The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K company loans.
All that’s required to begin is your contact details (the name of your company, your name, email and phone) and the amount you’d like to borrow, and your monthly earnings.
While in the process and before settlement we’ll need confirmation of who you are however, not in order to begin:
After we start with loans of more than $150,000 you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes on the internet or over the phone, receive an instant response and have the funds available in just 24 hours. Traditional company loans reference an annual rate of interest plus other fees and charges. The company loan is a loan that is priced upfront therefore you’ll know in advance the total amount due, which includes any fees, interest or charges. Then, it is broken down into a daily or weekly repayment figure.
A Small Business Loan can be used for nearly every business need, such as managing cash flows, business renovations, 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 amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan of this size the business needs to have been trading for at least 3 years, and have an annual income of $700,000. You must 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 minimum 12 months of continuous trading.
A large business loan can be used for almost any company purpose including business remodeling, buying inventory or new equipment as well as for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. This is in the form of a charge against assets, and may be registered 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 stating security over a particular asset. The person who signs 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 lists security interests that are that are registered for personal property (including goods or assets). The PPSR grants the priority of personal property assigned according to the date the security interest was registered.
An affidavit is an official form of document to provide the public notice of a legal claim to property.
If you’re applying for larger business loans of more than $250K we can offer an initial pre-approval in order to smooth out the process. We may be able to apply for this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health checks. It’s 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 be based on different conditions.
You are eligible to apply for an business loan if you
The application process is fast and easy. Complete the online form in just a few minutes, and a dedicated company loan specialist will call you to assist 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 six months worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer in just one hour – as long as you apply within quality company hours and let us use the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements , we are able to provide the decision in as little as an business day.
For the Larger Business Loan ($100K to $500K) we could be likely to offer you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some offers have been approved within less than 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours. You can also allow us to use our advance bank verification link to instantly check your bank’s information online. If you choose to send us duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within an hour, provided you apply during standard business timings and allow us to use the bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can provide the decision in just one business day.
If you are applying for Larger Business Loans ($100K and up) we might be likely to provide you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this could be shorter based on the specifics of each application. Certain transactions have received approval within less than 24 hours.
The fastest method is to make sure you apply during standard business hours. Also, permit us to use the sophisticated bank verification link to check your bank’s information online. If you send us copies of your bank accounts, it takes a bit longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a certain amount we look at a variety of factors that determine how much we can lend you health of your company as well as the amount of repayments that your business is able to afford. The amount you receive from your loan will depend on the particular circumstances the company.
If you apply for a particular amount, we take into consideration a variety of aspects to assess how much we can lend you such as well-being of the business as well as the amount of repayments that your company will be able to support. The amount you receive from the loan will be determined by the particular circumstances of your company.
When you request business loans with us business loans, we’ll assess the risk assessment that you have for your business and offer you with a customised offer that includes loan amount, term and the interest rates. A company loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any charges or interest.
The interest rates on business loans rates depend on a variety of factors including the amount borrowed, what business assets the money will be used for, the industry the company operates in, how long the business has been operating for, how long the business has sufficient cash flow to cover the loan, as well as the general well-being or creditworthiness of the business.
There aren’t any hidden charges with our company loans, and you’ll know exactly how much you’ll be required to pay, and when, starting from day one. There’s no compounding and no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the total amount of your loan early at any time.
If you do decide to do this please contact our helpful business credit professionals. We will provide you with the details of your repayment as well as an early payout amount. This is calculated as the total of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5 percent of the principal remaining as well as any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from the nominated business account.
Making sure that your information is secure, and making it clear the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to customer security and security. We make use of an advanced bank verification system to immediately verify the bank account details online, allowing us to provide a fast response.
An asset-based loan is when an business owner uses an asset they own to make the funds for a loan. The asset can be a personal asset like the family home or a company asset such as a truck as well as a piece of machine.
The majority of the lenders not just the largest banks, are inclined to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could be transferred to the lender. In essence, it’s the process of securing new financing by using the worth of the asset you already have.
For loans of up to $150K, there is no requirement for asset security upfront to access the money however, we require a personal guarantee. need the personal guarantee. As long as you follow your loan obligations (as stipulated in your loan contract document) the security of assets is not needed. For loans that exceed $150K, typically, you will need personal guarantee and security in the form of an asset charge.
