The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Check out the eligibility requirements for our $100K to $500K business financing.
All that’s required to start is your contact information (company name and your name, as well as email and telephone) and the amount you’d like to borrow and your monthly revenue.
Through the process and before settlement we will require confirmation of your identity, but not for starting:
In addition, once we have started in the process, for loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply to the Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and funds may be on your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. Our business loan is a loan that is priced upfront therefore you’ll be aware of the total amount payable including any interest, fees or charges. Then, it is divided into a daily or weekly repayment figure.
It is a Small Business Loan can be used for nearly any company reason, such as control of cash flow company improvements, advertising for purchasing inventory or new equipment, or as 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. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your company needs to be in operation for at least 3 years and have an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large business loan is a great option for almost every business purpose including company renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge on assets, which could also include registration on the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature, rather than stipulating the security for a particular asset. The person who is signing the guarantee is personally liable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a security interest has been registered.
Caveats are legal document lodged to offer an official notice of a claim against a property.
If you’re applying for a Larger Business Loan of more than $250K we can offer an initial pre-approval to smooth out the process. We could be able to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial well-being questions. This is not an offer or guarantee of financing. A conditional approval is subject a full credit assessment and any offer that you might receive could have different terms.
You may apply for an company loan if you
The application process is quick and easy. Just fill out the online application within a couple minutes, and a dedicated company lending specialist will be in touch to guide you.
To be eligible for up to $100,000 you’ll require proof of identity (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details for application including credit consent as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour – as long as you make your application at standard company hours and you allow us to utilise the bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statements , we are able to provide a decision in just 1 company day.
For Larger Business Loans ($100K or more) we may be capable of provide you with conditional pre-approval within 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some agreements have been approved in just 24 hours.
The most efficient method is to ensure you apply during normal company hours. You can also allow us to use the advanced bank verification system to verify your bank account information online. If you upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour, provided you submit your request within standard business times and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statement, we’ll offer the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in just 24 hours.
The fastest method can be ensure you apply during standard business hours and allow us to use our modern bank verification link to check your bank’s information online. If you choose to send us copies of your bank statements it can take a bit longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of factors to determine what is the health of the company and the amount of repayments your company will be able to support. The amount you receive from your loan will depend on the specific circumstances of your company.
If you apply for a specific amount we will consider a number of elements to assess how much we can lend you such as health of the business and the level of payments your business will be able to support. The amount you receive from your loan will depend on the specifics for your business.
When you make an application for our business loan, we will assess the risk profile that you have for your business and provide you with a tailored offer, including the loan amount, the terms and the interest rates. This business loan is an upfront priced loan which means you know the exact amount to be paid, including any charges, interest rates or fees.
Interest rates for business loans rates vary due to factors like the amount of money of money borrowed, the company assets the funds will be used for, the industry the business operates in, how long the business has been in operation, how long the business has sufficient cash flow to pay for the loan, and also the general well-being as well as creditworthiness company.
There are no hidden costs with our business loans, and you’ll know precisely what you’ll be required to pay and when, starting from day one. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You can apply for a loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You may choose to pay back the entire amount of your advance loan at any time.
If you choose to pursue this option, please speak to our friendly company lending specialists. The professionals will provide you with repayment details and an early payout figure. The figure will be calculated as the total of the principal remaining and accrued interest to the time of early payout in addition to 1.5% of the remaining principal and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow general, we provide repayments either weekly or daily. These are automatically withdrawn from your nominated company account.
The security of your personal information, as well as knowing how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and is a crucial part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online so we can provide rapid response.
An asset-based loan is when a company owner utilises assets they own to get a loan. The asset can be either an individual property, such as the family home or an company asset like a truck as well as a piece of machine.
The majority of lenders, not just the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan, your assets could be transferred to the lender. In essence, it is the process of securing new financing using the value of what you already have.
Up to $150,000 in loans the requirement for asset security is not required in advance to gain access to the funds however, we require a personal guarantee. require a personal guarantee. If you adhere to your loan obligations (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150K, generally there is personal ensure and security is provided in the form of an asset charge.
