The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Review the eligibility requirements for our $100K to $500K business loan.
All that’s required to start is your contact details (company name and your name, as well as email, phone) along with the amount you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will require confirmation of your identity, but not before we can begin:
After we start, for loans greater than $150,000 you will also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and have the funds on your account within 24 hours. Traditional company loans reference an annual interest rate along with other charges and fees. Our business loan is a loan that is priced upfront and you’ll be aware of the total amount due, which includes any fees, interest or charges. This is then broken down into weekly or daily payment amount.
The Small Business Loan can be used for almost every company purpose including the management of cash flow, business improvements, advertising to purchase inventory or new equipment, or as general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size the company needs to have been in operation for at least 3 years with an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large company loan can be used for nearly any company need, including business renovations, to purchase new equipment or inventory for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This can be done as a result of an charge over assets, and could be registered on the PPSR or filing a caveat.
A director’s or personal ensure is a promise to repay credit that is general in nature, rather than stipulating security over a particular asset. The person who is signing the guarantee is personally liable in the event that the business 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 that are registered for personal property (including items or assets). The PPSR grants prioritisation over property that is personal to be assigned in accordance with the date on which a security interest that is registered.
Caveats are legal form of document to offer notice of a legal claim on a property.
If you’re requesting larger business loans of more than $250K it is possible to offer an initial pre-approval that will help simplify the process. We might be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial well-being questions. It is not an offer or guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer you might receive could have different conditions.
You may be eligible for an business loan if you
The application process is quick and easy. Just fill out the online application within a few minutes and a dedicated business credit specialist will call you to guide you.
For a loan of up to $100,000 you’ll need the right identification documents (valid Driver’s License) along with an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Application details including credit consent, 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer in just one hour if you submit your request at standard company hours and let us make use of the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statements , we are able to provide the decision in as little as one business day.
For the Larger Business Loan ($100K or more) we might be capable of provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved in 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours and allow us to use our advanced bank verification system link 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.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within an hour, provided you make your application within standard business time and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements, we will be able to offer an answer in as little as 1 business day.
For Larger Business Loans ($100K up to $500,000) we may be likely to offer you with conditional pre-approval within six hours. After you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some offers have been approved in the space of 24 hours.
The quickest method is to ensure you apply during standard business hours. Also, allow us to use our modern bank verification link to instantly verify your bank account information online. If you upload the copies of bank statements, it takes a bit longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount we take into consideration a range of factors for determining how much we can lend you well-being for your business and the extent of repayments your business will be able to support. The amount you receive from your loan will be contingent on the specific circumstances for your company.
When you submit an application for a particular amount, we consider a variety of aspects to assess how much we can lend you such as well-being that is your company and the extent of the repayments your company can support. The amount you receive from your loan will be contingent on the specifics that are unique to your company.
When you apply for the business loans, we will assess the risk profile for your business and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. A business loan is an upfront priced loan so you will be aware in advance of the total amount payable including any charges, interest rates or fees.
The interest rates on business loans rates vary due to factors such as the amount that is of money borrowed, the company assets the funds are used to purchase in addition to the industry that the company is in, how long the business is in operation as well as what percentage of the business has enough cash flow to fund the loan, as well as the general health and creditworthiness of the business.
There aren’t any hidden costs with our company loans, and you’ll know precisely what you’ll be required to pay and when, from the first day. There’s not any compounding interest and there are no additional charges (as as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan with without any upfront costs or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the entire amount of the loan in full at any time.
If you choose to take this route, please call our helpful company loans professionals. They will provide you with details for repayment along with an early payout estimate. This is calculated as the sum of the principal remaining and accrued interest to the time of early payout and 1.5% of the principal balance as well as any outstanding fees.
To make sure you do not miss repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
Security of your data, and being clear about the ways we gather data, process, exchange and safeguard your data, is crucial and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our customers and security. We make use of an advanced bank verification system that allows you to instantly verify the bank account details online to provide an immediate response.
The term "asset-based" refers to borrowing where the business owner makes use of an asset that they own to secure the funding. The asset may be an individual property, such as the family home, or it could be a business property like a truck or piece or equipment.
The vast majority of the lenders including the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan, the asset might be sold by the lender. In essence it’s means of securing new funding taking advantage of the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security before you can access the money However, we do require an individual guarantee. In the event that you fulfill your loan commitments (as stipulated in the loan contract) and you are able to meet your obligations, asset security is not needed. For loans that exceed $150,000, generally, there is the option of a personal ensure and security that is in the form an asset charge.
