The requirements for getting an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Review the guidelines for eligibility for our $100K to $500K company loan.
All you need to begin is your contact information (the name of your company, your name, email, phone) as well as the amount you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not before we can begin:
Once we’ve started with loans greater than $150,000 you’ll also need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
It is imaginable to apply for this Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the money could be available in just 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. The business loan is a pre-paid loan therefore you’ll know ahead of time the total amount due, which includes the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
A Small Business Loan can be used for virtually every company purpose including cash flow management, company renovations, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
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 for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit in this amount, your business needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger company loan can be used for nearly all company reason, such as company renovations, purchase of new equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. It is usually by way of charge against assets, and may include the registration of this on the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is general in nature, rather than defining security over an asset. The person who is signing the guarantee is personally liable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR allows 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 filed to offer the public notice of a legal claim on a property.
If you’re requesting larger company loans of $250,000 or more, we may offer an initial pre-approval that will help smooth out the process. We might be able to do this without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial health questions. It is not an offer of credit or guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer you are offered could be on different conditions.
You are eligible to apply for a company loan if you;
The application process is quick and simple. Just fill out the online application in just a few minutes, and an experienced business loan specialist will contact you to assist you.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank records, IRD statements Last 2 years’ finalised financial statements, as well as interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually provide a response in one hour, provided you make your application during quality business time and allow us to utilise the bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statement, we’ll provide an answer in as little as one company day.
For the Larger Business Loan ($100K to $500K) we may be able to provide you with pre-approval conditional to your application in around 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some offers have been approved within 24 hours.
The quickest method can be make sure you apply during standard company hours, and allow us to use the modern bank verification link to instantly confirm your bank details online. If you choose to send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within an hour, provided you make your application in normal business hours and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statements, we will be able to offer an answer in as little as one business day.
For the Larger Business Loans ($100K to $500K) we could be likely to provide you with conditional pre-approval within six hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain agreements have been approved in just 24 hours.
The fastest method is to make sure you apply during standard business hours and allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to send us the copies of bank accounts, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount, we take into consideration a range of elements for determining how much we can lend you health for your business as well as the amount of repayments your business can support. The amount you receive from your loan will depend on the specific circumstances the business.
When you submit an application for a certain amount, we will consider a number of elements to assess your well-being of your business and the amount of repayments your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances for your company.
If you decide to apply for our business loan, we’ll assess the risk profile the company and provide you with a customised offer, including the amount of the loan, the duration and interest rates. The company loan is an upfront-priced loan so you will be aware in advance of the total amount payable including any charges, interest rates or fees.
Interest rates for company loans rates differ based on various factors like the amount of money borrowed, what company assets the money will be used for, the industry the business is operating in, how long the company has been in operation as well as how long the business has enough cash flow to support the loan, as well as the general well-being or creditworthiness of the company.
There aren’t any hidden costs with our company loans, and you’ll know precisely what it is that you need to pay and when, right from the very first day. There’s not any compounding interest and no extra fees (as as long as you pay your payments punctually).
We do not charge an application fee. You are able to request a credit loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan early at any time.
If you decide to do this please speak to our friendly company loan specialists. We will provide you with details for repayment and an early payment figure. This will be calculated as the total of the principal remaining and any accrued interest at the time of the early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
To ensure that you don’t miss due dates and also to be in line your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your nominated business account.
Protecting your information, and making it clear how we collect, use, exchange and protect your information, is of paramount importance and a vital aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure 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 use an advanced bank verification system that allows you to immediately verify your bank account details online. This allows us to provide quick responses.
An asset-based loan is when an company owner borrows from an asset that they own to obtain a loan. The asset can be either a personal asset like the family home or it could be a business asset such as a vehicle or piece of equipment.
The majority of lenders, even the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then your assets could be taken over by the lender. In essence, it is an opportunity to secure new financing by taking advantage of the value of what you already own.
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we do require a personal guarantee. As long as you follow your loan commitments (as specified in the loan contract) the security of assets is not required. For loans over $150K generally, you can get an individual ensure and security in the form of an asset charge.
