The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All that’s needed to get started is your contact information (company name, your name, email or phone number) along with the amount you want to borrow, as well as your monthly income.
Through the process and before settlement we’ll need confirmation of your identity but not for starting:
After we start in the process, for loans of more than $150,000 you’ll also require the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and have the funds in your account in 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. The company loan is a cash-based loan therefore you’ll be aware in advance of the amount you will have to pay, including any fees, interest or charges. This is then broken down into either weekly or daily payment amount.
A Small Business Loan can be used for virtually every company reason, such as cash flow management, company remodeling, marketing, to purchase inventory or new equipment, to fund 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 expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
To be eligible for a credit that is this large the business needs to have been operating for at least three years, and have an annual income of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large business loan can be used for almost all company use, including company renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan cannot be used for personal use.
Asset security is needed to obtain funding above $150,000. It’s by way of charge on assets, and may include registration with the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally in nature rather than specifying the security for a particular asset. The person signing the ensure is personally liable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a security interest that is registered.
An affidavit is an official document lodged to offer the public notice of a legal claim to property.
If you’re requesting larger company loans that is greater than $250K we can offer an initial pre-approval in order to make the process. We may be able to make this decision without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health checks. It is neither an offer nor a guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could have different conditions.
You may apply for an business loan if you:
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and an experienced business credit specialist will be in touch to guide you through the process.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually provide a response in one hour, provided you apply at quality company hours and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements , we will be able to offer a decision within one business day.
For the Larger Business Loan ($100K or more) we could be capable of provide you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Some deals have been approved within less than 24 hours.
The quickest way to apply can be make sure you apply during normal business hours and allow us to use our modern bank verification to verify your bank information online. If you opt to send us documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer within an hour – as long as you make your application at normal business time and let us use the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we’ll provide an answer in as little as the span of one business day.
For Larger Business Loans ($100K up to $500,000) we could be able to provide you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some transactions have received approval within 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours, and allow us to use the advanced bank verification system to confirm your bank details online. If you decide to send us the copies of bank statements it can take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we take into consideration a range of elements that determine how much we can lend you well-being that is your business as well as the amount of repayments that your company will be able to support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a set amount, we will consider a number of variables to determine your health of the business and the amount of payments your company will be able to support. The amount you receive from your loan will be contingent on the particulars of your company.
If you decide to make an application for the company loan, we’ll assess the risk assessment of your company and offer you with a customised proposal that includes loan amount, term and interest rates. This company loan is an upfront-priced loan and you’ll be aware of the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money borrowed, the business assets the money will be used for and the sector the company operates in, how long the business is in operation, how long the business has sufficient cash flow to pay for the loan, and the overall well-being as well as creditworthiness company.
There aren’t any hidden charges with our business loans. You’ll know precisely what 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 long as you are able to make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan without any upfront costs or obligation to proceed.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the total amount of your loan at any point in time.
If you choose to do this please speak to our friendly business loan professionals. They will provide you with the details of your repayment as well as an early payout amount. It will be calculated using the total of the remaining principal amount and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow routine, we offer repayments either weekly or daily. They are automatically deducted from your designated business account.
Protecting your information, and being upfront about how we collect the information we collect, use, share and safeguard your data, is of paramount importance and is a crucial part of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to security for our customers and security. We employ an exceptionally sophisticated bank verification system link to immediately verify your bank account details online to provide an immediate response.
Asset-based borrowing is when an business owner uses an asset that they own to make the loan. The asset can be either a personal asset like the family home, or it could be a company property like a truck or other piece of machinery.
The vast majority of the lenders including the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, the asset could be transferred to the lender. In essence it is a way of securing new financing using the worth of the asset you already have.
For loans of up to $150,000, the requirement for asset security is not required before you can access the money however, we do need the personal guarantee. As long as you follow the terms of your loan (as specified in the loan contract), asset security will never be needed. For loans of over $150,000 generally there is the option of a personal ensure and security in the form of the charge of assets.
