The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Find out the guidelines for eligibility for our $100K to $500K business loan.
All that is needed to start is your contact information (company name, your name, email address or phone number) along with the amount you want to borrow, and your monthly earnings.
Through the process and before settlement we will require confirmation of your identity, but not to get started:
Additionally after we get started with loans greater than $150,000 you’ll need fundamental 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 and cash flow friendly repayments that are either daily or weekly.
You can apply to this Small Business Loan in under 10 minutes by phone. You will receive an instant response and the funds could be available in just 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. Our company loan is a loan that is priced upfront and you’ll be aware in advance of the amount you will have to pay, including the interest, fees and charges. This is then broken down into either weekly or daily repayment figure.
A Small Business Loan can be used for virtually any business need, such as managing cash flows, business improvements, advertising to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan in this amount, your company needs to be in operation 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 or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large company loan can be used for nearly every company reason, such as business renovations, to purchase inventory or new equipment for general working capital and so much more. The loan is not available for personal use.
Asset security is necessary to obtain funding above $150,000. It is usually as a result of an charge on 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 stipulating security over a particular asset. The person signing the ensure is personally responsible if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including items or assets). The PPSR grants priority over personal property to be assigned depending on the date that a security interest that is registered.
An affidavit is an official document that is filed to provide notice of a legal claim to property.
If you’re applying for the Larger Business Loan of $250,000 or more we can offer a preliminary pre-approval to help smooth out the process. We might be able to do this without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial well-being questions. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you may receive may be based on different conditions.
You may apply for a company loan if you;
The process for applying is fast and easy. Complete the online form in just a few minutes, and an experienced business loan specialist will call you to guide you.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we can often provide an answer in just one hour, provided you submit your request within standard company time and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements , we are able to provide the decision in just one company day.
For the Larger Business Loan ($100K to $500K) we might be likely to offer you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this can be quicker based on the circumstances of each application. Some offers have been approved in less than 24 hours.
The most efficient method is to make sure you apply during standard company hours. You can also allow us to use the modern bank verification link to instantly verify your bank information online. If you choose to upload the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within one hour – as long as you make your application at normal business hours and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements, we are able to offer the decision within 1 business day.
If you are applying for Larger Business Loans ($100K and up) We may be likely to provide you with pre-approval conditional to your application within 6 hours. Once you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain deals have been approved in 24 hours.
The quickest method is to ensure you apply during normal business hours, and allow us to use our modern bank verification link to instantly check your bank’s information online. If you opt to upload documents from your account accounts, it may take a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of elements that determine the health for your company and the amount of payments your company can afford. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you apply for a set amount, we look at a range of variables to assess your well-being of the business and the level of the repayments your business can support. The total amount of the loan will be determined by the particulars of your company.
If you decide to request the business financing, we’ll assess the risk profile the business and offer you with a customised offer that includes loan amount, term and the interest rates. This business loan is a loan that is priced upfront therefore you will be aware of the total amount to be paid, including any charges or interest.
The interest rates on business loans rates vary due to factors including the amount of money borrowed, the company assets the money are used to purchase, the industry the business operates in, how long the business has been operating and whether the business has enough cash flow to support the loan, and the general well-being or financial standing of the company.
There are no hidden fees for our business loans, and you’ll know precisely how much you need to pay and when, right from the very first day. There’s no compounding and there are no additional charges (as as you make your payments punctually).
We don’t charge an application fee. You can get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You may choose to pay back the entire amount of the loan early at any time.
If you are deciding to do this please talk to one of our helpful business credit experts. They will offer you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the principal balance and accrued interest to the date of early payout and 1.5% of the principal amount remaining as well as any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your designated business account.
Making sure that your information is secure, and being upfront about the ways we gather, use, exchange and protect your information, is vital and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We employ a highly sophisticated bank verification system to instantly verify your bank account details online, allowing us to offer rapid response.
Asset-based borrowing occurs when a company owner uses an asset they own to obtain the loan. The asset can be an individual asset, such as the family home, or an company asset such as a truck as well as a piece of machine.
The majority of banks, not just the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence, it’s a way of securing new financing using the worth of the asset you already have.
For loans that exceed $150K, the requirement for asset security is not required in advance to gain access to the funds however, we do need a personal guarantee. If you adhere to your loan obligations (as stated in your loan contract document), asset security will never be required. If you take out loans in excess of $150K generally there is a personal guarantee and security in the form the charge of assets.
