The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K-$500K business credit.
All that’s required to get started is your contact details (company name, your name, email address and telephone) and the amount you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of your identity however, not in order to begin:
Once we’ve started, for loans over $150,000 you’ll require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
It is imaginable to apply for this Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day 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 a cash-based loan therefore you’ll be aware in advance of the total amount payable including any fees, interest or charges. Then, it is broken down into either weekly or daily payment amount.
A Small Business Loan can be used to fulfill almost every company need, such as the management of cash flow, business improvements, advertising, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used to fund personal expenses.
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 up to 36 months. Repayments are weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To qualify for a loan of this size the company needs to be in operation for at least 3 years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger business loan can be used for almost any business use, including business renovations, to purchase equipment or inventory or as general working capital and much more. The loan cannot be used for personal use.
Asset security is needed to access funding over $150,000. This can be done by taking a charge on assets and can be registered through the PPSR or filing as a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is general in nature rather than stating security over an asset. The person who is signing the ensure is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including items or assets). The PPSR permits priority over personal property to be granted according to the date the security interest has been registered.
Caveats are legal document filed to offer the legal claim on a property.
If you’re requesting a Larger Business Loan that exceeds $250,000 it is possible to offer an initial pre-approval in order to ease the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. The pre-approval process is based on a preliminary assessment which includes you answering a few financial well-being checks. It’s neither an offer nor a guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you may receive may have different terms.
You may apply for a company loan if you
The process for applying is fast and simple. Just fill out the online application within a few minutes and a dedicated company expert in lending will contact you to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) as well as a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements and the last two years’ finalised financial statements, plus interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) We can usually offer an answer within an hour – as long as you make your application within quality company timings and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statement, we’ll provide the decision within just an business day.
For the Larger Business Loan ($100K and up) we could be likely to offer you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be quicker based on the circumstances of each application. Certain offers have been approved within 24 hours.
The quickest method can be make sure you apply during standard company hours. Also, allow us to use our modern bank verification to check your bank’s information online. If you upload copies of your bank accounts, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within one hour if you submit your request during standard business hours and permit us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements, we’ll be able to provide the decision within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to offer you with a conditional pre-approval within about six hours. Once you’ve signed your 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 agreements have been approved in less than 24 hours.
The fastest method for you to apply is make sure you apply during normal business hours. You can also allow us to use the modern bank verification to instantly verify your bank information online. If you decide to upload documents from your account accounts, it takes a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a certain amount we look at a variety of aspects that determine what is the health of the business as well as the amount of repayments your company is able to afford. The total amount of your loan will depend on the specifics the company.
When you make an application for a particular amount, we look at a range of variables to assess your health of the company and the extent of repayments your business will be able to support. The amount you receive from the loan will be determined by the specifics for your business.
If you decide to make an application for business loans with us business loans, we will assess the risk assessment the business and provide you with a customised offer that includes the amount of loan, the term and interest rates. A company loan is an upfront cost loan therefore you will be aware of the total amount you will have to pay, including charges or interest.
The interest rates on business loans rates vary due to factors like the amount of money of money borrowed, the company assets the funds are used to purchase as well as the field the company operates in, how long the business has been in operation and what percentage of the business has sufficient cash flow to support the loan, as well as the general health or creditworthiness of the business.
There aren’t any hidden costs for our business loans, and you’ll know exactly how much it is that you be required to pay and when, starting from the day you sign up. There’s no compounding and there are no additional charges (as as you make your payments in time).
We don’t charge an application fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the total amount of your loan in full at any time.
If you decide to pursue this option, please talk to one of our helpful company credit professionals. They will provide you with details on repayment and an early payment figure. This will be calculated as the total of the principal amount remaining plus any accrued interest as of the date of early payout and 1.5 percent of the principal balance and any fees that remain unpaid.
To make sure you do not miss repayments and to fit in your cash flow schedule, we provide payments that are either daily or weekly. They are automatically deducted from your nominated company account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and secure your information, is vital and is an essential part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their security. We use an advanced bank verification system to immediately verify your bank account details online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where the business owner makes use of the assets they have to get the loan. The asset can be either a personal asset like the family home, or an company asset like a truck or piece of equipment.
The vast majority of banks, including the banks with the biggest size, prefer to make loans secured by an asset. If you’re struggling to pay back the loan, your asset may be taken over by the lender. In essence it’s the process of securing new funding making use of the value of what you already have.
For loans up to $150,000 there is no requirement for asset security upfront to access the money but we do need the personal guarantee. So long as you comply with your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans over $150K generally there is an individual guarantee and security that is in the form the charge of assets.
