The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K business credit.
All that’s needed for starting is your contact information (the name of your company and your name, as well as email, phone), how much you’d like to borrow, as well as your monthly income.
In the course of the process and before settlement we will require confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans greater than $150,000 you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
The application to your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and have the funds in your account within 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. Our company loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any interest, fees or charges. This is then divided into a daily or weekly repayment figure.
The Small Business Loan can be used to fulfill almost any business reason, such as the management of cash flow, business improvements, advertising to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
To qualify for a loan in this amount, your company needs to be trading for at least 3 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 as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A large company loan is a great option for almost all business need, including business remodeling, buying inventory or new equipment or as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. It’s in the form of a charge on assets, and could include registration with the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to repay credit that is generally based rather than stipulating security over an asset. The person signing the guarantee 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 that is operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest was registered.
A caveat is a legal form of document to provide notice of a legal claim against a property.
If you’re applying for larger company loans that is greater than $250K we can offer an initial pre-approval to simplify the process. We may be able to apply for this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial well-being checks. It’s not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you receive could have different conditions.
You are eligible to apply for a business loan if you:
The process for applying is fast and simple. Just fill out the online application within a few minutes and a dedicated company loan specialist will call you to help you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent and 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide a response in one hour, provided you apply in quality business hours and permit us to utilise the bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements , we will be able to provide the decision within just one business day.
For Larger Business Loans ($100K and up) we might be in a position to offer the conditional pre-approval within about six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours, and let us use the advance bank verification to instantly verify your bank account information online. If you opt to send us duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K or more) we can often offer a response in one hour if you make your application in standard business timings and let us use the bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we are able to offer a decision in just 1 business day.
For Larger Business Loans ($100K and up) we might be able to offer you with conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will need to wait around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The quickest method can be ensure you apply during standard business hours. Also, allow us to use our advanced bank verification system to instantly confirm your bank details online. If you decide to upload duplicates of your banking accounts, it will take a little longer.
We provide the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of aspects that determine how much we can lend you well-being of the business as well as the amount of the repayments your business can afford. The amount you receive from the loan will be determined by the specifics the business.
If you apply for a certain amount, we take into consideration a variety of factors to assess the well-being of the company and the amount of the repayments your company can support. The total amount of your loan will be determined by the specifics the company.
If you decide to request one of our business credit, we will assess the risk profile the company and offer you with a customised proposal that includes loan amount, term and the interest rates. It is a company loan is an upfront priced loan and you’ll be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
The interest rates on company loans rates vary due to factors including the amount borrowed, the company assets the funds are used to purchase as well as the field the company is in, how long the company has been in operation and in the event that the business has enough cash flow to support the loan, and the overall well-being and creditworthiness of the company.
There are no hidden fees with our company loans. You’ll be aware of the amount it is that you need to pay, and at what time, from the first day. There’s no compounding interest, and no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back the entire amount of the loan in full at any time.
If you choose to pursue this option, please contact our helpful company credit experts. They’ll offer you with repayment details and an early payment figure. This will be calculated as the total of the remaining principal amount plus any accrued interest as of the date of early payout in addition to 1.5% of the principal remaining and any fees that remain unpaid.
In order to help you avoid missing payment dates and to align your cash flow schedule, we offer repayments either daily or weekly. These are automatically deducted from your nominated business account.
The security of your personal information, as well as being upfront about how we collect, use, exchange and safeguard your data, is vital and is a crucial part of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to immediately confirm your bank account information online to offer quick responses.
The term "asset-based" refers to borrowing where the business owner borrows from an asset that they own to secure the funds for a loan. The asset can be a personal asset like the family home or it could be a business asset such as a truck as well as a piece of machine.
The vast majority of the lenders even the largest banks, are inclined to make loans secured by an asset. If you have trouble paying back the loan, your assets could be offered for sale by the lender. In essence, it’s means of securing additional financing making use of the value of what you already own.
For loans up to $150K there is no requirement for asset security prior to the loan’s access, however we do need a personal guarantee. As long as you follow your loan obligations (as stipulated in the loan contract), asset security is not needed. For loans over $150,000 generally, there is an individual guarantee and security that is in the form the charge of assets.
