The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K to $500K company financing.
All you need to start is your contact details (company name, your name, email address or phone number), how much you want to borrow, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of who you are, but not before we can begin:
Once we’ve started with loans over $150,000 you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and funds may be in your account within 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. Our company loan is an upfront priced loan so you will be aware in advance of the amount you will have to pay, including any interest, fees or charges. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for virtually any company reason, such as managing cash flows, business improvements, advertising, to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 with a term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit of this size the business needs to have been operating for at least three years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large company loan can be used for almost any company need, including company renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed for funding of more than $150,000. It’s in the form of a charge on assets, which could also include registration on the PPSR or filing as a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person who is signing the ensure is personally liable in the event that the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR gives preference over private property granted according to the date the registration of a security interest.
Caveats are legal document filed to offer an official notice of a claim against a property.
If you’re seeking an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval to smooth out the process. We might be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves answering a couple of financial health checks. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you are offered could have different conditions.
You may be eligible for a company loan if you:
The application process is fast and easy. Simply complete the online form within a few minutes and an experienced business lending specialist will contact you to guide you through the process.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically offer a response in one hour if you submit your request within quality company hours and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statements we can provide the decision in just the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be likely to offer you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Some transactions have received approval in less than 24 hours.
The fastest way is to make sure you apply during normal company hours. You can also let us use the advance bank verification link to confirm your bank details online. If you decide to send us documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within one hour if you submit your request during normal business timings and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statements, we are able to offer the decision in as little as an business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based on the particular circumstances of each application. Certain deals have been approved in the space of 24 hours.
The fastest way can be make sure you apply during standard business hours and let us use the advanced bank verification system to verify your bank information online. If you decide to upload duplicates of your banking accounts, it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of aspects for determining what is the well-being of the business and the level of the repayments your company will be able to support. The amount you receive from your loan will be contingent on the specifics the business.
If you apply for a particular amount, we consider a variety of variables to assess how much we can lend you such as well-being of your company and the level of repayments that your company will be able to support. The amount you receive from your loan will be contingent on the particular circumstances for your company.
If you decide to request business loans with us company loan, we’ll assess the risk assessment the company and offer you with a customised proposal that includes the loan amount, the terms and interest rates. The business loan is a loan that is priced upfront and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates depend on several factors like the amount of money borrowed, what business assets the money will be used for and the sector the business is in, how long the business has been operating and how long the business has sufficient cash flow to cover the loan, and also the general well-being as well as creditworthiness company.
There are no hidden fees with our business loans, and you’ll be aware of the amount you be required to pay and when, right from the first day. There’s no compounding interest, and no additional fees (as long as you are able to make your payments punctually).
We do not charge an application fee. You are able to get a cash loan no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved 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 percentage of the amount of loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you choose to do this please call our helpful business loan professionals. They will provide you with details for repayment and an early payment figure. The figure will be calculated as the total of the principal balance and accrued interest to the time of early payment, plus 1.5 percent of the remaining principal and any fees that remain unpaid.
To make sure you do not miss payment dates and to align your cash flow schedule, we offer repayments either daily or weekly. They are automatically deducted from your nominated business account.
Security of your data, and knowing the ways we gather data, process, exchange and safeguard your data, is crucial and is an essential element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their security. We make use of an advanced bank verification system to immediately confirm your bank account information online. This allows us to offer quick responses.
Asset-based borrowing occurs when a business owner borrows from assets they own to obtain the funding. The asset may be an individual asset, such as the family home or an business asset like a truck or piece or equipment.
The majority of lending institutions, even the largest banks, are inclined to make loans secured by assets. If you are having difficulty paying back the loan, then your asset may be taken over by the lender. In essence it’s an opportunity to secure new financing taking advantage of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required before you can access the money, however we do need the personal guarantee. As long as you follow your loan obligations (as stipulated in the loan contract) the security of assets will never be needed. For loans that exceed $150K, typically, you will need the option of a personal guarantee and security is provided in the form of an asset charge.
