The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K company financing.
All that’s needed to begin is your contact information (company name, your name, email or phone number) along with the amount you want to borrow, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of your identity but not to get started:
Once we’ve started, for loans greater than $150,000 you’ll also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers 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 imaginable to apply to get the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be in your account in 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. This company loan is a pre-paid loan and you’ll be aware in advance of the total amount payable including any interest, fees or charges. Then, it is divided into weekly or daily installment amount.
It is a Small Business Loan can be used to fulfill almost any company use, including managing cash flows, business remodeling, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To qualify for a loan of this size, your 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) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for nearly any company purpose including business remodeling, buying inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed for funding of more than $150,000. It is usually in the form of a charge against assets, which could also include registration in the PPSR or filing as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is generally based rather than stipulating security over a particular asset. The person who is signing the ensure is personally liable in the event that the business the borrower fails to pay back 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 registered in respect of personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be assigned depending on the date that a security interest has been registered.
An affidavit is an official document filed to offer the public notice of a legal claim against a property.
When you’re applying for larger company loans that exceeds $250,000 we can offer an initial pre-approval in order to make the process. We could be able to get this done without a credit check, and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health checks. It is not an offer of credit or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may be subject to different conditions.
You may be eligible for a company loan if you:
The process for applying is fast and easy. Simply complete the online form in few minutes and a dedicated company lending specialist will be in touch to help you.
To apply for up $100,000, you’ll require ID details (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer in just one hour, provided you submit your request within quality company timings and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can offer a decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K to $500K) we might be in a position to provide the conditional pre-approval in around six hours. After you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest method is to ensure you apply during normal company hours and allow us to use our advanced bank verification system to instantly check your bank’s information online. If you choose to upload the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer a response in one hour if you make your application in normal business time and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements, we are able to offer a decision within an business day.
For Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval in about six hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this can be faster depending on the specifics of each application. Certain offers have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours, and allow us to use our advanced bank verification system to verify your bank account information online. If you opt to upload duplicates of your banking statements, it may take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a certain amount we will consider a number of aspects in order to assess the health of the business as well as the amount of payments your company can support. The total amount of your loan will be contingent on the specifics of your business.
When you apply for a set amount, we look at a range of aspects to determine your well-being of your company and the level of repayments that your company can support. The total amount of your loan will depend on the particular circumstances the company.
When you make an application for business loans with us company financing, we’ll assess the risk profile for your company and offer you with a customised offer that includes the amount of loan, the term and the interest rates. A company loan is an upfront cost loan therefore you will be aware in advance of the total amount payable including any charges or interest.
Interest rates for business loans rates vary due to factors like the amount of money borrowed, the company assets the funds will be used for as well as the field the company is in, how long the company has been running for, whether the company has enough cash flow to pay for the loan, and overall well-being and creditworthiness of the company.
There aren’t any hidden charges with our company loans, and you’ll be aware of the amount you’ll need to pay, and at what time, from the very first day. There’s no compounding interest and no extra fees (as as you make your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay all of your loan at any point in time.
If you do decide to do this please talk to one of our helpful company lending professionals. The professionals will offer you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from the nominated company account.
Security of your data, and making it clear the ways we gather information, use it, and exchange it, as well as secure your information, is vital and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced bank verification system that allows you to immediately verify your bank account details online, allowing us to provide an immediate response.
Asset-based borrowing occurs when a business owner makes use of an asset they own to obtain the funding. The asset can be a personal asset like the family home or it could be a business asset like a truck or piece of equipment.
The vast majority of the lenders including the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then your assets could be offered for sale by the lender. In essence it is means of securing new funding taking advantage of the value of what you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds but we do require an individual guarantee. So long as you comply with your loan commitments (as specified in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 generally there is an individual ensure and security in the form a charge over assets.
