The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K company loans.
All you need to start is your contact details (company name and your name, as well as email, phone) and the amount you want to borrow, as well as your monthly income.
During 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 over $150,000 you will also need the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
Apply to get this Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day response and funds may be on your account within 24 hours. Traditional company loans are based on an interest rate per annum along with other charges and fees. We offer a company loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including the interest, fees and charges. Then, it is broken down into a daily or weekly payment amount.
It is a Small Business Loan can be used to fulfill almost every business use, including control of cash flow business renovations, marketing to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company growth opportunities. The loan ranges 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.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To be eligible for a credit of this size, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used for almost all company use, including business improvements, purchasing equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is required for accessing funds over $150,000. It’s by way of charge against assets, and may be registered in the PPSR or filing a caveat.
A director’s or personal ensure is a promise to repay credit that is general in nature, rather than defining the security of a specific asset. The person who signs the ensure is personally liable in the event that the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be granted according to the date a security interest that is registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim on a property.
If you’re requesting larger business loans of more than $250K, we may offer an initial pre-approval to smooth out the process. We could be able to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering a few financial health questions. It is neither an offer nor a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer you are offered could have different terms.
You are eligible to apply for a business loan if you;
The application process is simple and simple. Just complete the online application in few minutes and an experienced business credit specialist will call you to guide you through the process.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details for application including credit consent as well as 12 months of bank records, IRD statement, last 2 years finalised financial statements, in addition to interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often offer an answer within one hour if you apply in quality company time and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statement, we’ll provide a decision within just one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain agreements have been approved within just 24 hours.
The quickest method would be to ensure you apply during standard company hours. You can also allow us to use the advance bank verification link to verify your bank information online. If you decide to upload copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer within an hour – provided you submit your request in standard business hours and let us use the bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements we can offer the decision within one business day.
For the Larger Business Loans ($100K or more) We may be likely to provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval document, you will require to wait around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved in the space of 24 hours.
The quickest method would be to ensure you apply during standard business hours, and allow us to use our advanced bank verification system to instantly verify your bank information online. If you opt to send us the copies of bank accounts, it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a particular amount, we will consider a number of elements to determine your well-being of your company and the amount of repayments your company will be able to support. The total amount of your loan will be contingent on the specifics of your business.
When you submit an application for a specific amount we will consider a number of elements to assess the health that is your company as well as the amount of repayments that your business is able to afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you apply for one of our business loans, we’ll assess the risk assessment that you have for your business and offer you with a customised offer including the amount of loan, the term and the interest rates. The business loan is an upfront cost loan and you’ll know the exact amount payable including any charges or interest.
Business loan interest rates vary due to factors like the amount of money of money borrowed, the business assets the money are used to purchase in addition to the industry that the business operates in, how long the company is in operation as well as whether the company has sufficient cash flow to fund the loan, as well as the general health or financial standing of the business.
There aren’t any hidden costs for our company loans. You’ll know exactly how much you’ll be required to pay and when, from the very first day. There’s no compounding and no extra fees (as long as you make your payments punctually).
We do not charge an Application Fee. You can get a cash loan with without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the entire amount of the loan at any point in time.
If you decide to pursue this option, please call our helpful business credit professionals. They’ll provide you with details on repayment along with an early payout estimate. This will be calculated as the total of the principal remaining plus any accrued interest as of the time of early payout, plus 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 cycle we provide repayments either weekly or daily. They are automatically deducted from the nominated company account.
Making sure that your information is secure, and being transparent about the ways we gather the information we collect, use, share and protect your information, is of paramount importance and is an essential part of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system to instantly verify your bank account information online, allowing us to provide a fast response.
Asset-based borrowing occurs when the business owner utilises assets they own to make the loan. The asset may be a personal asset like the family home, or it could be a company asset like a truck as well as a piece of machine.
The majority of banks, even the major banks, prefer to guarantee loans against assets. If you have trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it is means of securing new financing by making use of the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security in advance to gain access to the funds however, we do require the personal guarantee. In the event that you fulfill the loan terms (as detailed in your loan contract document), asset security will never be required. For loans of over $150K generally there is an individual ensure and security is provided in the form of a charge over assets.
