The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Take a look at the eligibility requirements for our $100K-$500K company loan.
All that’s required to start is your contact information (company name, your name, email address and phone) along with the amount you want to borrow, and your monthly earnings.
Through the process and before settlement we will need confirmation of your identity, but not for starting:
Once we’ve started in the process, for loans greater than $150,000 you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and funds may be on your account within 24 hours. Traditional company loans are based on an annual rate of interest plus other fees and charges. The company loan is an upfront priced loan therefore you’ll be aware of the total amount due, which includes any interest, fees or charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost any company reason, such as managing cash flows, company remodeling, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
In order to be eligible for a loan in this amount the company needs to be operating for at least three years and have an annual turnover of $700,000. Your company must belong to 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 demonstrate at the least 12 months of operating.
A large business loan can be used for almost any business need, including business remodeling, buying new equipment or inventory, as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. This can be done by taking a charge against assets and can include registration with the PPSR or filing as a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than defining security over an asset. The person who signs the ensure is personally accountable if the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR allows preference over private property assigned according to the date a security interest has been registered.
A caveat is a legal form of document to offer notice of a legal claim to property.
If you’re seeking larger business loans that exceeds $250K we may be able to provide an initial pre-approval that will help smooth out the process. We might be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial well-being checks. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be subject to different terms.
You are eligible to apply for an company loan if you
The application process is fast and simple. Just fill out the online application within a few minutes and an experienced company credit specialist will be in touch to guide you through the process.
To apply for up to $100,000 you’ll require ID details (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $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, as well as interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually provide an answer within one hour – as long as you make your application within standard business times and you allow us to utilise the bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statements , we’ll be able to provide an answer within an company day.
For the Larger Business Loan ($100K and up) we may be capable of offer the conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The most efficient method would be to ensure you apply during standard company hours and permit us to use the advance bank verification to instantly check your bank’s information online. If you upload duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – as long as you make your application within normal business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statements, we will be able to provide an answer within one business day.
If you are applying for Larger Business Loans ($100K or more) we could be able to provide you with pre-approval conditional to your application in around six 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 agreements have been approved in just 24 hours.
The most effective method would be to make sure you apply during standard business hours. You can also allow us to use our advance bank verification to instantly confirm your bank details online. If you choose to upload the copies of bank statements it may take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a particular amount, we will consider a number of factors that determine the well-being for your business and the level of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
When you submit an application for a specific amount we take into consideration a variety of factors to assess the health for your company and the amount of repayments your company can afford. The amount you receive from your loan will be determined by the specifics the business.
If you decide to request the company credit, we will assess the risk profile of your business and provide an individualised offer including the amount of loan, the term and the interest rates. A company loan is a loan that is priced upfront so you will know in advance the total amount you will have to pay, including charges or interest.
Interest rates for company loans rates differ based on various factors such as the amount that is borrowed, what company assets the funds will be used for and the sector the company operates in, the long the company is in operation and what percentage of the company has sufficient cash flow to fund the loan, and the overall well-being or creditworthiness of the company.
There aren’t any hidden costs for our business loans, and you’ll know precisely what you’ll be required to pay and when, right from day one. There’s no compounding and no extra fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee is the cost associated with the setting up and management of 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 the loan.
You can choose to repay the total amount of your loan at any point in time.
If you decide to pursue this option, please contact our helpful business credit professionals. The professionals will provide you with the details of your repayment and an early payout figure. This is calculated as the total of the principal amount remaining and accrued interest to the time of the early payout and 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your company account.
Security of your data, and making it clear how we collect data, process, exchange and safeguard your data, is of paramount importance and is a crucial part of our relationship you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We utilise a sophisticated bank verification system link to instantly verify your bank account information online, allowing us to offer a fast response.
An asset-based loan is when an business owner borrows from an asset that they own to get a loan. The asset may be an asset belonging to the personal, like the family home or an company asset such as a truck or other piece of machinery.
The majority of lenders, including the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan, the asset could be transferred to the lender. In essence it’s the process of securing new financing by using the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required before you can access the money but we do require a personal guarantee. So long as you comply with your loan commitments (as stated in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 typically, you will need an individual guarantee and security that is in the form charges on assets.
