The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the conditions of eligibility for our $100K to $500K company loan.
All you need to start is your contact information (company name, your name, email or phone number) along with the amount you’d like to lend, and your monthly income.
Through the process and before settlement we will require confirmation of who you are, but not to get started:
After we start, for loans greater than $150,000 you’ll need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
It is possible to apply for this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an answer within the same day and funds may be in your account in 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. We offer a company loan is a pre-paid loan therefore you’ll know ahead of time the total amount due, which includes the interest, fees and charges. Then, it is broken down into either a daily or weekly payment amount.
It is a Small Business Loan can be used to fulfill almost every business use, including control of cash flow 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 use.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
To be eligible for a loan of this size the company needs to be operating for at least three years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large business loan can be used for almost any company reason, such as company improvements, purchasing new equipment or inventory for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed for funding of more than $150,000. It’s in the form of a charge over assets, and may include the registration of this in the PPSR or making a caveat.
A personal or director’s ensure is a commitment to repay a loan which is generally in nature rather than stipulating security over a particular asset. The person who signs the ensure is personally liable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date a security interest that is registered.
An affidavit is an official document lodged to offer the legal claim to a property.
If you’re requesting the Larger Business Loan of more than $250K we may be able to provide an initial pre-approval in order to ease the process. We may 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 evaluation that involves the answer to a series of financial health checks. It is in no way an offer, nor is it a guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may have different terms.
You are eligible to apply for an business loan if you
The application process is simple and simple. Just fill out the online application within a few minutes and a dedicated company credit specialist will contact you to help you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (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 as well as the two most recent years’ financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer in just one hour, provided you apply during quality business hours and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements we can provide a decision within just the span of one company day.
If you are applying for a Larger Business Loan ($100K and up) we could be able to provide you with a conditional pre-approval in about 6 hours. After you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Certain agreements have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours and allow us to use our advance bank verification link to confirm your bank details online. If you decide to upload duplicates of your banking statements it will take a little longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within an hour if you submit your request at standard business time and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements, we’ll be able to provide an answer in as little as an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be able to provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Some deals have been approved within 24 hours.
The fastest way is to make sure you apply during standard business hours. Also, allow us to use our advanced bank verification system to confirm your bank details online. If you opt to upload copies of your bank statement, it takes a bit longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of elements in order to assess the health of your business and the level of repayments that your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances the company.
When you apply for a certain amount, we take into consideration a variety of aspects to determine how much we can lend you such as well-being that is your company as well as the amount of repayments your business is able to afford. The amount you receive from the loan will be determined by the particular circumstances the company.
If you decide to request our company loan, we’ll assess the risk assessment that you have for your business and offer an individualised offer including the loan amount, the terms and the interest rates. It is a company loan is a loan that is priced upfront and you’ll know the exact amount to be paid, including any charges or interest.
The interest rates on company loans rates depend on several factors such as the amount that is of money borrowed, the company assets the funds are used to purchase as well as the field the company is operating in, how long the company has been in operation as well as what percentage of the business has enough cash flow to support the loan, and also the overall health as well as creditworthiness company.
There aren’t any hidden charges for our business loans. You’ll be aware of the amount you’ll be required to pay, and when, from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You are able to make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can repay the entire amount of your loan at any point in time.
If you decide to do this please speak to our friendly company loan specialists. They will offer you with the details of your repayment and an early payment figure. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of the early payout plus 1.5 percent of the principal remaining as well as any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your nominated company account.
Protecting your information, and being upfront about how we collect the information we collect, use, share and protect your information, is of paramount importance and is an essential part of our relationship you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We employ a highly sophisticated bank verification system link to immediately confirm your bank account information online. This allows us to offer rapid response.
Asset-based borrowing occurs when a business owner utilises assets they own to secure the funds for a loan. The asset can be either a personal asset like the family home, or it could be a company property like a truck or piece or equipment.
The vast majority of banks, not just the big banks, tend to guarantee loans against 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’s an opportunity to secure new financing making use of the value of what you already own.
For loans up to $150,000 it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need an individual guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract document), asset security will never be needed. For loans over $150,000 generally, you are able to get a personal ensure and security that is in the form an asset charge.
