The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Check out the eligibility requirements for our $100K to $500K company financing.
All that’s required to start is your contact details (the name of your company, your name, email address or phone number) as well as the amount you’d like to borrow and your monthly earnings.
During the process and before settlement we’ll need confirmation of who you are but not to get started:
In addition, once we have started with loans that exceed $150,000, you will also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
The application to get this Small Business Loan in under 10 minutes on the internet or over the phone, receive a same day response and the funds could be in your account within 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. Our business loan is a cash-based loan which means you know ahead of time the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly installment amount.
The Small Business Loan can be used for nearly every business need, such as managing cash flows, company remodels and marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are either weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
To be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large company loan can be used to fund almost any business purpose including business improvements, purchasing inventory or new equipment or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is required for funding of more than $150,000. This is by taking a charge against assets, and may include the registration of this with the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is general in nature rather than defining the security of a specific asset. The person signing the ensure is personally liable in the event that the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including objects or assets). The PPSR allows preference over private property assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document lodged to offer the legal claim on a property.
When you’re applying for larger company loans that is greater than $250K we may be able to provide an initial pre-approval in order to simplify the process. We could be able to make this decision without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being questions. It’s in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could be on different conditions.
You are eligible to apply for an company loan if you:
The process for applying is fast and simple. Just complete the online application within a few minutes and an experienced company expert in lending will contact you to assist you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License), an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent as well as 12 months of bank statements, IRD statements, last 2 years finalised financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K and up) we typically offer an answer within an hour, provided you apply in quality business time and allow us to utilise the bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll offer a decision within 1 company day.
If you are applying for a Larger Business Loan ($100K and up) we might be able to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Certain transactions have received approval within 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours and allow us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to send us documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour if you apply within standard business times and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements, we are able to offer the decision in as little as one business day.
For the Larger Business Loans ($100K and up) we may be capable of provide you with conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The fastest way can be ensure you apply during standard business hours and permit us to use the modern bank verification to instantly verify your bank account information online. If you upload documents from your account statements it can take a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount we take into consideration a range of factors for determining what is the health for your company and the extent of repayments your business can afford. The total amount of your loan will be contingent on the specifics of your business.
If you apply for a particular amount, we consider a variety of variables to assess how much we can lend you such as health for your company and the extent of the repayments your business can support. The amount you receive from your loan will be contingent on the specific circumstances the business.
If you decide to apply for business loans with us business loan, we’ll assess the risk profile the business and offer an individualised offer that includes the amount of loan, the term and the interest rates. The business loan is an upfront-priced loan therefore you will be aware in advance of the total amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates depend on several factors including the amount borrowed, what company assets the funds will be used for in addition to the industry that the company operates in, the long the business has been in operation as well as how long the company has sufficient cash flow to pay for the loan, as well as the general health or financial standing of the company.
There are no hidden fees with our company loans. You’ll know exactly how much you be required to pay, and when, from the day you sign up. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments on time).
We do not charge an application fee. You are able to get a cash loan with with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the entire amount of the loan early at any time.
If you choose to do this please contact our helpful business loans professionals. They will provide you with details for repayment and an early payment figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the principal amount remaining plus any outstanding fees.
To ensure you do not miss payments and to work your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your nominated company account.
Protecting your information, and knowing how we collect the information we collect, use, share and ensure the security of your information is of paramount importance and an integral aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to customer security and security. We make use of an advanced banking verification system to immediately verify your bank account information online to offer rapid response.
Asset-based borrowing is when a company owner borrows from an asset they own to obtain a loan. The asset could be an individual asset, such as the family home, or it could be a company asset like a truck or piece or equipment.
The majority of banks, not just the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan then your assets could be taken over by the lender. In essence, it is a way of securing new funding using the worth of the asset you already own.
For loans of up to $150K, no asset security is required in advance to gain access to the funds however, we do require a personal guarantee. As long as you follow your loan obligations (as specified in your loan contract) Asset security is not required. For loans over $150K generally there is the option of a personal ensure and security in the form of a charge over assets.
