The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K company loans.
All that is needed to start is your contact details (company name and your name, as well as email or phone number) as well as the amount you want to borrow, as well as your monthly income.
While in the process and before settlement we’ll need confirmation of your identity but not for starting:
In addition, once we have started, for loans of more than $150,000 you’ll need the following financial statements:
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Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
The application for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive an instant response and the money could be in your account within 24 hours. Traditional company loans reference an interest rate per annum together with additional fees and charges. We offer a company loan is an upfront priced loan and you’ll be aware in advance of the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every company use, including cash flow management, company remodeling, marketing to purchase inventory, new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan of this size, your business needs to have been operating for at least three years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan is a great option for almost any business reason, such as company remodeling, buying equipment or inventory as well as for general working capital, and much more. The loan cannot be used for personal use.
Asset security is required for funding of more than $150,000. It is usually as a result of an charge over assets, and could be registered through the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature rather than defining the security of a specific asset. The person signing the ensure is personally responsible if the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be assigned according to the date the registration of a security interest.
A caveat is a legal document filed to provide an official notice of a claim to property.
If you’re applying for the Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval in order to smooth out the process. We could be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health questions. It is not an offer or guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could be on different conditions.
You may apply for an business loan if you
The application process is fast and simple. Just fill out the online application in few minutes and an experienced business lending specialist will call you to help you.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s License), a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit approval, 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 month bank accounts, the IRD statements and the last two years’ finalised financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we can often provide an answer within an hour – as long as you apply within standard company time and let us utilise the bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statements we can offer an answer in just the span of one business day.
For the Larger Business Loan ($100K or more) we might be likely to offer the conditional pre-approval within 6 hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Some transactions have received approval within 24 hours.
The fastest way is to make sure you apply during standard company hours and allow us to use our advance bank verification to check your bank’s information online. If you opt to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer in just one hour – provided you apply within standard business timings and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements we can offer a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to provide the conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some transactions have received approval in 24 hours.
The quickest method would be to make sure you apply during standard business hours, and allow us to use our advance bank verification to instantly verify your bank information online. If you opt to send us documents from your account statement, it will take a little longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of variables to determine how much we can lend you well-being of your business and the level of payments your company is able to afford. The total amount of your loan will depend on the particular circumstances for your business.
When you submit an application for a specific amount we consider a variety of aspects to determine the health of the business and the extent of repayments that your business can afford. The total amount of your loan will be determined by the specific circumstances of your company.
When you apply for one of our company financing, we’ll assess the risk assessment the company and provide an individualised proposal that includes the loan amount, the terms and interest rates. This business loan is an upfront cost loan so you will know the exact amount due, which includes any charges or interest.
The interest rates on company loans rates depend on a variety of factors like the amount of money borrowed, what business assets the money are used to purchase as well as the field the business operates in, the long the business is in operation for, what percentage of the business has sufficient cash flow to support the loan, and also the general well-being or creditworthiness of the business.
There are no hidden costs for our company loans, and you’ll know exactly how much you be required to pay, and at what time, from day one. There’s no compounding interest and no extra fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans with without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay all of your advance loan at any time.
If you do decide to take this route, please contact our helpful company loan specialists. The specialists will provide you with repayment details along with an early payout estimate. The figure will be calculated as the sum of the principal remaining plus any accrued interest as of the time of early payment plus 1.5% of the principal balance plus any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow general, we offer repayments either daily or weekly. These are automatically withdrawn from your designated company account.
Protecting your information, and being clear about the ways we gather, use, exchange and ensure the security of your information is vital and a vital part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We utilise a sophisticated bank verification system link to immediately verify your bank account information online, allowing us to offer rapid response.
Asset-based borrowing is when an company owner borrows from the assets they have to secure the loan. The asset may be an individual property, such as the family home, or it could be a business asset such as a truck or piece of equipment.
The vast majority of lenders, including the big banks, tend to secure loans against an asset. If you have trouble paying back the loan, your asset may be sold by the lender. In essence it’s means of securing new funding using the value of what you already own.
For loans that exceed $150K, the requirement for asset security is not required before you can access the money however, we do require a personal guarantee. If you adhere to the terms of your loan (as detailed in your loan contract document) the security of assets will never be needed. If you take out loans in excess of $150,000 typically, you will need a personal guarantee and security that is in the form the charge of assets.
