The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K to $500K business loan.
All that’s needed to get started is your contact details (the name of your company, your name, email, phone) as well as the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are but not to get started:
In addition, once we have started, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
It is imaginable to apply to get this Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be in your account within 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. Our company loan is a cash-based loan so you will be aware of the total amount due, which includes any fees, charges or charges. This is then broken down into either a daily or weekly amount to be paid back.
It is a Small Business Loan can be used to fulfill almost any company use, including cash flow management, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size, your business needs to be in operation for at least 3 years, and have an annual income of at least $700,000. Your company must belong to 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 of proving at minimum 12 months of business.
A larger company loan can be used for almost any business need, including business renovations, to purchase inventory or new equipment for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This can be done by way of charge against assets, and may include registering this on the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a promise to repay credit that is generally in nature rather than defining security over a particular asset. The person who is signing the guarantee is personally liable in the event that the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR grants preference over private property granted depending on the date that a security interest that is registered.
The caveat can be described as a formal document lodged to offer notice of a legal claim to a property.
If you’re requesting the Larger Business Loan of more than $250K, we may offer a preliminary pre-approval to help smooth out the process. It is possible to do this without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you may receive may have different terms.
You may apply for an business loan if you
The application process is quick and simple. Complete the online form in few minutes and a dedicated company credit specialist will call you to guide you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Information on the application including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim financial statements for the current year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we usually offer an answer in just one hour if you submit your request during quality company timings and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements we can provide a decision within one company day.
For the Larger Business Loan ($100K or more) we may be able to offer you with a conditional pre-approval within 6 hours. After you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved within less than 24 hours.
The quickest way to apply can be make sure you apply during normal company hours and allow us to use the advance bank verification link to verify your bank information online. If you opt to upload documents from your account statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) we typically provide a response in one hour – provided you apply within normal business times and permit us to use the bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements, we are able to provide the decision within one business day.
For Larger Business Loans ($100K and up) we could be likely to provide the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours, and allow us to use our advance bank verification to check your bank’s information online. If you upload the copies of bank accounts, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a certain amount, we will consider a number of elements for determining how much we can lend you well-being that is your business and the amount of repayments that your business is able to afford. The amount you receive from your loan will be contingent on the particular circumstances the business.
If you apply for a set amount, we will consider a number of elements to determine your health of the business as well as the amount of repayments your company can support. The amount you receive from your loan will depend on the specific circumstances the company.
When you apply for business loans with us business credit, we will assess the risk assessment that you have for your business and offer an individualised offer that includes the loan amount, the terms and the interest rates. The business loan is an upfront priced loan which means you be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates differ based on various factors including the amount that is borrowed, what company assets the funds are used to purchase as well as the field the business is operating in, how long the business has been in operation as well as in the event that the business has enough cash flow to support the loan, and the overall health or creditworthiness of the business.
There are no hidden fees for our business loans. You’ll be aware of the amount you be required to pay and when, starting from the very first day. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay the total amount of your loan in full at any time.
If you do decide to take this route, please talk to one of our helpful company loans professionals. We will offer you with details for repayment and an early payment figure. This is calculated as the total of the principal amount remaining and the accrued interest up to the time of the early payout, plus 1.5% of the remaining principal plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from the nominated company account.
The security of your personal information, as well as being clear about the ways we gather data, process, exchange and protect your information, is vital and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We employ an exceptionally sophisticated bank verification system link to immediately verify the bank account details online, allowing us to provide an immediate response.
Asset-based borrowing occurs when an business owner borrows from the assets they have to make a loan. The asset may be an individual asset, such as the family home or it could be a business property like a truck or other piece of machinery.
The vast majority of banks, even the banks with the biggest size, prefer to guarantee loans against assets. If you are having difficulty paying back the loan, your assets could be taken over by the lender. In essence it’s the process of securing new financing making use of the value of what you already have.
For loans up to $150K no asset security is required before you can access the money however, we do require a personal guarantee. So long as you comply with the loan terms (as detailed in your loan contract document), asset security is not needed. If you take out loans in excess of $150,000 generally, there is an individual guarantee and security in the form of an asset charge.
