The criteria for eligibility for 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 to $500K company financing.
All that’s needed to start is your contact information (company name, your name, email, phone), how much you’d like to borrow and your monthly revenue.
Through the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started when it comes to loans greater than $150,000 you will also need basic financial statements.
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply for this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and have the funds available in just 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. Our business loan is a loan that is priced upfront therefore you’ll know in advance the total amount due, which includes any interest, fees or charges. This is then broken down into either a daily or weekly amount to be paid back.
The Small Business Loan can be used for almost every company purpose including managing cash flows, company improvements, advertising, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
In order to be eligible for a loan of this size the company needs to be operating for a minimum of 3 years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large company loan is a great option for almost all company use, including company remodeling, buying inventory or new equipment for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. It is usually in the form of a charge on assets, and may include the registration of this on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally based rather than specifying security over an asset. The person signing the ensure is personally responsible if the business creditor is unable 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 the assets or goods). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest has been registered.
Caveats are legal form of document to provide the public notice of a legal claim against a property.
If you’re seeking the Larger Business Loan of $250K or more it is possible to offer a preliminary pre-approval to help simplify the process. We could be able to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial well-being checks. It is neither an offer nor a guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer you might receive could have different terms.
You are eligible to apply for an business loan if you;
The application process is fast and simple. Just complete the online application in few minutes and a dedicated business loan specialist will be in touch to guide you through the process.
To apply for up $100,000, you’ll require ID details (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K to $100K) We can usually provide an answer in just one hour, provided you apply at standard company hours and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements , we’ll be able to offer an answer within the span of one business day.
For the Larger Business Loan ($100K and up) we could be in a position to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved in just 24 hours.
The quickest way to apply can be make sure you apply during standard company hours. You can also let us use the modern bank verification to check your bank’s information online. If you decide to send us duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour, provided you submit your request within standard business timings and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statement, we’ll provide the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be in a position to offer you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some deals have been approved in the space of 24 hours.
The quickest method can be make sure you apply during standard business hours. You can also let us use the advanced bank verification system to instantly verify your bank account information online. If you choose to send us documents from your account accounts, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a certain amount we consider a variety of aspects for determining what is the health that is your company and the extent of repayments your business is able to afford. The amount you receive from your loan will depend on the particular circumstances for your business.
When you make an application for a specific amount we will consider a number of elements to determine your well-being for your business as well as the amount of payments your business is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you request the company financing, we will assess the risk assessment that you have for your company and offer an individualised offer that includes the amount of loan, the term and the interest rates. This business loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates depend on a variety of variables like the amount to be borrowed, the company assets the money are used to purchase as well as the field the business operates in, how long the business has been in operation, how long the company has sufficient cash flow to cover the loan, and general health as well as creditworthiness company.
There are no hidden costs for our company loans. You’ll be aware of the amount it is that you need to pay and at what time, from the first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments punctually).
We don’t charge an application fee. You are able to make an application for loans with no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved in establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can decide to repay the entire amount of the loan at any point in time.
If you are deciding to do this please contact our helpful company loan experts. They will offer you with details for repayment as well as an early payout amount. It will be calculated using the sum of the principal remaining and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
To ensure that you don’t miss due dates and also to be in line with your cash flow routine, we provide repayments either daily or weekly. They will be automatically deducted from your designated company account.
Making sure that your information is secure, and being clear about how we collect data, process, exchange and ensure the security of your information is of paramount importance and a vital part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to customer security and privacy. We make use of an advanced bank verification system to immediately verify the bank account details online so we can offer rapid response.
Asset-based borrowing occurs when an business owner utilises the assets they have to make the funds for a loan. The asset could be a personal asset like the family home, or a business asset like a truck or other piece of machinery.
The majority of banks, including the banks with the biggest size, prefer to secure loans against assets. If you have trouble paying back the loan, your assets could be taken over by the lender. In essence, it is a way of securing new financing making use of the value of what you already have.
For loans that exceed $150,000, no asset security is required upfront to access the money but we require a personal guarantee. require a personal guarantee. In the event that you fulfill the loan terms (as stipulated in your loan contract), asset security will never be needed. For loans over $150K generally, there is a personal ensure and security that is in the form a charge over assets.
