The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Review the conditions of eligibility for our $100K-$500K company loans.
All that’s needed to begin is your contact information (company name, your name, email, phone), how much you’d like to borrow, and your monthly revenue.
During the process and before settlement we’ll need confirmation of who you are but not for starting:
After we start with loans greater than $150,000 you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
The application to the Small Business Loan in under 10 minutes on the internet or over the phone, receive an instant response and the money could be in your account within 24 hours. Traditional company loans are based on an annual rate of interest along with other charges and fees. The business loan is a pre-paid loan so you will know in advance the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into weekly or daily payment amount.
A Small Business Loan can be used for virtually any business purpose including cash flow management, business remodels and marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size, your business 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) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used for nearly every company need, including business renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. It’s as a result of an charge over assets, which could also include the registration of this through the PPSR or the registration of a caveat.
A director’s or personal guarantee is a commitment to repay credit that is generally based rather than defining the security of a specific asset. The person who is signing the ensure is personally responsible if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR permits the priority of personal property granted in accordance with the date on which a registration of a security interest.
An affidavit is an official document filed to provide the legal claim against a property.
If you’re requesting larger business loans of $250K or more it is possible to offer an initial pre-approval in order to ease the process. We could be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves you answering some financial well-being questions. This is not an offer of credit or guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer that you might receive could have different terms.
You can apply for a business loan if you:
The application process is fast and easy. Simply complete the online form within a couple minutes, and a dedicated company loan specialist will call you to assist you.
To apply for up $100,000 you’ll require ID details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent as well as 12 months bank statement, an IRD statements, last 2 years finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) We can usually provide an answer within one hour if you make your application at quality business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements we can offer the decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be likely to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Some agreements have been approved within the space of 24 hours.
The quickest method is to make sure you apply during standard company hours and permit us to use the advance bank verification to instantly confirm your bank details online. If you opt to upload documents from your account statements , it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually provide an answer within an hour, provided you make your application within standard business times and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to send us copies of your bank statements, we are able to provide the decision in just an business day.
For Larger Business Loans ($100K up to $500,000) We may be in a position to provide the conditional pre-approval in about six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval in less than 24 hours.
The fastest method is to ensure you apply during standard business hours, and allow us to use our sophisticated bank verification link to instantly check your bank’s information online. If you choose to upload documents from your account statements it can take a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount, we take into consideration a range of variables in order to assess your well-being that is your business as well as the amount of repayments your business will be able to support. The amount you receive from your loan will depend on the specific circumstances the business.
If you apply for a set amount, we look at a range of factors to determine the well-being for your company and the amount of repayments that your business will be able to support. The amount you receive from your loan will depend on the specific circumstances that are unique to your company.
When you apply for business loans with us business financing, we’ll assess the risk assessment for your company and provide you with a customised proposal that includes loan amount, term and the interest rates. A company loan is an upfront-priced loan which means you know in advance the total amount payable including any costs, fees, or interest rates.
Interest rates for business loans rates vary due to factors like the amount of money of money borrowed, the company assets the funds are used to purchase and the sector the company is operating in, how long the business is in operation, whether the company has enough cash flow to support the loan, and also the general well-being or financial standing of the business.
There are no hidden fees with our company loans, and you’ll know precisely what you’ll need to pay and at what time, from the day you sign up. There’s no compounding interest, and no extra fees (as long as you make your payments on time).
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 costs associated in establishing and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You may choose to pay back all of your loan in full at any time.
If you do decide to take this route, please speak to our friendly business loans experts. We will offer you with repayment details and an early payment figure. It will be calculated using the sum of the remaining principal amount and accrued interest to the time of the early payout in addition to 1.5 percent of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss repayments and to fit in your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from your designated company account.
Protecting your information, and making it clear how we collect data, process, exchange and protect your information, is of paramount importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to security for our clients and security. We use an advanced bank verification system to immediately verify your bank account details online, allowing us to offer an immediate response.
An asset-based loan is when the company owner uses an asset they own to make the funding. The asset can be either an asset belonging to the personal, like the family home or it could be a business asset such as a vehicle or other piece of machinery.
The majority of lenders, even the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan, the asset could be sold by the lender. In essence, it’s means of securing new funding using the worth of the asset you already have.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money, however we do need the personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract), asset security will never be required. If you take out loans in excess of $150,000 generally, you can get personal ensure and security is provided in the form of an asset charge.
