The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K to $500K company credit.
All that’s needed for starting is your contact information (company name, your name, email, phone) as well as the amount you’d like to borrow and your monthly earnings.
Through the process and before settlement we will need confirmation of your identity, but not to get started:
In addition, once we have started in the process, for loans over $150,000 you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
The application for your Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be available in just 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. The business loan is a pre-paid loan and you’ll know ahead of time the total amount payable including the interest, fees and charges. This is then divided into weekly or daily payment amount.
The Small Business Loan can be used to fulfill almost every business use, including managing cash flows, company improvements, advertising to purchase inventory, new equipment, for general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
In order to be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700,000. It is necessary to 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 prove at minimum 12 months of continuous trading.
A large business loan is a great option for almost all company use, including business improvements, purchasing equipment or inventory, as general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. This is by way of charge on assets, and may include registering this on the PPSR or registering as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is generally in nature rather than specifying security over an asset. The person who signs the ensure is personally accountable if the business borrower is unable to make the repayment.
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 granted to individuals who own personal property (including goods or assets). The PPSR grants the priority of personal property granted in accordance with the date on which a security interest that is registered.
Caveats are legal document lodged to offer notice of a legal claim to a property.
When you’re applying for the Larger Business Loan that exceeds $250,000 we may be able to provide a preliminary pre-approval to help smooth out 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 well-being checks. This is not an offer or guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer you are offered could be on different conditions.
You may apply for an business loan if you
The application process is fast and easy. Complete the online form in just a few minutes, and an experienced business credit specialist will call you to assist you.
To apply for up $100,000 you’ll require identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent, 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K or more) we can often provide an answer within an hour if you apply in standard business hours and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements we can offer the decision in as little as 1 company day.
For the Larger Business Loan ($100K or more) we might be able to offer the conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take 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 within 24 hours.
The quickest method would be to make sure you apply during normal company hours, and permit us to use the advanced bank verification system link to verify your bank information online. If you opt to upload the copies of bank accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer in just one hour – as long as you make your application at normal business hours and permit us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements, we will be able to offer a decision within an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be capable of offer you with conditional pre-approval within 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be faster depending on the particular circumstances of each application. Some offers have been approved within 24 hours.
The most effective method can be ensure you apply during standard business hours. You can also allow us to use the sophisticated bank verification to instantly verify your bank account information online. If you choose to send us documents from your account statements, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of aspects in order to assess your well-being of your company and the amount of payments your company can support. The amount you receive from your loan will be contingent on the particular circumstances the business.
When you make an application for a set amount, we look at a range of factors to determine your health of your business and the level of repayments that your company will be able to support. The amount you receive from your loan will depend on the specifics of your business.
When you make an application for the company credit, we will assess the risk profile for your business and provide an individualised offer including the amount of loan, the term and interest rates. A business loan is an upfront priced loan therefore you will know the exact amount payable including any interest rates, fees or charges.
Business loan interest rates depend on a variety of factors like the amount of money of money borrowed, the company assets the funds will be used for, the industry the company operates in, the long the business is in operation and in the event that the business has enough cash flow to pay for the loan, and overall health as well as creditworthiness business.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount it is that you be required to pay, and when, right from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an application fee. You are able to request a credit loan with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. This is only a cost if you take out 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 decide to do this please speak to our friendly business lending experts. The professionals will provide you with repayment details and an early payout figure. This is calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout, plus 1.5% of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss repayments and to fit in your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from your nominated company account.
Making sure that your information is secure, and being upfront about the ways we gather the information we collect, use, share and secure your information, is vital and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive 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 immediately verify the bank account details online so we can provide a fast response.
Asset-based borrowing occurs when the business owner borrows from assets they own to make the funds for a loan. The asset may be an individual property, such as the family home, or a business asset like a truck or other piece of machinery.
The vast majority of banks, including the major banks, prefer to secure loans against assets. If you are having difficulty paying back the loan then your asset may be taken over by the lender. In essence, it is an opportunity to secure new financing by making use of the value of what you already have.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money however, we do require an individual guarantee. If you adhere to the loan terms (as detailed in your loan contract document) the security of assets is not required. For loans of over $150K typically, you will need the option of a personal guarantee and security in the form a charge over assets.
