The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Review the conditions of eligibility for our $100K-$500K business loans.
All that’s needed to start is your contact details (company name, your name, email, phone), how much you’d like to borrow, and your monthly revenue.
In the course of the process and before settlement we’ll require confirmation of who you are, but not for starting:
In addition, once we have started with loans over $150,000 you’ll require the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
The application to 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 business loans have an annual interest rate plus other fees and charges. We offer a business loan is a cash-based loan therefore you’ll know ahead of time the total amount due, which includes any fees, charges or charges. Then, it is broken down into either a daily or weekly payment amount.
The Small Business Loan can be used for virtually every company use, including cash flow management, business improvements, advertising to purchase inventory, new equipment, or as general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan of this size, your company needs to have been trading for at least 3 years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A large business loan is a great option for almost every company need, including company improvements, purchasing inventory or new equipment or as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to obtain funding above $150,000. It’s by taking a charge over assets, which could also include registering this through the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than stipulating security over a particular asset. The person who signs the ensure is personally responsible if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR grants preference over private property granted according to the date a registration of a security interest.
The caveat can be described as a formal document lodged to provide the legal claim to a property.
When you’re applying for an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval to simplify the process. We might be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial assessment that includes you answering some financial health checks. This is not an offer of credit or guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different terms.
You may apply for an business loan if you:
The application process is fast and easy. Just complete the online application within a few minutes and a dedicated company credit specialist will call you to help you.
To apply for up $100,000 you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank statements, IRD statement, last 2 years finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we can often offer an answer within one hour, provided you apply in standard business times and let us utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statements we can offer the decision in just one company day.
For Larger Business Loans ($100K and up) we might be in a position to offer the conditional pre-approval in about six hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Certain offers have been approved within less than 24 hours.
The fastest way is to ensure you apply during standard company hours. Also, allow us to use our advance bank verification link to check your bank’s information online. If you decide to send us copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within an hour – provided you submit your request at normal business timings and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll 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 the conditional pre-approval within 6 hours. Once you have signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain deals have been approved within less than 24 hours.
The quickest method for you to apply is ensure you apply during normal business hours and permit us to use the sophisticated bank verification to confirm your bank details online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a certain amount, we consider a variety of elements that determine the well-being of your business and the extent of repayments your business can support. The amount you receive from your loan will be contingent on the particular circumstances of your company.
When you apply for a certain amount, we take into consideration a variety of variables to assess how much we can lend you such as health that is your company as well as the amount of repayments your business can support. The total amount of the loan will be determined by the particulars for your company.
If you decide to request business loans with us company financing, we will assess the risk assessment of your company and provide you with a customised offer that includes the loan amount, the terms and interest rates. This business loan is a loan that is priced upfront therefore you will know the exact amount payable including any charges, interest rates or fees.
Business loan interest rates depend on several variables like the amount to be borrowed, the business assets the money are used to purchase and the sector the business operates in, how long the business is in operation, in the event that the business has enough cash flow to fund the loan, as well as the overall health or creditworthiness of the company.
There are no hidden fees for our business loans, and you’ll be aware of the amount you need to pay and at what time, from day one. There’s no compounding interest, and no additional fees (as long as you make your payments punctually).
We do not charge an application fee. You can make an application for loans without any upfront costs or obligation to proceed.
The Origination Fee covers the expenses involved 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 loan amount.
You can choose to repay the entire amount of your loan at any point in time.
If you do decide to take this route, please talk to one of our helpful business lending specialists. They’ll offer you with repayment details as well as an early payout amount. The figure will be calculated as the sum of the principal amount remaining and any accrued interest at the date of early payout in addition to 1.5% of the principal balance and any fees that remain unpaid.
To ensure you do not miss due dates and also to be in line with your cash flow general, we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated business account.
The security of your personal information, as well as knowing the ways we gather the information we collect, use, share and ensure the security of your information is vital and is an essential aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We utilise a sophisticated banking verification system to immediately verify the bank account details online to provide an immediate response.
Asset-based borrowing occurs when an company owner uses an asset they own to obtain the funding. The asset could be a personal asset like the family home, or it could be a business asset like a truck as well as a piece of machine.
The majority of the lenders including the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan, then your assets could be taken over by the lender. In essence, it is the process of securing additional financing taking advantage of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required before you are able to access the money, however we do require a personal guarantee. If you adhere to your loan obligations (as specified in the loan contract) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 typically, you will need the option of a personal guarantee and security is provided in the form of charges on assets.
