The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K business financing.
All you need for starting is your contact information (the name of your company, your name, email address or phone number) and the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we will need confirmation of your identity, but not before we can begin:
In addition, once we have started, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and have the funds in your account in 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. We offer a company loan is a pre-paid loan which means you be aware in advance of the amount you will have to pay, including any fees, interest or charges. Then, it is divided into weekly or daily payment amount.
It is a Small Business Loan can be used to fulfill almost any business need, such as managing cash flows, company remodels and marketing, to purchase inventory or new equipment, as general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
To be eligible for a loan of this size, your business needs to be in operation 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 company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large company loan can be used to fund almost any company use, including business improvements, purchasing new equipment or inventory as well as for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is in the form of a charge on assets, which could also include registering this through the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to repay a loan which is generally based rather than stating security over a particular asset. The person who is signing the ensure is personally accountable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR gives priority over personal property to be assigned depending on the date that a security interest that is registered.
The caveat can be described as a formal document that is filed to offer the public notice of a legal claim against a property.
When you’re applying for larger business loans that exceeds $250,000, we may offer a preliminary pre-approval to help make the process. We might be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial well-being checks. This is not an offer or guarantee of finance. A conditional approval is subject a full credit assessment and any offer you receive could be on different terms.
You can apply for a company loan if you;
The application process is simple and simple. Just fill out the online application in just a few minutes, and an experienced company expert in lending will contact you to help you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we typically offer a response in one hour if you apply during quality business timings and let us utilise the bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements we can provide the decision in as little as one business day.
For the Larger Business Loan ($100K or more) we may be capable of offer you with conditional pre-approval within about six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The most effective method is to make sure you apply during standard company hours, and let us use the advance bank verification to instantly verify your bank information online. If you opt to upload copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer within an hour – as long as you submit your request during standard business hours and permit us to utilise the advanced bank verification system link to instantly verify your bank details online. If you opt to send us copies of your bank statements, we are able to provide an answer within 1 business day.
For Larger Business Loans ($100K or more) we could be likely to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending on the particular circumstances of each application. Certain deals have been approved within 24 hours.
The fastest way would be to ensure you apply during standard business hours. Also, allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you decide to upload the copies of bank statements it can take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of variables to determine the well-being of the company and the extent of repayments your company can afford. The total amount of your loan will be contingent on the particular circumstances of your business.
When you apply for a set amount, we will consider a number of aspects to assess the health that is your business and the level of repayments that your business is able to afford. The total amount of your loan will be determined by the specifics the business.
When you make an application for the company financing, we’ll assess the risk profile of your business and offer you with a customised offer that includes loan amount, term and interest rates. This company loan is an upfront priced loan so you will know the exact amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on several factors including the amount 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 business is in operation, how long the company has enough cash flow to cover the loan, and overall health or creditworthiness of the business.
There are no hidden costs for our business loans, and you’ll know precisely how much you’ll be required to pay and at what time, from day one. There’s no compounding interest and no additional fees (as as long as you pay your payments punctually).
We don’t charge an Application Fee. You can apply for a loan no cost upfront or the obligation to take action.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can decide to repay all of your loan early at any time.
If you are deciding to do this please speak to our friendly company lending experts. They’ll offer you with repayment details and an early payment figure. It will be calculated using the total of the principal remaining plus any accrued interest as of the time of the early payout in addition to 1.5% of the remaining principal plus any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your company account.
Security of your data, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is crucial and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to customer security and security. We utilise a sophisticated bank verification system that allows you to immediately verify the bank account details online. This allows us to offer an immediate response.
Asset-based borrowing occurs when a company owner makes use of assets they own to obtain a loan. The asset can be either a personal asset like the family home, or a company asset such as a vehicle or other piece of machinery.
The vast majority of lending institutions, even the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, the asset could be offered for sale by the lender. In essence, it’s a way of securing new financing making use of the value of what you already have.
For loans up to $150K there is no requirement for asset security in advance to gain access to the funds, however we do require an individual guarantee. If you adhere to your loan commitments (as detailed in your loan contract), asset security is not needed. For loans of over $150,000 generally, there is the option of a personal ensure and security in the form of a charge over assets.
