The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K to $500K company credit.
All you need to start is your contact information (the name of your company, your name, email and phone) as well as the amount you’d like to borrow, and your monthly earnings.
Through the process and before settlement we will require confirmation of who you are however, not in order to begin:
In addition, once we have started with loans greater than $150,000 you will 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.
The application for your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and funds may be in your account within 24 hours. Traditional business loans have an interest rate per annum as well as other fees and charges. This business loan is a pre-paid loan therefore you’ll know in advance the total amount to be paid, including the interest, fees and charges. Then, it is broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for nearly every business need, such as the management of cash flow, company improvements, advertising for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To be eligible for a loan that is this large, your business needs to have been operating for at least three years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large company loan can be used to fund almost any business purpose including company remodeling, buying new equipment or inventory as well as for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is necessary to access funding over $150,000. It’s in the form of a charge against assets, and could include the registration of this on the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is generally in nature rather than stating security over a particular asset. The person signing the ensure is personally liable in the event that the company borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR allows preference over private property assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official form of document to provide the legal claim to a property.
If you’re requesting a Larger Business Loan that is greater than $250K it is possible to offer an initial pre-approval that will help make the process. We might be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial well-being questions. This is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you might receive could be subject to different terms.
You may be eligible for a company loan if you;
The application process is quick and simple. Simply complete the online form in just a few minutes, and an experienced business lending specialist will contact you to guide you.
To apply for up $100,000, you’ll need proof of identity (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent twelve month bank accounts, the IRD statement, last 2 years finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we usually provide an answer within an hour if you make your application in standard company timings and let us utilise the bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statement, we’ll provide the decision in as little as an company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide the conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the circumstances of each application. Some transactions have received approval within just 24 hours.
The most efficient method would be to ensure you apply during normal company hours and permit us to use the modern bank verification to instantly confirm your bank details online. If you choose to upload documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer within one hour – provided you submit your request during normal business timings and allow us to use the bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements, we will be able to provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with conditional pre-approval in about six hours. Once you’ve signed the 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 agreements have been approved in less than 24 hours.
The most effective method is to ensure you apply during standard business hours. You can also allow us to use our advance bank verification to check your bank’s information online. If you decide to upload documents from your account statements it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of elements that determine what is the health of the company as well as the amount of the repayments your business can support. The amount you receive from your loan will depend on the specifics of your company.
When you submit an application for a particular amount, we take into consideration a variety of variables to determine the well-being of your business and the level of repayments your business can support. The amount you receive from the loan will be determined by the particular circumstances for your company.
When you make an application for one of our business financing, we will assess the risk assessment of your company and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. A business loan is an upfront priced loan which means you be aware in advance of the total amount payable including any interest rates, fees or charges.
Interest rates for company loans rates differ based on various factors including the amount borrowed, the business assets the funds will be used for in addition to the industry that the business is operating in, how long the business is in operation for, how long the company has enough cash flow to cover the loan, as well as the overall well-being and creditworthiness of the business.
There aren’t any hidden charges for our business loans, and you’ll know exactly how much it is that you need to pay, and when, from the day you sign up. There’s no compounding interest, and no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You can request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can choose to repay the entire amount of your loan in full at any time.
If you do decide to pursue this option, please talk to one of our helpful company lending experts. They’ll provide you with details on repayment as well as an early payout amount. This is calculated as the total of the principal remaining and accrued interest to the date of early payout plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
To help you avoid missing payments and to work with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from your nominated business account.
Protecting your information, and being clear about how we collect the information we collect, use, share and protect your information, is vital and an integral part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to the security of our customers as well as their security. We employ a highly sophisticated bank verification system to immediately verify the bank account details online. This allows us to offer an immediate response.
Asset-based borrowing occurs when a business owner borrows from the assets they have to get the loan. The asset can be either an individual asset, such as the family home, or an company asset like a truck as well as a piece of machine.
The vast majority of lenders, not just the big banks, tend to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset could be transferred to the lender. In essence, it is means of securing new financing by making use of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds, however we do require an individual guarantee. If you adhere to your loan obligations (as stipulated in the loan contract), asset security will never be required. For loans of over $150K generally, you are able to get a personal ensure and security that is in the form a charge over assets.
