The requirements for getting an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the guidelines for eligibility for our $100K-$500K business loans.
All that is needed to begin is your contact details (the name of your company, your name, email, phone) and the amount you’d like to lend, and your monthly revenue.
During the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
Once we’ve started with loans greater than $150,000 you will also need basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
Apply to get the Small Business Loan in under 10 minutes on the internet or over the phone, receive an immediate response, and the money could be in your account in 24 hours. Traditional company loans reference an annual interest rate as well as other fees and charges. The company loan is a cash-based loan so you will know ahead of time the total amount to be paid, including any fees, interest or charges. Then, it is broken down into weekly or daily repayment figure.
A Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, business renovations, marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a credit that is this large the business needs to have been in operation for at least 3 years and have an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used for nearly any company purpose including business remodeling, buying equipment or inventory for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is necessary to access funding over $150,000. It is usually as a result of an charge over assets, which could also include registering this on the PPSR or filing as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature, rather than stipulating security over an asset. The person who signs the guarantee is personally accountable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR permits priority over personal property to be granted according to the date the security interest that is registered.
Caveats are legal document lodged to offer the public notice of a legal claim on a property.
When you’re applying for larger business loans of $250,000 or more we can offer an initial pre-approval to make the process. It is possible to apply for this without a credit verification and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial health checks. This is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you receive could be based on different conditions.
You are eligible to apply for an company loan if you
The application process is simple and simple. Just fill out the online application in just a few minutes, and a dedicated business loan specialist will contact you to guide you through the process.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 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 Last 2 years’ finalised financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour if you submit your request at quality company timings and let us utilise the advanced bank verification system to instantly verify your bank information online. If you choose to send us copies of your bank statements we can offer an answer in as little as one company day.
For the Larger Business Loan ($100K up to $500,000) we could be in a position to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Certain transactions have received approval in just 24 hours.
The quickest way to apply would be to ensure you apply during normal business hours, and permit us to use the advanced bank verification system to instantly verify your bank information online. If you choose to upload duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer a response in one hour – provided you submit your request during standard business time and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements, we are able to provide an answer in just one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Some offers have been approved within 24 hours.
The quickest method would be to ensure you apply during normal business hours and allow us to use our modern bank verification link to instantly confirm your bank details online. If you upload duplicates of your banking statements it takes a bit longer.
We offer loans that range from $5,000 and $500,000. If you apply for a particular amount, we will consider a number of variables in order to assess what is the well-being for your company and the extent of payments your company is able to afford. The amount you receive from your loan will be contingent on the specifics of your company.
When you apply for a specific amount we look at a range of elements to assess the well-being of your business and the extent of payments your company will be able to support. The total amount of your loan will be determined by the particulars of your business.
If you decide to request our business financing, we’ll assess the risk profile for your business and offer you with a tailored offer, including loan amount, term and the interest rates. This business loan is a loan that is priced upfront so you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for company loans rates vary due to factors including the amount of money borrowed, the company assets the money will be used for as well as the field the company is in, how long the business has been in operation for, how long the business has enough cash flow to fund the loan, and overall well-being or creditworthiness of the business.
There aren’t any hidden costs for our business loans, and you’ll know precisely how much you be required to pay, and when, 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 can get a cash loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee includes the expenses associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the entire amount of the advance loan at any time.
If you do decide to take this route, please contact our helpful company loan experts. They’ll offer you with the details of your repayment as well as an early payout amount. It will be calculated using the sum of the principal amount remaining and any accrued interest at the time of the early payout plus 1.5% of the remaining principal plus any outstanding fees.
To make sure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments that are either daily or weekly. They will be automatically deducted from the nominated company account.
Security of your data, and being clear about how we collect data, process, exchange and protect your information, is of paramount importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We make use of an advanced bank verification system to immediately verify your bank account details online, allowing us to offer a fast response.
Asset-based borrowing occurs when the company owner uses the assets they have to secure a loan. The asset may be an individual property, such as the family home or it could be a business property like a truck or other piece of machinery.
The majority of lending institutions, including the banks with the biggest size, prefer to make loans secured by assets. If you’re having trouble paying back the loan, your asset may be transferred to the lender. In essence it’s means of securing new financing making use of the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security upfront to access the money, however we require a personal guarantee. require a personal guarantee. If you adhere to the loan terms (as stated in the loan contract) Asset security is not required. For loans over $150,000 generally, there is a personal guarantee and security in the form charges on assets.
