The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K-$500K company financing.
All that’s needed to start is your contact information (the name of your company and your name, as well as email and phone) as well as the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of your identity but not for starting:
Once we’ve started in the process, for loans over $150,000 you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an answer within the same day and funds may be in your account in 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. Our company loan is a cash-based loan therefore you’ll be aware of the total amount payable including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
The Small Business Loan can be used for almost any company use, including the management of cash flow, business renovations, marketing, to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
To qualify for a loan in this amount, your company needs to have been operating for at least three years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A larger company loan is a great option for almost every company reason, such as company remodeling, buying inventory or new equipment or as general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is needed to access funding over $150,000. It’s by taking a charge against assets, which could also be registered with the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally based rather than stipulating security over an asset. The person signing the ensure is personally responsible if the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including objects or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a security interest was registered.
Caveats are legal document filed to offer notice of a legal claim against a property.
If you’re applying for an enterprise loan that exceeds $250K we can offer an initial pre-approval to ease the process. It is possible to get this done without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering some financial health questions. This is neither an offer nor a guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer that you might receive could have different conditions.
You can apply for a business loan if you
The process for applying is fast and simple. Complete the online form within a few minutes and an experienced business expert in lending will call you to help you.
To apply for up $100,000 you’ll require ID details (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank statements, IRD statements, last 2 years finalised financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour, provided you submit your request in standard company times and permit us to utilise the bank verification system link to instantly verify your bank details online. If you want to upload copies of your bank statement, we’ll provide a decision in as little as one company day.
For Larger Business Loans ($100K to $500K) we may be able to offer you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based on the specifics of each application. Certain agreements have been approved within the space of 24 hours.
The quickest method would be to make sure you apply during standard company hours. Also, let us use the advance bank verification to instantly check your bank’s information online. If you choose to send us the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K and up) we usually provide a response in one hour – as long as you make your application within normal business timings and allow us to use the bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide an answer within an business day.
If you are applying for Larger Business Loans ($100K or more) we could be in a position to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval in the space of 24 hours.
The most efficient method can be make sure you apply during standard business hours and allow us to use our modern bank verification link to verify your bank information online. If you send us copies of your bank statements, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of aspects to determine what is the health of the company and the amount of the repayments your company can support. The total amount of your loan will depend on the specifics of your business.
When you submit an application for a specific amount we will consider a number of variables to determine your well-being that is your business as well as the amount of payments your company will be able to support. The amount you receive from your loan will depend on the specifics of your business.
If you decide to request the company financing, we will assess the risk profile the company and provide an individualised offer, including loan amount, term and interest rates. It is a company loan is an upfront priced loan which means you be aware in advance of the total amount payable including any interest rates, fees or charges.
Interest rates for business loans rates differ based on various factors such as the amount that is that is borrowed, what business assets the funds are used to purchase as well as the field the business is operating in, how long the company has been in operation, what percentage of the business has enough cash flow to fund the loan, as well as the general well-being and creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll know precisely what it is that you be required to pay and when, right from the day you sign up. There’s no compounding interest, and no extra fees (as as you make your payments punctually).
We don’t charge an application fee. You are able to request a credit loan with without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You may choose to pay back the entire amount of the loan at any point in time.
If you decide to take this route, please talk to one of our helpful business credit experts. The experts will provide you with repayment details along with an early payout estimate. This will be calculated as the total of the principal balance and any accrued interest at the time of the early payout, plus 1.5 percent of the remaining principal as well as any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your company account.
Security of your data, and being upfront about the ways we gather data, process, exchange and protect your information, is vital and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and security. We make use of an advanced banking verification system to instantly verify your bank account information online. This allows us to offer rapid response.
An asset-based loan is when a business owner uses an asset that they own to make the funding. The asset can be an asset belonging to the personal, like the family home, or a business property like a truck or piece or equipment.
The majority of banks, including the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan then your assets could be sold by the lender. In essence it’s an opportunity to secure new funding making use of the value of what you already own.
For loans that exceed $150,000, it is not necessary to secure assets prior to the loan’s access however, we require a personal guarantee. need a personal guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract document) the security of assets is not needed. For loans that exceed $150,000, generally there is a personal ensure and security that is in the form the charge of assets.
