The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Take a look at the conditions of eligibility for our $100K to $500K business financing.
All you need to get started is your contact details (company name, your name, email address or phone number), how much you’d like to borrow, and your monthly revenue.
While in the process and before settlement we will need confirmation of who you are but not to get started:
After we start in the process, for loans that exceed $150,000, you’ll also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
You can apply to get your Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the money could be in your account within 24 hours. Traditional company loans reference an annual interest rate as well as other fees and charges. We offer a business loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any fees, interest or charges. This is then broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used for virtually any business need, such as the management of cash flow, business remodels and marketing for purchasing inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To be eligible for a credit in this amount, your business needs to be operating for a minimum of 3 years with an annual turnover of $700K. The applicant must also 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 minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost any business reason, such as business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is required to obtain funding above $150,000. It’s as a result of an charge over assets, which could also include registering this through the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature, rather than stipulating the security for a particular asset. The person signing the guarantee is personally liable in the event that the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including goods or assets). The PPSR grants the priority of personal property granted in accordance with the date on which a registration of a security interest.
Caveats are legal document that is filed to provide the public notice of a legal claim to property.
When you’re applying for larger business loans of more than $250,000, we may offer an initial pre-approval in order to smooth out the process. It is possible to get this done without a credit check, and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves answering a couple of financial health checks. It’s in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer you might receive could be based on different terms.
You may apply for a company loan if you:
The process for applying is fast and easy. Simply complete the online form within a few minutes and a dedicated company lending specialist will contact you to guide you.
To apply for up $100,000 you’ll require identification details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K or more) We can usually offer a response in one hour – as long as you make your application within quality business time and let us make use of the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statement, we’ll provide an answer in just an company day.
For Larger Business Loans ($100K and up) we could be likely to offer you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are 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 24 hours.
The most efficient method is to ensure you apply during standard business hours and permit us to use the advance bank verification link to instantly check your bank’s information online. If you opt to send us duplicates of your banking statements , it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically provide an answer within an hour – as long as you make your application in standard business times and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements, we will be able to provide the decision in just an business day.
If you are applying for Larger Business Loans ($100K and up) We may be capable of provide you with a conditional pre-approval within 6 hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the circumstances of each application. Some transactions have received approval within 24 hours.
The fastest way would be to ensure you apply during normal business hours. You can also permit us to use the advance bank verification to confirm your bank details online. If you opt to send us the copies of bank accounts, it will take a little longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount, we will consider a number of elements that determine the health of the business and the level of repayments that your company can support. The total amount of your loan will be contingent on the specific circumstances for your business.
When you apply for a set amount, we look at a range of aspects to assess your well-being of your business as well as the amount of payments your company can afford. The total amount of your loan will be determined by the specifics of your business.
When you apply for one of our business credit, we will assess the risk profile that you have for your business and offer you with a tailored proposal that includes the amount of loan, the term and interest rates. It is a business loan is an upfront cost loan which means you know the exact amount you will have to pay, including charges or interest.
Interest rates for company loans rates differ based on various factors including the amount that is borrowed, what company assets the funds will be used for and the sector the company is operating in, how long the business is in operation as well as what percentage of the business has sufficient cash flow to cover the loan, and also the overall well-being and creditworthiness of the business.
There are no hidden costs for our business loans, and you’ll know precisely how much it is that you be required to pay, and when, from day one. There’s no compounding interest, and there are no additional charges (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with setting up 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 the total amount of your advance loan at any time.
If you are deciding to take this route, please speak to our friendly business credit specialists. We will provide you with details for repayment and an early payout figure. This is calculated as the sum of the principal amount remaining and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
To ensure you do not miss payments and to work your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from your designated company account.
Security of your data, and being clear about the ways we gather data, process, exchange and ensure the security of your information is vital and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We use an advanced bank verification system that allows you to immediately verify the bank account details online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where a company owner makes use of the assets they have to make a loan. The asset may be an individual property, such as the family home or an business asset such as a vehicle or piece or equipment.
The vast majority of lenders, including the banks with the biggest size, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could be offered for sale by the lender. In essence, it is the process of securing new funding using the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security upfront to access the money but we do require an individual guarantee. As long as you follow the terms of your loan (as detailed in your loan contract), asset security is not required. For loans of over $150K generally, you are able to get a personal guarantee and security in the form an asset charge.
