The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Find out the conditions of eligibility for our $100K-$500K business loans.
All that’s needed to get started is your contact details (company name and your name, as well as email and phone), how much you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll need confirmation of your identity, but not to get started:
Once we’ve started in the process, for loans greater than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
The application for this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an answer within the same day and the money could be in your account in 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. We offer a business loan is a cash-based loan so you will know ahead of time the amount you will have to pay, including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
A Small Business Loan can be used for nearly every business purpose including cash flow management, business improvements, advertising, to purchase 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 business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size, your company needs to have been trading for at least 3 years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A large business loan can be used to fund almost every company use, including business improvements, purchasing new equipment or inventory as well as for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to access funding over $150,000. This can be done by way of charge against assets and can include registering this in the PPSR or registering as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature rather than stating security over a particular asset. The person who is signing the ensure is personally liable if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR allows priority over personal property to be assigned in accordance with the date on which a security interest has been registered.
A caveat is a legal document that is filed to offer an official notice of a claim against a property.
If you’re requesting an enterprise loan of $250K or more, we may offer an initial pre-approval to simplify the process. We may be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial health questions. This is not an offer or guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you are offered could be based on different conditions.
You may apply for a business loan if you;
The process for applying is fast and simple. Just fill out the online application in few minutes and an experienced business lending specialist will be in touch to guide you.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K – $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K and up) we can often offer an answer within one hour if you apply at standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements , we are able to provide the decision within just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, turnaround times are 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 just 24 hours.
The most efficient method would be to make sure you apply during standard company hours, and let us use the modern bank verification link to check your bank’s information online. If you decide to upload the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K or more) we typically provide a response in one hour – as long as you submit your request in standard business timings and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statements, we will be able to offer an answer in just an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be capable of offer you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some agreements have been approved in 24 hours.
The fastest method would be to make sure you apply during normal business hours, and allow us to use the modern bank verification to instantly confirm your bank details online. If you choose to upload copies of your bank statement, it takes a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we take into consideration a range of factors for determining what is the health that is your company as well as the amount of the repayments your company will be able to support. The amount you receive from your loan will depend on the particular circumstances for your business.
When you apply for a certain amount, we take into consideration a variety of elements to assess the health of the company as well as the amount of the repayments your business is able to afford. The amount you receive from your loan will depend on the specific circumstances the business.
If you decide to request one of our business loans, we’ll assess the risk assessment that you have for your company and offer you with a tailored offer, including the loan amount, the terms and interest rates. A business loan is a loan that is priced upfront so you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
The interest rates on company loans rates vary due to factors including the amount of money borrowed, the company assets the money will be used for in addition to the industry that the business operates in, how long the company has been in operation as well as in the event that the business has sufficient cash flow to cover the loan, as well as the general well-being or financial standing of the company.
There are no hidden costs with our business loans. You’ll know precisely what you need to pay and when, from the very first day. There’s no compounding interest, and there are no additional charges (as as long as you pay your payments punctually).
We do not charge an Application Fee. You are able to apply for a loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can decide to repay the total amount of your loan in full at any time.
If you choose to do this please talk to one of our helpful company credit experts. They’ll provide you with repayment details as well as an early payout amount. It will be calculated using the sum of the remaining principal amount and the accrued interest up to the time of early payout plus 1.5 percent of the principal remaining as well as any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow standard, we provide repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and ensure the security of your information is of paramount importance and is a crucial part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to security for our clients and security. We use an advanced banking verification system to instantly verify your bank account details online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where the business owner utilises an asset that they own to secure a loan. The asset can be an individual asset, such as the family home, or a company asset like a truck or other piece of machinery.
The vast majority of banks, not just the banks with the biggest size, prefer to secure loans against an asset. If you are having difficulty paying back the loan, then the asset could be transferred to the lender. In essence it’s the process of securing additional financing taking advantage of the value of what you already own.
Up to $150K in loans there is no requirement for asset security before you can access the money, however we do require an individual guarantee. If you adhere to the terms of your loan (as stated in your loan contract) the security of assets is not needed. For loans of over $150,000 generally, you are able to get an individual ensure and security in the form charges on assets.
