The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the guidelines for eligibility for our $100K to $500K business credit.
All you need for starting is your contact details (company name and your name, as well as email or phone number), how much you’d like to borrow and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, but not to get started:
After we start when it comes to loans over $150,000 you’ll need the following financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
Apply for the Small Business Loan in under 10 minutes on the internet or over the phone, receive an immediate response, and funds may be available in just 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. The business loan is an upfront priced loan which means you be aware of the total amount due, which includes any interest, fees or charges. This is then broken down into a daily or weekly payment amount.
A Small Business Loan can be used for virtually any business reason, such as cash flow management, company renovations, marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan in this amount the business needs to have been trading for at least 3 years and generate an annual revenue of $700,000. 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 business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large business loan can be used for nearly every business purpose including company improvements, purchasing equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for funding of more than $150,000. This can be done in the form of a charge against assets, and may include the registration of this on the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than specifying security over an asset. The person signing the ensure is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR allows preference over private property assigned in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal document filed to offer the legal claim to a property.
If you’re applying for a Larger Business Loan that is greater than $250,000 we can offer a preliminary pre-approval to help simplify the process. We might be able to make this decision without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering a few financial health questions. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you are offered could be subject to different conditions.
You may be eligible for an company loan if you:
The application process is simple and simple. Complete the online form within a few minutes and an experienced business loan specialist will call you to guide you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent and 12 months bank statement, an IRD statements, last 2 years finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) we typically provide an answer within an hour – as long as you make your application within quality business hours and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statement, we’ll provide an answer within just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain agreements have been approved within just 24 hours.
The fastest way would be to ensure you apply during normal company hours. Also, let us use the modern bank verification to instantly check your bank’s information online. If you decide to upload documents from your account statements it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within one hour – as long as you make your application at normal business hours and allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements, we will be able to provide a decision within one business day.
For Larger Business Loans ($100K or more) we might be likely to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Some deals have been approved within just 24 hours.
The quickest method would be to ensure you apply during normal business hours, and permit us to use the advanced bank verification system to verify your bank account information online. If you choose to upload documents from your account statements it takes a bit longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of factors that determine how much we can lend you health of your business and the extent of payments your company will be able to support. The amount you receive from your loan will be contingent on the specifics of your business.
When you make an application for a certain amount, we look at a range of elements to determine your well-being of the company and the amount of the repayments your business can support. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
If you decide to apply for our company loans, we will assess the risk assessment for your business and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. This business loan is an upfront-priced loan so you will know the exact amount payable including any charges or interest.
Interest rates for company loans rates depend on a variety of factors such as the amount that is that is borrowed, what business assets the funds will be used for as well as the field the business operates in, how long the company has been in operation and whether the business has sufficient cash flow to cover the loan, and also the general health and creditworthiness of the company.
There are no hidden costs for our business loans. You’ll know precisely how much it is that you be required to pay, and when, right from the first day. There’s no compounding interest and there are no additional charges (as as long as you pay your payments in time).
We do not charge an Application Fee. You can request a credit loan with without any upfront costs or the obligation to take action.
The Origination Fee is the cost associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of your loan at any point in time.
If you decide to take this route, please call our helpful business loan professionals. They will offer you with repayment details and an early payment figure. It will be calculated using the total of the principal remaining plus any accrued interest as of the time of the early payout plus 1.5% of the remaining principal and any outstanding fees.
To ensure you do not miss repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
Security of your data, and being clear about the ways we gather data, process, exchange and secure your information, is of paramount importance and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We utilise a sophisticated banking verification system to instantly confirm your bank account information online, allowing us to offer quick responses.
Asset-based borrowing occurs when an business owner borrows from an asset they own to make a loan. The asset can be either a personal asset like the family home or it could be a business asset such as a vehicle or piece of equipment.
The majority of lenders, even the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan, then your assets could be offered for sale by the lender. In essence, it’s an opportunity to secure new financing by using the value of what you already have.
For loans that exceed $150,000, it is not necessary to secure assets before you are able to access the money, however we do require a personal guarantee. In the event that you fulfill the terms of your loan (as specified in your loan contract), asset security will never be required. For loans that exceed $150,000, generally there is an individual guarantee and security that is in the form an asset charge.
