The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K business loan.
All that’s needed to start is your contact information (the name of your company, your name, email, phone) as well as the amount you want to borrow, and your monthly income.
During the process and before settlement we will need confirmation of your identity, but not to get started:
After we start in the process, for loans that exceed $150,000, you’ll require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
Apply for your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive a same day response and have the funds in your account within 24 hours. Traditional company loans have an interest rate per annum as well as other fees and charges. The business loan is a pre-paid loan therefore you’ll be aware of the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into either a daily or weekly payment amount.
A Small Business Loan can be used for nearly any business use, including managing cash flows, business improvements, advertising, to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To qualify for a loan of this size, your company needs to have been operating for a minimum of 3 years, and have an annual income of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost every business need, including business renovations, purchase of new equipment or inventory for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. It’s by way of charge over assets and can include registering this on the PPSR or filing a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is generally in nature rather than stating security over an asset. The person who signs the guarantee is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR permits the priority of personal property assigned in accordance with the date on which a registration of a security interest.
An affidavit is an official document that is filed to provide the legal claim against a property.
If you’re requesting an enterprise loan of $250,000 or more, we may offer an initial pre-approval in order to ease the process. It is possible to do this without a credit check, and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being checks. This is not an offer or guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you receive could be on different conditions.
You may be eligible for an company loan if you:
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and an experienced business credit specialist will be in touch to assist you.
To apply for up $100,000, you’ll need identification details (valid Driver’s License), an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K or more) we usually offer a response in one hour if you make your application at standard company timings and you allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statement, we’ll offer the decision in just an company day.
For the Larger Business Loan ($100K to $500K) we might be able to provide you with pre-approval conditional to your application in 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 on the particular circumstances of each application. Certain deals have been approved within the space of 24 hours.
The quickest way to apply is to ensure you apply during standard company hours. You can also allow us to use our advanced bank verification system to verify your bank information online. If you choose to send us copies of your bank accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within one hour – as long as you apply within standard business time and let us make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we are able to provide a decision in just an business day.
For the Larger Business Loans ($100K and up) we could be likely to offer you with a conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending on the specifics of each application. Certain agreements have been approved within the space of 24 hours.
The fastest way is to make sure you apply during standard business hours, and let us use the advance bank verification link to check your bank’s information online. If you opt to send us the copies of bank statements it takes a bit longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of aspects in order to assess your well-being that is your business as well as the amount of repayments that your business is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your business.
When you apply for a certain amount, we take into consideration a variety of aspects to determine how much we can lend you such as well-being of your business and the amount of payments your company will be able to support. The total amount of the loan will be determined by the particular circumstances for your company.
If you decide to request the company financing, we will assess the risk profile of your company and offer an individualised proposal that includes loan amount, term and the interest rates. This company loan is an upfront priced loan which means you know the exact amount due, which includes any charges or interest.
Business loan interest rates depend on several factors including the amount borrowed, the business assets the money will be used for as well as the field the company is operating in, how long the company has been in operation for, how long the company has sufficient cash flow to cover the loan, and also the general health or creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll know precisely what it is that you be required to pay and when, starting from day one. There’s no compounding interest and no additional fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can decide to repay the entire amount of your loan in full at any time.
If you choose to take this route, please talk to one of our helpful business credit experts. They will provide you with repayment details as well as an early payout amount. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the time of the early payout in addition to 1.5% of the principal remaining and any outstanding fees.
To ensure you do not miss repayments and to fit in your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your designated business account.
Making sure that your information is secure, and making it clear how we collect information, use it, and exchange it, as well as safeguard your data, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We employ an exceptionally sophisticated bank verification system link to instantly verify your bank account information online. This allows us to provide an immediate response.
Asset-based borrowing is when a business owner utilises an asset they own to make the funding. The asset may be an individual asset, such as the family home, or a company asset such as a vehicle or other piece of machinery.
The majority of lending institutions, even the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan, then your asset may be offered for sale by the lender. In essence it’s the process of securing new funding making use of the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money However, we do require the personal guarantee. As long as you follow your loan commitments (as stated in your loan contract document) and you are able to meet your obligations, asset security is not needed. For loans over $150K generally, there is personal guarantee and security that is in the form charges on assets.
