The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K business loans.
All that’s required to start is your contact information (company name, your name, email address and phone) along with the amount you’d like to lend, and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are but not for starting:
Once we’ve started, for loans greater than $150,000 you’ll need 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 and cash flow friendly repayments that are either daily or weekly.
The application to get this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and have the funds in your account within 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. Our business loan is a cash-based loan therefore you’ll know in advance the total amount payable including any fees, interest or charges. This is then divided into weekly or daily installment amount.
A Small Business Loan can be used for almost any company use, including the management of cash flow, company renovations, marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly, depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size, your company needs to be in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A Larger Business Loan can be used to fund almost all business need, including business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is required to obtain funding above $150,000. This can be done as a result of an charge over assets, which could also include registering this through the PPSR or registering as a caveat.
A personal or director’s guarantee is a promise to repay credit that is generally in nature rather than stating the security for a particular asset. The person who signs the guarantee is personally accountable if the business lender is not able to repay 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 granted to individuals who own personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document that is filed to offer the public notice of a legal claim to property.
If you’re requesting an enterprise loan that is greater than $250,000, we may offer a preliminary pre-approval to help smooth out the process. We may be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being checks. This is not an offer of credit or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you receive could have different conditions.
You may be eligible for a business loan if you;
The process for applying is fast and easy. Just complete the online application within a couple minutes, and a dedicated company loan specialist will contact you to guide you through the process.
To apply for up to $100,000 you’ll need ID details (valid Driver’s License), a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan 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: Information on the application including credit consent, 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we can often offer an answer within an hour – as long as you make your application at quality business time and you allow us to utilise the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we’ll be able to offer an answer in just the span of one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be likely to provide you with a conditional pre-approval in around six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Some agreements have been approved in just 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard company hours and let us use the modern bank verification to instantly check your bank’s information online. If you decide to upload the copies of bank statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer in just one hour, provided you apply in normal business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements we can provide the decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest method can be make sure you apply during standard business hours. Also, allow us to use the modern bank verification to instantly verify your bank account information online. If you send us duplicates of your banking statements it can take a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of factors that determine your well-being that is your company and the amount of the repayments your business can support. The amount you receive from the loan will be determined by the particular circumstances of your company.
When you make an application for a specific amount we will consider a number of elements to assess your health of your company and the amount of the repayments your company can afford. The amount you receive from your loan will depend on the specific circumstances for your company.
If you decide to make an application for business loans with us business loan, we will assess the risk assessment for your business and provide an individualised offer, including the loan amount, the terms and interest rates. A company loan is an upfront-priced loan which means you know in advance the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates vary due to factors including the amount borrowed, the business assets the money are used to purchase and the sector the business operates in, the long the company has been operating and in the event that the business has enough cash flow to cover the loan, and general health or financial standing of the business.
There are no hidden fees for our business loans, and you’ll know precisely how much you’ll need to pay and when, from the first day. There’s no compounding and there are no additional charges (as as you make your payments punctually).
We do not charge an Application Fee. You can request a credit loan with no upfront cost or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the entire amount of the loan at any point in time.
If you choose to do this please talk to one of our helpful business credit experts. They will provide you with details on 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 date of early payout and 1.5% of the principal remaining plus any outstanding fees.
To ensure that you don’t miss payment dates and to align your cash flow cycle we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated company account.
Making sure that your information is secure, and being clear about how we collect data, process, exchange and ensure the security of your information is vital and is an essential element of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We employ a highly sophisticated banking verification system to instantly verify your bank account details online to provide an immediate response.
Asset-based borrowing is when a company owner utilises the assets they have to get a loan. The asset can be an individual asset, such as the family home, or a company asset like a truck as well as a piece of machine.
The vast majority of lenders, not just the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan, then your asset may be sold by the lender. In essence, it’s a way of securing additional financing taking advantage of the value of what you already have.
Up to $150,000 in loans the requirement for asset security is not required in advance to gain access to the funds however, we require a personal guarantee. need an individual guarantee. So long as you comply with your loan obligations (as specified in your loan contract) Asset security is not needed. For loans of over $150K generally, you are able to get personal guarantee and security in the form of charges on assets.
