The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K to $500K business loans.
All you need to get started is your contact details (company name, your name, email address and telephone) as well as the amount you’d like to borrow and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are, but not to get started:
After we start with loans greater than $150,000 you will also need basic financial statements:
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Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and have the funds available in just 24 hours. Traditional company loans reference an interest rate per annum as well as other fees and charges. We offer a business loan is a loan that is priced upfront therefore you’ll know in advance the total amount to be paid, including any fees, interest or charges. Then, it is broken down into either a daily or weekly amount to be paid back.
The Small Business Loan can be used for nearly every company reason, such as the management of cash flow, company renovations, marketing to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To be eligible for a credit of this size, your business needs to have been trading for at least 3 years, and have an annual income of $700,000. The applicant must also be 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 of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used for almost every company reason, such as company remodeling, buying inventory or new equipment or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is needed to access funding over $150,000. This is in the form of a charge against assets, and may include the registration of this with the PPSR or making as a caveat.
A director’s or personal ensure is a guarantee to pay off a credit line that is general in nature, rather than defining the security for a particular asset. The person who is signing the ensure is personally liable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR gives priority over personal property to be granted according to the date the security interest has been registered.
An affidavit is an official document that is filed to offer the legal claim to a property.
If you’re seeking a Larger Business Loan of more than $250K we can offer an initial pre-approval to ease the process. We may be able to do this without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial well-being questions. It is not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you receive could be on different conditions.
You are eligible to apply for an company loan if you
The application process is quick and simple. Simply complete the online form within a couple minutes, and an experienced company lending specialist will call you to guide you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K and up) we typically offer an answer within an hour – as long as you make your application during standard company time and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements , we will be able to offer an answer in just one business day.
For Larger Business Loans ($100K or more) we might be in a position to provide you with pre-approval conditional to your application in about 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Some offers have been approved in less than 24 hours.
The fastest way is to make sure you apply during normal business hours. Also, permit us to use the advanced bank verification system link to instantly check your bank’s information online. If you decide to upload duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually provide an answer in just one hour – as long as you apply at standard business hours and let us use the bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can offer a decision in just an business day.
If you are applying for Larger Business Loans ($100K or more) We may be likely to provide the conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however this can be faster depending on the specifics of each application. Certain deals have been approved within less than 24 hours.
The most effective method would be to ensure you apply during normal business hours and allow us to use the advance bank verification to instantly verify your bank information online. If you send us documents from your account statements, it may take a bit longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of aspects for determining how much we can lend you well-being for your business and the extent of repayments that your company is able to afford. The amount you receive from your loan will depend on the particular circumstances of your company.
If you apply for a set amount, we consider a variety of aspects to determine the well-being of your business and the amount of repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances of your business.
If you decide to request one of our company loan, we’ll assess the risk assessment the business and provide you with a customised proposal that includes the amount of loan, the term and interest rates. The business loan is a loan that is priced upfront so you will be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on business loans rates depend on a variety of factors including the amount borrowed, what business assets the money will be used for and the sector the business operates in, the long the business is in operation, in the event that the company has sufficient cash flow to support the loan, as well as the overall health and creditworthiness of the company.
There are no hidden costs with our company loans. You’ll know exactly how much it is that you be required to pay and when, starting from the very first day. There’s no compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to make an application for loans with no upfront cost or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can choose to repay the entire amount of the loan at any point in time.
If you decide to pursue this option, please speak to our friendly company credit experts. They’ll provide you with details on repayment and an early payout figure. This is calculated as the total of the principal balance and accrued interest to the time of early payout plus 1.5 percent of the principal balance as well as any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your company account.
Making sure that your information is secure, and knowing how we collect data, process, exchange and protect your information, is of huge importance and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We make use of an advanced banking verification system to instantly verify your bank account information online, allowing us to offer quick responses.
Asset-based borrowing is when an company owner utilises an asset that they own to obtain the loan. The asset may be an individual asset, such as the family home, or it could be a company asset such as a vehicle or piece or equipment.
The vast majority of the lenders including the largest banks, are inclined to make loans secured by assets. If you’re struggling to pay back the loan, the asset could be transferred to the lender. In essence it’s means of securing new financing by making use of the value of what you already own.
For loans of up to $150,000, it is not necessary to secure assets upfront to access the money however, we require a personal guarantee. need an individual guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract) Asset security is not required. For loans of over $150K typically, you will need personal ensure and security is provided in the form of an asset charge.
