The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Review the conditions of eligibility for our $100K to $500K company loan.
All you need to start is your contact details (company name, your name, email or phone number) as well as the amount you’d like to lend, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started with loans that exceed $150,000, you’ll need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and have the funds available in just 24 hours. Traditional company loans refer to an annual interest rate plus other fees and charges. Our company loan is a cash-based loan and you’ll know in advance the total amount due, which includes the interest, fees and charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for nearly every business reason, such as control of cash flow company remodeling, marketing for purchasing inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly to work with the flow of cash.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size the company needs to be trading for at least 3 years and generate an annual revenue of at least $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size is a great option for almost every company reason, such as company remodeling, buying inventory or new equipment as well as for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is needed for funding of more than $150,000. It is usually by way of charge on assets, and could include the registration of this on the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature rather than defining security over an asset. The person who is signing the ensure is personally liable in the event that the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of more than $250K we may be able to provide a preliminary pre-approval to help smooth out the process. We may be able to make this decision without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves the answer to a series of financial well-being questions. This is in no way an offer, nor is it a guarantee of financing. A conditional approval is subject a full credit assessment and any offer you are offered could be on different terms.
You may apply for an business loan if you;
The application process is quick and easy. Simply complete the online form in just a few minutes, and an experienced business loan specialist will be in touch to guide you through the process.
To apply for up $100,000 you’ll need ID details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we usually provide an answer within one hour, provided you submit your request in standard company times and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statement, we’ll provide a decision in just an business day.
For the Larger Business Loan ($100K or more) we could be in a position to offer you with pre-approval conditional to your application in around 6 hours. After you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval in less than 24 hours.
The most efficient method is to ensure you apply during standard company hours. Also, allow us to use the advance bank verification link to verify your bank information online. If you choose to upload copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we typically offer a response in one hour, provided you apply within normal business hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements, we will be able to provide a decision within 1 business day.
For Larger Business Loans ($100K and up) we could be able to offer you with conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this could be shorter based upon the circumstances for each application. Some transactions have received approval within 24 hours.
The most efficient method is to make sure you apply during normal business hours, and allow us to use our sophisticated bank verification to instantly verify your bank information online. If you upload documents from your account statements, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of aspects to determine how much we can lend you well-being that is your business and the extent of repayments your business can afford. The amount you receive from the loan will be determined by the specific circumstances that are unique to your business.
If you apply for a specific amount we consider a variety of aspects to determine your well-being of the company and the amount of repayments your business can afford. The total amount of your loan will be contingent on the specifics the business.
If you decide to apply for business loans with us business loans, we’ll assess the risk profile that you have for your company and offer you with a customised proposal that includes the amount of loan, the term and the interest rates. A business loan is a loan that is priced upfront therefore you will be aware in advance of the total amount due, which includes any charges or interest.
Interest rates for business loans rates depend on a variety of factors such as the amount that is of money borrowed, the company assets the funds are used to purchase and the sector the company is in, how long the company has been in operation as well as whether the business has enough cash flow to support the loan, and also the overall health or creditworthiness of the business.
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount it is that you need to pay, and when, right from the very first day. There’s no compounding interest, and no additional fees (as as you make your payments punctually).
We do not charge an application fee. You can apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay the entire amount of your loan at any point in time.
If you do decide to take this route, please call our helpful company loans specialists. They will provide you with details on repayment and an early payment figure. The figure will be calculated as the total of the principal amount remaining plus any accrued interest as of the time of the early payout in addition to 1.5 percent of the principal balance and any fees that remain unpaid.
To make sure that you don’t miss due dates and also to be in line your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your designated business account.
The security of your personal information, as well as making it clear the ways we gather the information we collect, use, share and safeguard your data, is crucial and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to customer security and security. We use an advanced bank verification system that allows you to instantly verify your bank account information online to offer an immediate response.
Asset-based borrowing is when a company owner uses an asset they own to secure a loan. The asset can be an asset belonging to the personal, like the family home or an business asset such as a vehicle or piece or equipment.
The vast majority of lending institutions, even the banks with the biggest size, prefer to secure loans against an asset. If you’re struggling to pay back the loan, then your asset may be offered for sale by the lender. In essence, it is the process of securing additional financing using 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 need an individual guarantee. As long as you follow your loan commitments (as stipulated in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150K generally, there is an individual guarantee and security in the form of an asset charge.
