The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K to $500K company loan.
All you need to get started is your contact details (company name and your name, as well as email and phone) and the amount you want to borrow, and your monthly earnings.
While in the process and before settlement we will require confirmation of your identity, but not for starting:
In addition, once we have started when it comes to loans that exceed $150,000, you’ll also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
The application to this Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and the funds could be on your account within 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. We offer a business loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any interest, fees or charges. This is then broken down into weekly or daily payment amount.
The Small Business Loan can be used for nearly any business purpose including cash flow management, company remodeling, marketing to purchase inventory or new equipment, to fund general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size, your company needs to be operating for at least three years, and have an annual income of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost all company use, including company renovations, to purchase equipment or inventory as well as for general working capital and so much more. The loan is not available for personal purposes.
Asset security is required to access funding over $150,000. It’s in the form of a charge on assets, and could include the registration of this on the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stating security over an asset. The person who is signing the ensure is personally liable if the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR grants the priority of personal property assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document that is filed to offer the legal claim against a property.
If you’re applying for larger business loans of $250,000 or more it is possible to offer an initial pre-approval that will help smooth out the process. We could be able to do this without credit checks and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves the answer to a series of financial health checks. This is in no way an offer, nor is it a guarantee of funds. A conditional approval is subject a full credit assessment and any offer that you may receive may be on different conditions.
You are eligible to apply for an company loan if you:
The application process is fast and easy. Simply complete the online form within a few minutes and a dedicated business lending specialist will be in touch to guide you through the process.
To apply for up $100,000, you’ll require identification details (valid Driver’s Licence) as well as a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent, 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K to $100K) we typically offer an answer in just one hour – as long as you submit your request during standard business timings and let us utilise the advanced bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements , we’ll be able to provide a decision in as little as 1 company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be in a position to provide you with conditional pre-approval within about six hours. Once you have signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved in just 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, allow us to use our modern bank verification link to check your bank’s information online. If you send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour if you apply during normal business hours and let us use the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements, we are able to provide the decision within the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be able to offer you with a conditional pre-approval within six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some deals have been approved within less than 24 hours.
The most effective method can be make sure you apply during normal business hours, and allow us to use our sophisticated bank verification to verify your bank information online. If you choose to send us copies of your bank accounts, it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a particular amount, we consider a variety of variables for determining how much we can lend you well-being that is your business and the level of repayments your company can afford. The total amount of your loan will be contingent on the specifics of your company.
When you submit an application for a set amount, we look at a range of aspects to assess how much we can lend you such as well-being of your company and the amount of payments your company can afford. The total amount of your loan will be contingent on the specific circumstances the business.
If you decide to request one of our company loan, we will assess the risk profile for your business and offer you with a customised offer that includes the amount of the loan, the duration and the interest rates. The company loan is a loan that is priced upfront therefore you will be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on business loans rates depend on several factors such as the amount that is of money borrowed, the company assets the funds are used to purchase in addition to the industry that the business is operating in, how long the company is in operation, what percentage of the company has sufficient cash flow to fund the loan, and overall health or creditworthiness of the business.
There are no hidden fees with our business loans. You’ll be aware of the amount you’ll be required to pay and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We don’t 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 includes the expenses associated with setting up and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can repay all of your loan at any point in time.
If you choose to take this route, please call our helpful business lending specialists. They’ll offer you with repayment details and an early payout figure. It will be calculated using the sum of the principal remaining plus any accrued interest as of the date of early payout, plus 1.5 percent of the remaining principal and any outstanding fees.
To make sure that you don’t miss payment dates and to align your cash flow schedule, we offer repayments either weekly or daily. They will be automatically deducted from the nominated company account.
The security of your personal information, as well as being clear about how we collect data, process, exchange and secure your information, is crucial and a vital aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We employ an exceptionally sophisticated banking verification system to immediately verify the bank account details online. This allows us to provide a fast response.
The term "asset-based" refers to borrowing where a business owner makes use of an asset that they own to obtain the funding. The asset may be a personal asset like the family home, or a business asset such as a vehicle or piece or equipment.
The majority of lenders, not just the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan, then your assets could be taken over by the lender. In essence it is an opportunity to secure new funding taking advantage of the value of what you already own.
For loans up to $150,000 the requirement for asset security is not required before you can access the money however, we do need a personal guarantee. If you adhere to the terms of your loan (as detailed in the loan contract) the security of assets is not needed. For loans that exceed $150K, typically, you will need personal ensure and security that is in the form the charge of assets.
