The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K company credit.
All that is needed to begin is your contact details (the name of your company, your name, email and telephone) and the amount you’d like to borrow and your monthly revenue.
During the process and before settlement we will need confirmation of your identity, but not for starting:
Once we’ve started in the process, for loans of more than $150,000 you’ll 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 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes over the phone, receive an instant response and have the funds in your account within 24 hours. Traditional business loans refer to an annual interest rate plus other fees and charges. We offer a company loan is an upfront priced loan therefore you’ll be aware in advance of the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for nearly any company use, including cash flow management, company remodels and marketing to purchase inventory, new equipment, or as general working capital and so 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 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large, your business needs to be trading for at least 3 years, and have an annual income of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost any business use, including business renovations, purchase of equipment or inventory, as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. It’s by taking a charge on assets, and may include registration on the PPSR or registering a caveat.
A director’s or personal ensure is a guarantee to repay credit that is general in nature, rather than specifying security over an asset. The person who signs the ensure is personally liable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including goods or assets). The PPSR gives priority over personal property to be granted depending on the date that a registration of a security interest.
A caveat is a legal document that is filed to provide an official notice of a claim to a property.
If you’re applying for a Larger Business Loan that is greater than $250K we may be able to provide an initial pre-approval that will help simplify the process. We could be able to get this done without credit checks and within six hours of your 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 of credit or guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you might receive could have different terms.
You can apply for an business loan if you
The application process is simple and easy. Just fill out the online application in few minutes and a dedicated company lending specialist will call you to guide you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we usually provide an answer within an hour if you apply in standard business times and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements , we’ll be able to offer the decision in as little as one business day.
For Larger Business Loans ($100K or more) we might be likely to provide you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based on the specifics of each application. Certain deals have been approved within the space of 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. You can also let us use the advance bank verification to confirm your bank details online. If you upload the copies of bank statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour if you make your application at normal business timings and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements, we are able to offer the decision within the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with pre-approval conditional to your application in about six hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain transactions have received approval in 24 hours.
The most efficient method would be to ensure you apply during normal business hours. You can also allow us to use our advance bank verification link to instantly check your bank’s information online. If you choose to upload duplicates of your banking accounts, it may take a bit longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a particular amount, we will consider a number of variables that determine the health of the business as well as the amount of the repayments your company is able to afford. The amount you receive from your loan will depend on the specific circumstances of your company.
When you make an application for a specific amount we will consider a number of aspects to assess how much we can lend you such as well-being of the business and the extent of the repayments your business can afford. The amount you receive from the loan will be determined by the particulars for your company.
If you decide to apply for our company loans, we’ll assess the risk assessment of your company and provide an individualised offer that includes the loan amount, the terms and the interest rates. This business loan is an upfront cost loan which means you be aware of the total amount to be paid, including any interest rates, fees or charges.
Business loan interest rates vary due to factors including the amount that is borrowed, what business assets the money will be used for as well as the field the business is operating in, how long the business has been in operation for, how long the company has sufficient cash flow to cover the loan, and also the overall health as well as creditworthiness business.
There are no hidden costs with our business loans. You’ll know exactly how much it is that you be required to pay, and at what time, from day one. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You can apply for a loan with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the total amount of your loan at any point in time.
If you are deciding to take this route, please speak to our friendly company loan specialists. We will provide you with details for repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payout plus 1.5 percent of the principal balance plus any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Security of your data, and being upfront about the ways we gather the information we collect, use, share and secure your information, is vital and is a crucial part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We employ a highly sophisticated bank verification system that allows you to instantly verify the bank account details online. This allows us to provide quick responses.
An asset-based loan is when an company owner makes use of an asset they own to make the funding. The asset can be a personal asset like the family home or it could be a business asset such as a truck or piece of equipment.
The majority of banks, not just the big banks, tend to secure loans against assets. If you’re having trouble paying back the loan, then the asset might be sold by the lender. In essence it’s the process of securing new funding using the value of what you already own.
For loans of up to $150K, no asset security is required upfront to access the money, however we do require the personal guarantee. As long as you follow your loan obligations (as stated in the loan contract) Asset security will never be needed. If you take out loans in excess of $150K typically, you will need a personal ensure and security is provided in the form of charges on assets.
