The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K to $500K business loan.
All that is needed to start is your contact information (the name of your company, your name, email and phone) along with the amount you’d like to lend, and your monthly revenue.
During the process and before settlement we will require confirmation of your identity however, not in order to begin:
In addition, once we have started in the process, for loans over $150,000 you’ll need basic financial statements.
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Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 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 via the internet or over the phone, receive a same day response and funds may be in your account in 24 hours. Traditional business loans refer to an annual rate of interest together with additional fees and charges. We offer a business loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount due, which includes the interest, fees and charges. This is then broken down into a daily or weekly payment amount.
The Small Business Loan can be used for virtually any company purpose including cash flow management, business remodels and marketing, to purchase inventory or 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 size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
In order to be eligible for a loan in this amount the company needs to be operating for a minimum of 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Larger Business Loan can be used to fund almost all company purpose including business renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This can be done by taking a charge on assets and can include registering this on the PPSR or making as a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is generally in nature rather than stating security over a particular asset. The person signing the guarantee is personally accountable if the company creditor is unable 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 granted to individuals who own personal property (including items or assets). The PPSR allows priority over personal property to be assigned depending on the date that a security interest has been registered.
An affidavit is an official document filed to offer an official notice of a claim on a property.
If you’re requesting the Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval to make the process. We might be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health questions. It’s neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could have different conditions.
You may be eligible for an business loan if you
The application process is simple and simple. Just fill out the online application in just a few minutes, and an experienced business credit specialist will call you to assist you.
To apply for up $100,000, you’ll require the right identification documents (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent, 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, in addition to interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we typically offer an answer within one hour – as long as you make your application in quality business timings and allow us to use the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank statement, we’ll offer an answer in as little as one business day.
For the Larger Business Loan ($100K and up) we could be capable of offer you with pre-approval conditional to your application in about 6 hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the particular circumstances of each application. Some transactions have received approval within less than 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours. Also, allow us to use our advance bank verification to verify your bank information online. If you choose to upload duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K and up) we usually offer a response in one hour – as long as you apply during standard business hours and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements, we will be able to provide a decision within one business day.
For the Larger Business Loans ($100K to $500K) We may be in a position to provide you with a conditional pre-approval within six hours. Once you have signed the pre-approval document, you will require to wait around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved in less than 24 hours.
The fastest way can be make sure you apply during normal business hours and allow us to use our sophisticated bank verification to instantly verify your bank information online. If you send us documents from your account statements it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount, we look at a variety of elements for determining what is the health of your business and the extent of the repayments your company will be able to support. The amount you receive from your loan will depend on the particular circumstances for your business.
If you apply for a certain amount, we take into consideration a variety of factors to determine your well-being of your company and the level of the repayments your company is able to afford. The total amount of the loan will be determined by the specific circumstances of your company.
If you decide to apply for business loans with us business loans, we’ll assess the risk assessment the company and offer an individualised offer including the amount of loan, the term and the interest rates. This company loan is an upfront-priced loan which means you be aware of the total amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates depend on several factors such as the amount that is borrowed, the company assets the money are used to purchase, the industry the business operates in, how long the business has been in operation for, what percentage of the business has enough cash flow to cover the loan, and the general health and creditworthiness of the business.
There are no hidden costs with our company loans, and you’ll be aware of the amount you’ll be required to pay, and at what time, from day one. There’s no compounding interest, and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan at any point in time.
If you do decide to do this please contact our helpful company loan specialists. We will provide you with details on repayment and an early payout figure. It will be calculated using the sum of the principal remaining and any accrued interest at the date of early payout in addition to 1.5% of the principal remaining plus any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from the nominated company account.
Making sure that your information is secure, and being upfront about how we collect, use, exchange and safeguard your data, is vital and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We use an advanced bank verification system link to instantly verify the bank account details online. This allows us to offer rapid response.
Asset-based borrowing is when the business owner makes use of an asset that they own to secure the loan. The asset could be an individual property, such as the family home, or an company property like a truck or piece or equipment.
The vast majority of lending institutions, even the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence it’s means of securing new financing by making use of the value of what you already have.
For loans that exceed $150K, no asset security is required prior to the loan’s access but we do require the personal guarantee. So long as you comply with your loan obligations (as stipulated in your loan contract document), asset security is not 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.
