you
The process for applying is fast and simple. Just fill out the online application within a few minutes and a dedicated business loan specialist will be in touch to guide you.
To apply for up $100,000, you’ll need ID details (valid Driver’s License) and a valid NZBN/IRD as well as at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Application details including credit consent and 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we typically offer a response in one hour – as long as you apply in standard business timings and permit us to use 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 will be able to provide an answer in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be able to offer the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved within 24 hours.
The quickest way to apply is to ensure you apply during standard company hours and let us use the modern bank verification link to instantly check your bank’s information online. If you choose to upload the copies of bank statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within one hour if you make your application at standard business time and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we are able to offer an answer within one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be able to provide the conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain transactions have received approval within less than 24 hours.
The fastest method is to make sure you apply during standard business hours. You can also allow us to use the sophisticated bank verification to instantly check your bank’s information online. If you choose to send us the copies of bank accounts, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of elements to determine how much we can lend you health of the company and the extent of repayments your business will be able to support. The amount you receive from your loan will be contingent on the specific circumstances the business.
When you apply for a particular amount, we look at a range of aspects to assess how much we can lend you such as well-being that is your business and the level of repayments your company will be able to support. The amount you receive from the loan will be determined by the particulars the company.
When you request business loans with us company loans, we will assess the risk profile for your business and offer an individualised offer including the amount of loan, the term and the interest rates. This business loan is an upfront-priced loan so you will know in advance the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on business loans rates depend on several factors such as the amount that is borrowed, what company assets the money are used to purchase in addition to the industry that the business is operating in, how long the business has been operating as well as how long the company has enough cash flow to fund the loan, and overall well-being or financial standing of the company.
There aren’t any hidden charges for our company loans, and you’ll know precisely what you’ll be required to pay, and when, starting from the first day. There’s no compounding interest, and no extra fees (as long as you are able to make your payments in time).
We don’t charge an application fee. You are able to get a cash loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can decide to repay the entire amount of your loan in full at any time.
If you choose to take this route, please talk to one of our helpful business loans specialists. They’ll provide you with the details of your repayment and an early payout figure. The figure will be calculated as the sum of the principal remaining and the accrued interest up to the time of the early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow general, we provide payments that are either daily or weekly. They are automatically deducted from your nominated company account.
Protecting your information, and being upfront about the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and a vital part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to security for our clients and security. We make use of an advanced bank verification system to instantly confirm your bank account information online so we can offer a fast response.
Asset-based borrowing occurs when the company owner utilises the assets they have to get a loan. The asset can be either an individual asset, such as the family home, or a company asset like a truck or piece or equipment.
The majority of the lenders including the major banks, prefer to guarantee loans against assets. If you have trouble paying back the loan, then the asset might be taken over 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 $150K, it is not necessary to secure assets prior to the loan’s access However, we do require an individual guarantee. As long as you follow your loan commitments (as specified in your loan contract) Asset security will never be required. For loans over $150K generally, you can get the option of a personal guarantee and security that is in the form a charge over assets.
