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 loan.
All you need to begin is your contact information (the name of your company, your name, email address and telephone) along with the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll require confirmation of who you are but not before we can begin:
After we start with loans that exceed $150,000, you’ll also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
You can apply to this Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be available in just 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. The business loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount payable including any fees, interest or charges. This is then broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost any company reason, such as cash flow management, company remodeling, marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan of this size the company needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly all business purpose including business renovations, purchase of inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge over assets, and could include the registration of this in the PPSR or filing a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature, rather than specifying security over an asset. The person who is signing the guarantee is personally responsible if the company lender is not able 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 the assets or goods). The PPSR grants the priority of personal property assigned according to the date a security interest has been registered.
Caveats are legal form of document to offer notice of a legal claim to a property.
If you’re applying for larger company loans of $250K or more it’s possible to offer an initial pre-approval in order to smooth out the process. We might be able to make this decision without a credit check, and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being checks. It’s in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may have different conditions.
You may apply for a company loan if you
The application process is quick and simple. Just fill out the online application within a couple minutes, and an experienced business credit specialist will contact you to guide you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s License), a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour if you submit your request at quality business timings and you allow us to utilise the bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statement, we’ll offer the decision in as little as one business day.
For the Larger Business Loan ($100K and up) we might be likely to provide you with pre-approval conditional to your application in about 6 hours. After you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some agreements have been approved within the space of 24 hours.
The most effective method can be ensure you apply during normal company hours, and let us use the advance bank verification link to instantly confirm your bank details online. If you choose to send us duplicates of your banking accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within an hour – provided you apply in normal business time and permit us to utilise the advanced bank verification system link to instantly verify your bank information online. If you opt to submit copies of your bank statement, we’ll offer an answer within an business day.
For Larger Business Loans ($100K or more) we may be able to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Some agreements have been approved within the space of 24 hours.
The most efficient method would be to ensure you apply during standard business hours and allow us to use our modern bank verification to check your bank’s information online. If you choose to send us documents from your account statements it will take a little longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a particular amount, we consider a variety of factors in order to assess what is the health for your business and the amount of repayments that your company will be able to support. The amount you receive from your loan will depend on the specifics of your company.
When you make an application for a specific amount we consider a variety of variables to assess the well-being that is your company and the extent of repayments that your company can support. The total amount of your loan will be determined by the particulars of your business.
When you request our business loan, we’ll assess the risk assessment the company and provide you with a customised offer including the loan amount, the terms and the interest rates. The business loan is an upfront-priced loan therefore you will be aware of the total amount to be paid, including any costs, fees, or interest rates.
The interest rates on company loans rates differ based on various variables like the amount to be borrowed, the business assets the money will be used for in addition to the industry that the business operates in, how long the company has been running and how long the company has enough cash flow to support the loan, and also the general well-being or financial standing of the business.
There are no hidden fees for our business loans. You’ll know precisely how much you need to pay and when, from the very first day. There’s not any compounding interest and no additional fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You can apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a cost if you take out 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 early at any time.
If you are deciding to take this route, please contact our helpful business loans specialists. They will provide you with repayment details and an early payout figure. This is calculated as the sum of the principal balance and the accrued interest up to the time of early payout and 1.5 percent of the principal balance plus any outstanding fees.
To ensure that you don’t miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your designated company account.
Making sure that your information is secure, and making it clear the ways we gather information, use it, and exchange it, as well as ensure the security of your information is of paramount importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We use an advanced bank verification system that allows you to immediately verify your bank account details online. This allows us to provide an immediate response.
The term "asset-based" refers to borrowing where a business owner makes use of an asset that they own to make a loan. The asset can be a personal asset like the family home, or an business asset such as a vehicle or piece or equipment.
The majority of lending institutions, including the major banks, prefer to make loans secured by assets. If you are having difficulty paying back the loan, your asset may be sold by the lender. In essence it’s an opportunity to secure new financing by using the value of what you already have.
For loans that exceed $150,000, no asset security is required upfront to access the money however, we require a personal guarantee. need a personal guarantee. If you adhere to your loan obligations (as detailed in your loan contract) the security of assets will never be needed. For loans that exceed $150K, generally, you are able to get the option of a personal ensure and security in the form of charges on assets.
