The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K-$500K business loan.
All that’s needed for starting is your contact details (company name, your name, email or phone number), how much you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll require confirmation of your identity but not to get started:
After we start, for loans of more than $150,000 you will also require basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
You can apply to this Small Business Loan in under 10 minutes online or on the phone. You’ll receive an instant response and the money could be on your account within 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. The company loan is an upfront priced loan therefore you’ll know in advance the total amount to be paid, including any fees, interest or charges. This is then broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used to fulfill almost every company purpose including cash flow management, company renovations, marketing to purchase inventory, new equipment, for 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 company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on your situation.
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to be operating for at least three years with an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used to fund almost all business need, including company improvements, purchasing equipment or inventory as well as for general working capital, and much more. The loan is not available for personal reasons.
Asset security is required to access funding over $150,000. It is usually by taking a charge on assets, and may be registered on the PPSR or registering a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally based rather than stipulating security over an asset. The person who is signing the ensure is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR allows the priority of personal property granted according to the date the security interest was registered.
Caveats are legal document filed to offer notice of a legal claim to a property.
If you’re applying for the Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval that will help 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 made based on a preliminary assessment which includes you answering a few financial health questions. It’s neither an offer nor a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer you receive could be on different terms.
You are eligible to apply for a company loan if you:
The application process is quick and simple. Simply complete the online form in just a few minutes, and a dedicated company expert in lending will be in touch to guide you.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent, 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) We can usually provide an answer within an hour, provided you submit your request at standard company time and you allow us to utilise the bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statement, we’ll provide an answer within one company day.
If you are applying for a Larger Business Loan ($100K and up) we may be capable of provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain offers have been approved within the space of 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours. Also, permit us to use the modern bank verification to instantly verify your bank account information online. If you decide to upload the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within an hour – provided you make your application within normal business hours and allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can provide the decision within an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with a conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain agreements have been approved in 24 hours.
The fastest method would be to make sure you apply during standard business hours. Also, let us use the advanced bank verification system link to instantly verify your bank account information online. If you decide to upload documents from your account accounts, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of aspects in order to assess your health of your business and the level of repayments that your business can support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you apply for a particular amount, we take into consideration a variety of factors to assess how much we can lend you such as health of your company and the extent of repayments your company is able to afford. The total amount of your loan will be determined by the specifics for your business.
If you decide to make an application for our company financing, we’ll assess the risk profile of your company and provide you with a tailored offer that includes the amount of loan, the term and interest rates. A business loan is an upfront cost loan and you’ll know in advance the total amount payable including any charges or interest.
The interest rates on company loans rates differ based on various factors like the amount of money of money borrowed, the business assets the funds will be used for, the industry the company operates in, the long the company has been in operation as well as how long the business has sufficient cash flow to pay for the loan, and also the general health or creditworthiness of the business.
There are no hidden fees with our company loans. You’ll know precisely how much you’ll need to pay, and when, right from the day you sign up. There’s no compounding interest and no extra fees (as as long as you pay your payments on time).
We do not charge an application fee. You can get a cash loan with no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of 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 choose to repay all of your loan at any point in time.
If you are deciding to take this route, please call our helpful business loans experts. We will offer you with the details of your repayment and an early payout figure. This is calculated as the total of the principal balance and the accrued interest up to the date of early payout plus 1.5 percent of the principal balance and any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow cycle we provide repayments either daily or weekly. These are automatically withdrawn from your company account.
The security of your personal information, as well as being clear about the ways we gather the information we collect, use, share and ensure the security of your information is of paramount importance and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our customers and security. We employ a highly sophisticated bank verification system link to instantly confirm your bank account information online to offer a fast response.
Asset-based borrowing is when the company owner makes use of the assets they have to secure a loan. The asset can be either an asset belonging to the personal, like the family home or a business asset such as a truck as well as a piece of machine.
The vast majority of lenders, even the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, the asset could be taken over by the lender. In essence it is the process of securing additional financing taking advantage of the value of what you already have.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds but we require a personal guarantee. require an individual guarantee. If you adhere to your loan obligations (as stated in your loan contract) Asset security is not required. If you take out loans in excess of $150K generally, you can get a personal guarantee and security is provided in the form of charges on assets.
