The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that’s needed to begin is your contact details (company name, your name, email or phone number) and the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll require confirmation of who you are but not for starting:
In addition, once we have started in the process, for loans greater than $150,000 you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
Apply to get the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and funds may be in your account within 24 hours. Traditional company loans are based on an annual interest rate together with additional fees and charges. The business loan is a cash-based loan and you’ll know in advance the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually every business purpose including the management of cash flow, company remodels and marketing to purchase 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 loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly depending on your situation.
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
To qualify for a loan that is this large, your company needs to have been trading for at least 3 years and have an annual turnover of $700K. The applicant must also 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 prove at the least 12 months of operating.
A Larger Business Loan is a great option for almost any company need, including business renovations, purchase of inventory or new equipment, as general working capital, and much more. The loan is not available for personal purposes.
Asset security is required to access funding over $150,000. It is usually by way of charge against assets and can include the registration of this through the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature, rather than defining security over an asset. The person signing the guarantee is personally responsible if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned according to the date the security interest has been registered.
A caveat is a legal form of document to offer the public notice of a legal claim to property.
If you’re requesting larger company loans that exceeds $250,000 we can offer an initial pre-approval that will help smooth out the process. We may be able to do this without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial health checks. This is not an offer or guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may have different conditions.
You may be eligible for an company loan if you:
The application process is fast and simple. Simply complete the online form in few minutes and a dedicated business credit specialist will call you to help you.
To be eligible for up to $100,000, you’ll require ID details (valid Driver’s License) and an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we usually provide a response in one hour, provided you make your application at standard company hours and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to submit copies of your bank statement, we’ll provide a decision within just 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be likely to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based on the specifics of each application. Certain offers have been approved within just 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also allow us to use our advance bank verification link to confirm your bank details online. If you decide to upload duplicates of your banking accounts, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically provide an answer within an hour – provided you make your application at standard business hours and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements, we are able to offer a decision within 1 business day.
For Larger Business Loans ($100K and up) we may be likely to provide the conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending on the particular circumstances of each application. Certain deals have been approved within 24 hours.
The fastest method can be ensure you apply during standard business hours and let us use the advanced bank verification system to verify your bank account information online. If you send us the copies of bank accounts, it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of aspects in order to assess how much we can lend you health of your company and the extent of payments your company will be able to support. The amount you receive from the loan will be determined by the specific circumstances of your company.
When you submit an application for a particular amount, we look at a range of elements to determine how much we can lend you such as well-being of the company as well as the amount of repayments your business can afford. The total amount of the loan will be determined by the particular circumstances of your company.
When you apply for one of our business credit, we will assess the risk profile for your business and provide you with a customised offer, including the amount of loan, the term and the interest rates. A company loan is an upfront priced loan therefore you will know the exact amount due, which includes any charges or interest.
Interest rates for business loans rates depend on several factors like the amount of money borrowed, what company assets the funds will be used for in addition to the industry that the business is operating in, how long the business has been in operation as well as how long the company has enough cash flow to cover the loan, and general health and creditworthiness of the business.
There aren’t any hidden costs with our business loans, and you’ll know exactly how much you’ll be required to pay, and when, starting from the first day. There’s no compounding and no additional fees (as as you make your payments in time).
We don’t charge an application fee. You can apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of your loan early at any time.
If you choose to do this please talk to one of our helpful company credit specialists. The specialists will provide you with details for repayment and an early payout figure. This will be calculated as the total of the principal remaining plus any accrued interest as of the time of the early payout plus 1.5% of the principal remaining as well as any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your business account.
Protecting your information, and knowing how we collect data, process, exchange and protect your information, is of paramount importance and an integral part of our relationship you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and security. We make use of an advanced banking verification system to immediately verify your bank account details online so we can offer a fast response.
The term "asset-based" refers to borrowing where a company owner makes use of assets they own to make the funding. The asset could be an individual asset, such as the family home, or a business asset like a truck as well as a piece of machine.
The majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you’re struggling to pay back the loan then your asset may be transferred to the lender. In essence, it is the process of securing new funding taking advantage of the value of what you already own.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds, however we require a personal guarantee. require an individual guarantee. As long as you follow the loan terms (as specified in your loan contract) the security of assets is not required. If you take out loans in excess of $150K generally, there is an individual guarantee and security in the form of the charge of assets.
