The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K business loan.
All that is needed to begin is your contact details (company name, your name, email, phone) along with the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we’ll need confirmation of who you are, but not to get started:
After we start with loans that exceed $150,000, you’ll also require the following financial statements:
Let’s get started now.
Wellington unsecured loans provides 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.
Apply to this Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and funds may be in your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. We offer a business loan is an upfront priced loan and you’ll be aware of the amount you will have to pay, including any fees, charges or charges. This is then broken down into either weekly or daily repayment figure.
It is a Small Business Loan can be used for almost every company purpose including the management of cash flow, business improvements, advertising for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To be eligible for a loan that is this large, your business needs to be operating for a minimum of 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost every company purpose including company renovations, to purchase inventory or new equipment for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. It’s by way of charge against assets, which could also include registration through the PPSR or registering as a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is general in nature rather than specifying security over a particular asset. The person who signs the guarantee is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including the assets or goods). The PPSR gives preference over private property granted according to the date the registration of a security interest.
An affidavit is an official document that is filed to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of $250,000 or more it is possible to offer an initial pre-approval to simplify the process. We could be able to apply for this without credit checks and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering some financial health checks. It is not an offer or guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you receive could be on different terms.
You may apply for an business loan if you;
The application process is quick and simple. Just fill out the online application in few minutes and a dedicated business credit specialist will contact you to guide you.
To apply for up $100,000, you’ll require identification details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K or more) We can usually provide an answer within one hour, provided you submit your request at standard business hours and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statements we can provide an answer in just an business day.
For the Larger Business Loan ($100K to $500K) we may be likely to offer you with conditional pre-approval within 6 hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain deals have been approved in less than 24 hours.
The fastest way can be ensure you apply during normal company hours, and allow us to use the advance bank verification link to instantly verify your bank account information online. If you decide to upload documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K and up) we typically provide an answer in just one hour – as long as you submit your request at standard business times and you allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statements we can provide an answer in as little as 1 business day.
If you are applying for Larger Business Loans ($100K and up) We may be in a position to provide you with conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Certain deals have been approved in the space of 24 hours.
The fastest method would be to make sure you apply during standard business hours. You can also let us use the modern bank verification link to verify your bank account information online. If you opt to upload documents from your account statements it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we look at a variety of elements for determining how much we can lend you well-being of the company and the amount of repayments that your business can support. The amount you receive from the loan will be determined by the specifics of your company.
When you submit an application for a set amount, we consider a variety of elements to assess how much we can lend you such as well-being for your business and the level of payments your business can support. The amount you receive from your loan will be contingent on the specifics for your company.
If you decide to apply for business loans with us business loans, we will assess the risk profile for your company and offer you with a customised offer, including loan amount, term and the interest rates. A company loan is an upfront priced loan so you will be aware of the total amount payable including any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors such as the amount that is that is borrowed, what company assets the funds will be used for as well as the field the company is operating in, how long the company has been in operation as well as in the event that the business has sufficient cash flow to support the loan, and the overall health or financial standing of the business.
There are no hidden costs with our company loans, and you’ll be aware of the amount it is that you need to pay and at what time, from the first day. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We don’t charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can decide to repay all of your loan early at any time.
If you do decide to take this route, please speak to our friendly business loans specialists. The professionals will provide you with details on repayment and an early payout figure. The figure will be calculated as the total of the principal balance and any accrued interest at the time of the early payout in addition to 1.5 percent of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line with your cash flow routine, we offer repayments that are either weekly or daily. These are automatically withdrawn from your designated company account.
Making sure that your information is secure, and being transparent about the ways we gather, use, exchange and secure your information, is crucial and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and security. We utilise a sophisticated bank verification system to instantly verify the bank account details online. This allows us to offer rapid response.
Asset-based borrowing is when a business owner borrows from an asset they own to secure a loan. The asset can be a personal asset like the family home or it could be a company property like a truck or piece or equipment.
The majority of banks, not just the major banks, prefer to secure loans against assets. If you have trouble paying back the loan then the asset might be taken over by the lender. In essence, it’s an opportunity to secure additional financing using the value of what you already have.
For loans up to $150K no asset security is required in advance to gain access to the funds, however we require a personal guarantee. need the personal guarantee. As long as you follow the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. For loans that exceed $150K, generally there is the option of a personal ensure and security that is in the form a charge over assets.
