The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Review the guidelines for eligibility for our $100K-$500K business financing.
All that’s needed to begin is your contact information (the name of your company, your name, email, phone) along with the amount you want to borrow, and your monthly earnings.
While in the process and before settlement we will need confirmation of who you are but not for starting:
In addition, once we have started, for loans over $150,000 you’ll need 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 months and cash flow-friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and have the funds in your account within 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. We offer a business loan is an upfront priced loan which means you know ahead of time the amount you will have to pay, including any fees, charges or charges. Then, it is divided into weekly or daily amount to be paid back.
The Small Business Loan can be used for nearly every business use, including cash flow management, company improvements, advertising, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan of this size the business needs to be in operation for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A large company loan is a great option for almost every business reason, such as company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan cannot be used for personal use.
Asset security is required for funding of more than $150,000. This is as a result of an charge over assets, which could also include registering this through the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to repay credit that is general in nature, rather than stating the security of a specific asset. The person who is signing the ensure is personally responsible if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR permits the priority of personal property assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document filed to offer notice of a legal claim on a property.
If you’re seeking larger business loans of $250,000 or more we may be able to provide an initial pre-approval in order to ease the process. We could be able to make this decision without credit checks and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being checks. It’s not an offer or guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer that you receive could be subject to different terms.
You may be eligible for an company loan if you
The application process is quick and easy. Simply complete the online form within a few minutes and a dedicated company loan specialist will be in touch to guide you through the process.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s License) and a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent, 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within an hour – as long as you apply within quality business times and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we are able to provide a decision within just 1 company day.
For the Larger Business Loan ($100K and up) we may be in a position to offer the conditional pre-approval within about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Certain deals have been approved within just 24 hours.
The most efficient method would be to ensure you apply during standard company hours, and let us use the advance bank verification link to check your bank’s information online. If you decide to send us the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour, provided you submit your request in standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements, we’ll be able to offer a decision within the span of one business day.
For Larger Business Loans ($100K and up) we may be able to provide you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also allow us to use our sophisticated bank verification to confirm your bank details online. If you choose to send us duplicates of your banking accounts, it may take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a specific amount we consider a variety of aspects for determining the well-being that is your business and the level of repayments that your business can support. The total amount of your loan will depend on the particular circumstances that are unique to your business.
If you apply for a specific amount we look at a range of aspects to assess your health for your company and the level of repayments that your company is able to afford. The total amount of your loan will depend on the particulars that are unique to your business.
When you request the business credit, we’ll assess the risk assessment that you have for your business and provide you with a customised offer, including the amount of loan, the term and interest rates. This company loan is an upfront-priced loan therefore you will know the exact amount payable including any charges, interest rates or fees.
Business loan interest rates vary due to factors including the amount borrowed, the company assets the money are used to purchase, the industry the company is operating in, how long the company is in operation as well as what percentage of the business has sufficient cash flow to support the loan, and the general health and creditworthiness of the company.
There aren’t any hidden charges with our company loans. You’ll know precisely what it is that you be required to pay and at what time, from day one. There’s no compounding interest, and no additional fees (as as you make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You may choose to pay back the total amount of your loan in full at any time.
If you are deciding to take this route, please call our helpful business credit professionals. They will offer you with details for repayment and an early payment figure. The figure will be calculated as the total of the principal balance plus any accrued interest as of the date of early payout, plus 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your nominated business account.
Protecting your information, and being clear about how we collect the information we collect, use, share and protect your information, is of paramount importance and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We utilise a sophisticated bank verification system link to immediately verify your bank account information online so we can offer quick responses.
The term "asset-based" refers to borrowing where an company owner borrows from the assets they have to make a loan. The asset can be either an individual asset, such as the family home or an company asset such as a truck or piece of equipment.
The majority of lenders, not just the big banks, tend to make loans secured by assets. If you’re having trouble paying back the loan then your asset may be transferred to the lender. In essence, it is the process of securing new financing by using the value of what you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds However, we do need the personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract) the security of assets is not needed. For loans that exceed $150,000, generally, you can get personal guarantee and security that is in the form charges on assets.
