The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Find out the guidelines for eligibility for our $100K-$500K company loan.
All that’s needed to begin is your contact information (company name and your name, as well as email and phone), how much you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans of more than $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
Apply for the Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the funds could be in your account within 24 hours. Traditional company loans refer to an annual rate of interest together with additional fees and charges. We offer a company loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount payable including any interest, fees or charges. This is then divided into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly any business reason, such as cash flow management, company renovations, marketing to purchase inventory, new equipment, for general working capital and so much more. The loan cannot be used for personal reasons.
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 for a fixed period of with a maximum of 36 months. Repayments are weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a credit of this size the company needs to be trading for at least 3 years, and have an annual income of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size can be used for nearly all company purpose including company renovations, to purchase equipment or inventory or as general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is required to access funding over $150,000. This is by taking a charge against assets, and may be registered in the PPSR or making as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is generally in nature rather than stating security over a particular asset. The person signing the guarantee is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR gives preference over private property assigned according to the date the security interest has been registered.
Caveats are legal document filed to provide notice of a legal claim to a property.
If you’re requesting a Larger Business Loan that exceeds $250K we can offer an initial pre-approval to make 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 made based on an initial assessment that includes answering a couple of financial health checks. It is not an offer or guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer you receive could be subject to different conditions.
You may be eligible for a business loan if you;
The application process is quick and simple. Just complete the online application within a few minutes and an experienced company loan specialist will call you to help you.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s Licence) as well as a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, as well as interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) we can often provide an answer in just one hour if you submit your request within quality company time and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your banking statements we can offer an answer in as little as 1 business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be able to offer you with pre-approval conditional to your application in around 6 hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however it could be faster based on the specifics of each application. Some deals have been approved in 24 hours.
The fastest way is to make sure you apply during normal business hours, and let us use the advance bank verification link to instantly check your bank’s information online. If you send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually provide a response in one hour – provided you submit your request during standard business times and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements, we are able to provide a decision within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval document, you will require 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 offers have been approved in 24 hours.
The quickest method is to make sure you apply during standard business hours, and allow us to use our advance bank verification link to instantly verify your bank account information online. If you send us copies of your bank 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 specific amount we look at a variety of variables in order to assess the well-being that is your business as well as the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the particular circumstances that are unique to your company.
When you apply for a set amount, we take into consideration a variety of factors to assess the health of your company and the level of payments your company can afford. The amount you receive from your loan will depend on the particulars of your business.
When you make an application for business loans with us business loans, we will assess the risk profile of your business and offer an individualised offer, including the amount of loan, the term and interest rates. It is a business loan is a loan that is priced upfront and you’ll be aware of the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates vary due to factors like the amount of money that is borrowed, what company assets the funds are used to purchase in addition to the industry that the company is in, how long the company has been running for, whether the company has enough cash flow to cover the loan, and the general well-being or financial standing of the company.
There are no hidden fees with our business loans. You’ll know exactly how much you need to pay and at what time, from day one. There’s no compounding and the loan comes with no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of loan.
You may choose to pay back the entire amount of the loan in full at any time.
If you are deciding to do this please talk to one of our helpful business loan experts. We will provide you with repayment details along with an early payout estimate. This will be calculated as the total of the principal balance plus any accrued interest as of the time of early payout and 1.5% of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide payments that are either weekly or daily. They are automatically deducted from your nominated company account.
The security of your personal information, as well as being upfront about how we collect, use, exchange and ensure the security of your information is vital and a vital part of our relationship you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We use an advanced bank verification system that allows you to immediately confirm your bank account information online. This allows us to provide a fast response.
Asset-based borrowing is when a business owner makes use of an asset they own to secure a loan. The asset may be a personal asset like the family home or an business asset such as a truck or piece or equipment.
The majority of banks, including the big banks, tend to make loans secured by assets. If you are having difficulty paying back the loan then the asset might be offered for sale by the lender. In essence it is a way of securing new funding using the worth of the asset you already have.
For loans up to $150,000 the requirement for asset security is not required prior to the loan’s access but we require a personal guarantee. require the personal guarantee. So long as you comply with your loan commitments (as stipulated in your loan contract document) the security of assets is not needed. For loans over $150K generally, there is an individual ensure and security in the form of the charge of assets.
