The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the guidelines for eligibility for our $100K to $500K company financing.
All that’s required to get started is your contact details (the name of your company and your name, as well as email and phone) along with the amount you want to borrow, and your monthly revenue.
While in the process and before settlement we’ll need confirmation of your identity but not for starting:
Once we’ve started in the process, for loans of more than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
Apply to this Small Business Loan in under 10 minutes on the internet or over the phone, receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans have an interest rate per annum together with additional fees and charges. We offer a business loan is a cash-based loan so you will know ahead of time the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for nearly every company use, including managing cash flows, company improvements, advertising for purchasing 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 of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with your situation.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To qualify for a loan of this size, your company needs to have been trading for at least 3 years, and have an annual income of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Business Loan of a larger size can be used for almost any business need, including business renovations, purchase of equipment or inventory, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is necessary to obtain funding above $150,000. It’s by taking a charge on assets, and could include registration with the PPSR or registering as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is generally based rather than defining the security for a particular asset. The person who is signing the ensure is personally responsible if the company borrower is unable 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 granted to individuals who own personal property (including items or assets). The PPSR grants priority over personal property to be assigned according to the date the security interest has been registered.
Caveats are legal document filed to offer notice of a legal claim on a property.
If you’re applying for the Larger Business Loan of $250,000 or more we can offer an initial pre-approval to simplify the process. We may be able to get this done without a credit verification and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial health questions. It’s neither an offer nor a guarantee of funds. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you may receive may be based on different terms.
You are eligible to apply for an company loan if you:
The application process is quick and easy. Simply complete the online form in few minutes and an experienced company loan specialist will contact you to guide you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 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 Last 2 years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K and up) we typically offer an answer in just one hour, provided you submit your request in quality company times and permit us to utilise the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements we can provide an answer within 1 company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be likely to provide you with pre-approval conditional to your application within about 6 hours. After you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Certain agreements have been approved in the space of 24 hours.
The quickest way to apply would be to make sure you apply during standard company hours. You can also allow us to use our advanced bank verification system link to instantly check your bank’s information online. If you choose to send us documents from your account accounts, it will take a little longer.
For the Small Business Loan ($5K and up) we usually offer a response in one hour – provided you apply at standard business times and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you opt to submit copies of your bank statements, we’ll be able to offer an answer within 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be in a position to provide the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain deals have been approved in just 24 hours.
The quickest method would be to make sure you apply during normal business hours. You can also permit us to use the modern bank verification to instantly verify your bank information online. If you choose to send us duplicates of your banking accounts, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a specific amount we will consider a number of aspects to determine the well-being of the company and the extent of repayments your company can afford. The total amount of your loan will be contingent on the particular circumstances of your company.
When you submit an application for a set amount, we look at a range of variables to determine how much we can lend you such as health that is your business as well as the amount of repayments your company can afford. The total amount of your loan will be contingent on the particulars of your business.
When you request the business financing, we’ll assess the risk profile the business and provide you with a customised offer including loan amount, term and the interest rates. The company loan is an upfront cost loan therefore you will be aware in advance of the total amount to be paid, including any charges or interest.
Interest rates for company loans rates differ based on various factors such as the amount that is borrowed, the company assets the funds will be used for, the industry the company is operating in, how long the business has been in operation, whether the company has sufficient cash flow to cover the loan, and also the general well-being and creditworthiness of the company.
There aren’t any hidden costs for our company loans, and you’ll know exactly how much you’ll need to pay and at what time, from the very first day. There’s not any compounding interest and 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 absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with establishing and managing 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% of the loan amount.
You can repay the total amount of your loan early at any time.
If you do decide to do this please talk to one of our helpful business lending experts. We will provide you with details on repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance and any accrued interest at the time of the early payout, plus 1.5 percent of the remaining principal plus any outstanding fees.
To ensure you do not miss repayments and to fit in with your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your nominated company account.
The security of your personal information, as well as making it clear the ways we gather data, process, exchange and protect your information, is of huge importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our clients and privacy. We utilise a sophisticated bank verification system to instantly verify your bank account information online so we can offer quick responses.
An asset-based loan is when a business owner makes use of an asset they own to secure the funding. The asset could be an individual asset, such as the family home or an company asset such as a truck or piece or equipment.
The majority of lenders, including the major banks, prefer to secure loans against assets. If you’re struggling to pay back the loan, the asset could be offered for sale by the lender. In essence it is an opportunity to secure new funding using the worth of the asset you already own.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds, however we require a personal guarantee. need an individual guarantee. So long as you comply with your loan commitments (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans of over $150K generally, there is an individual ensure and security in the form the charge of assets.
