The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Review the eligibility requirements for our $100K-$500K company loans.
All that is needed to get started is your contact information (company name, your name, email address and phone), how much you’d like to borrow as well as your monthly income.
Through the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
After we start with loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
Apply to the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and funds may be available in just 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. Our company loan is a loan that is priced upfront which means you be aware in advance of the total amount due, which includes any fees, interest or charges. Then, it is broken down into either weekly or daily amount to be paid back.
A Small Business Loan can be used for nearly every company use, including the management of cash flow, business renovations, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To be eligible for a credit of this size, your business needs to have been in operation for at least 3 years and generate an annual revenue of $700K. It is necessary to 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 business.
A larger business loan can be used for almost every company use, including company remodeling, buying equipment or inventory for general working capital, and much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. It’s by way of charge on assets, which could also include registering this in the PPSR or making as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is general in nature, rather than stipulating the security of a specific asset. The person signing the ensure is personally accountable if the company creditor is unable to re-pay 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 registered in respect of personal property (including goods or assets). The PPSR gives preference over private property granted depending on the date that a security interest that is registered.
A caveat is a legal form of document to provide the public notice of a legal claim on a property.
If you’re applying for an enterprise loan of more than $250K it is possible to offer an initial pre-approval in order to make the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial health questions. This is not an offer of credit or guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer you receive could be subject to different conditions.
You can apply for an business loan if you:
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated company credit specialist will contact you to guide you through the process.
To apply for up $100,000, you’ll require identification details (valid Driver’s License) along with an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically offer an answer within an hour if you submit your request within standard business timings and permit us to make use of the advanced bank verification system link to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll offer a decision within just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to offer you with pre-approval conditional to your application in about 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some offers have been approved within 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours, and allow us to use our advance bank verification to instantly verify your bank information online. If you choose to send us duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within an hour if you submit your request in normal business timings and you allow us to use the bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we are able to offer a decision within an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be able to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Some offers have been approved within just 24 hours.
The quickest method is to ensure you apply during standard business hours and allow us to use our advanced bank verification system link to instantly confirm your bank details online. If you choose to upload duplicates of your banking statement, it may take a bit longer.
We offer loans that range from $5,000 to $500,000. If you apply for a certain amount we will consider a number of elements to determine how much we can lend you health of your company as well as the amount of the repayments your company can afford. The total amount of the loan will be determined by the specifics for your company.
When you submit an application for a particular amount, we will consider a number of factors to determine the health for your business as well as the amount of repayments that your company can support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
When you apply for our company loan, we’ll assess the risk assessment for your company and offer you with a customised offer, including loan amount, term and the interest rates. This company loan is a loan that is priced upfront so you will know the exact amount payable including any charges or interest.
Interest rates for business loans rates depend on a variety of variables like the amount to be borrowed, what business assets the funds will be used for and the sector the company operates in, the long the company has been operating as well as in the event that the company has enough cash flow to pay for the loan, and also the overall health or creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll know precisely what you’ll need to pay and at what time, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to request a credit loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You may choose to pay back the entire amount of your loan in full at any time.
If you choose to take this route, please contact our helpful business lending specialists. We will provide you with details for repayment along with an early payout estimate. This will be calculated as the total of the remaining principal amount and accrued interest to the date of early payout, plus 1.5 percent of the remaining principal and any outstanding fees.
To make sure you do not miss payment dates and to align your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn from the nominated company account.
The security of your personal information, as well as being upfront about the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and a vital element of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We use an advanced bank verification system to instantly verify your bank account details online so we can offer quick responses.
Asset-based borrowing is when a business owner uses assets they own to obtain the funds for a loan. The asset may be an individual property, such as the family home, or it could be a company property like a truck or piece or equipment.
The vast majority of lending institutions, even the banks with the biggest size, prefer to make loans secured by an asset. If you have trouble paying back the loan, your assets could be transferred to the lender. In essence, it’s an opportunity to secure additional financing using the value of what you already have.
For loans up to $150,000 no asset security is required upfront to access the money However, we require a personal guarantee. require the personal guarantee. In the event that you fulfill your loan obligations (as detailed in your loan contract), asset security is not needed. For loans over $150K typically, you will need a personal guarantee and security in the form charges on assets.
