The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Do you require more money? Find out the guidelines for eligibility for our $100K to $500K business loans.
All that’s needed to start is your contact information (company name, your name, email and phone), how much you want to borrow, and your monthly revenue.
Through the process and before settlement we will need confirmation of who you are, but not to get started:
Once we’ve started in the process, for loans that exceed $150,000, you’ll require basic financial statements.
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Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
The application to get your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an instant response and funds may be in your account within 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. We offer a business loan is a pre-paid loan and you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually every business use, including cash flow management, business improvements, advertising for purchasing inventory or new equipment, or as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are either weekly or fortnightly, depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size, your business needs to be operating for a minimum of 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan is a great option for almost all company purpose including company improvements, purchasing new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is required for funding of more than $150,000. It is usually by way of charge on assets, and could include registration on the PPSR or making a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than stipulating security over a particular asset. The person signing the guarantee is personally accountable if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated 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 granted according to the date a security interest was registered.
An affidavit is an official document that is filed to provide an official notice of a claim against a property.
When you’re applying for the Larger Business Loan of more than $250K we can offer a preliminary pre-approval to help ease the process. We could be able to apply for this without a credit verification and within 6 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 neither an offer nor a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you might receive could be subject to different terms.
You are eligible to apply for an business loan if you:
The process for applying is fast and easy. Simply complete the online form within a few minutes and a dedicated business lending specialist will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll require 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 need:
$100K-$250K: Application details including credit approval, 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 as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) we typically provide an answer within an hour – as long as you apply in quality business times and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statement, we’ll provide a decision in just 1 business day.
For the Larger Business Loan ($100K to $500K) we might be able to offer the conditional pre-approval in about six hours. After you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some transactions have received approval in less than 24 hours.
The fastest way is to ensure you apply during normal company hours and let us use the advanced bank verification system to verify your bank account information online. If you send us duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer an answer in just one hour, provided you submit your request within standard business hours and let us use the bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements, we will be able to offer the decision within an business day.
For the Larger Business Loans ($100K and up) we may be capable of provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain deals have been approved in 24 hours.
The quickest method can be ensure you apply during standard business hours, and allow us to use the sophisticated bank verification to instantly check your bank’s information online. If you choose to send us duplicates of your banking statement, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a particular amount, we consider a variety of elements that determine how much we can lend you health of your company and the amount of payments your business can support. The total amount of your loan will depend on the particular circumstances that are unique to your company.
When you apply for a set amount, we consider a variety of factors to assess the well-being for your company and the extent of the repayments your company will be able to support. The amount you receive from your loan will depend on the specifics of your company.
When you make an application for the business credit, we will assess the risk assessment of your company and offer you with a customised offer, including the loan amount, the terms and interest rates. The business loan is an upfront-priced loan and you’ll be aware in advance of the total amount payable including any costs, fees, or interest rates.
Interest rates for company loans rates depend on a variety of factors such as the amount that is that is borrowed, what business assets the money are used to purchase as well as the field the company is in, how long the business is in operation for, in the event that the business has sufficient cash flow to cover the loan, as well as the general well-being and creditworthiness of the business.
There are no hidden costs with our business loans. You’ll be aware of the amount you need to pay, and when, right from the very first day. There’s no compounding interest and no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You can apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You may choose to pay back all of your advance loan at any time.
If you are deciding to pursue this option, please call our helpful business loan specialists. They’ll offer you with details on repayment along with an early payout estimate. This is calculated as the total of the remaining principal amount and any accrued interest at the time of early payment plus 1.5% of the principal remaining as well as any outstanding fees.
To ensure 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 the nominated company account.
Protecting your information, and being upfront about the ways we gather data, process, exchange and safeguard your data, is of paramount importance and an integral part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced banking verification system to immediately verify the bank account details online to provide rapid response.
Asset-based borrowing is when a business owner borrows from an asset they own to obtain a loan. The asset can be a personal asset like the family home or a business property like a truck as well as a piece of machine.
The majority of lenders, including the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan then your asset may be transferred to the lender. In essence, it’s the process of securing additional financing using the worth of the asset you already have.
For loans that exceed $150K, the requirement for asset security is not required 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 specified in your loan contract) the security of assets is not required. If you take out loans in excess of $150,000 typically, you will need an individual ensure and security in the form charges on assets.
