The eligibility requirements for 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 business loan.
All you need to begin is your contact information (the name of your company, your name, email address, phone) along with the amount you’d like to borrow and your monthly earnings.
During the process and before settlement we’ll need confirmation of who you are but not for starting:
After we start, for loans of more than $150,000 you will also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
It is imaginable to apply to the Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and the funds could be in your account within 24 hours. Traditional business loans reference an annual rate of interest together with additional fees and charges. Our business loan is an upfront priced loan so you will be aware of the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for nearly any business need, such as the management of cash flow, business improvements, advertising to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to have been in operation for at least 3 years, and have an annual income of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A larger company loan can be used to fund almost any business use, including business improvements, purchasing inventory or new equipment for general working capital, and much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. This is by way of charge against assets, which could also include registration in the PPSR or the registration of a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is generally in nature rather than defining the security for a particular asset. The person who is signing the guarantee is personally accountable if the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR grants preference over private property assigned in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal form of document to offer an official notice of a claim against a property.
If you’re applying for the Larger Business Loan of $250K or more it’s possible to offer a preliminary pre-approval to help make the process. We could be able to apply for this without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial health checks. This is not an offer or guarantee of credit. The approval of a conditional loan is subject to a full credit assessment and any offer you might receive could be on different conditions.
You are eligible to apply for a business loan if you;
The application process is fast and simple. Simply complete the online form in just a few minutes, and an experienced business expert in lending will call you to help you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) and a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent and 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically provide an answer in just one hour – as long as you submit your request in standard business hours and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statement, we’ll offer a decision in just one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we could be capable of provide you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this could be shorter based upon the circumstances for each application. Some agreements have been approved within just 24 hours.
The quickest method for you to apply is ensure you apply during standard company hours, and let us use the advanced bank verification system to verify your bank information online. If you choose to upload duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within an hour – provided you submit your request during normal business timings and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll provide an answer in as little as one business day.
For Larger Business Loans ($100K and up) we could be able to provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Certain transactions have received approval within just 24 hours.
The fastest method can be make sure you apply during normal business hours, and allow us to use the advance bank verification link to instantly verify your bank information online. If you choose to send us copies of your bank statements, it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a particular amount, we look at a variety of elements that determine how much we can lend you health of the company and the amount of repayments your business is able to afford. The total amount of the loan will be determined by the specific circumstances for your company.
If you apply for a specific amount we consider a variety of variables to determine how much we can lend you such as well-being of your company and the amount of payments your business can afford. The total amount of your loan will be contingent on the specific circumstances of your business.
When you request one of our company loans, we will assess the risk profile for your company and provide an individualised offer that includes loan amount, term and interest rates. The business loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any costs, fees, or interest rates.
The interest rates on business loans rates depend on a variety of factors such as the amount that is of money borrowed, the company assets the money are used to purchase and the sector the business is operating in, how long the company has been running for, whether the company has sufficient cash flow to pay for the loan, and also the general well-being and creditworthiness of the company.
There are no hidden costs with our business loans, and you’ll know precisely what you’ll be required to pay and when, right from the first day. There’s not any compounding interest and there are no additional charges (as as you make your payments on time).
We do not charge an Application Fee. You are able to request a credit loan no cost upfront or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of your loan at any point in time.
If you decide to pursue this option, please talk to one of our helpful business credit experts. The specialists will provide you with details for repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining and accrued interest to the time of the early payout in addition to 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss repayments and to fit in with your cash flow cycle we offer repayments that are either daily or weekly. They will be automatically deducted from the nominated business account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and safeguard your data, is of paramount importance and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We utilise a sophisticated bank verification system link to instantly verify your bank account information online so we can offer an immediate response.
Asset-based borrowing occurs when an business owner uses assets they own to secure a loan. The asset could be an individual asset, such as the family home, or an business property like a truck or piece of equipment.
The majority of the lenders even the banks with the biggest size, prefer to guarantee loans against assets. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it’s the process of securing new funding taking advantage of the value of what you already own.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds, however we do need an individual guarantee. In the event that you fulfill your loan commitments (as detailed in the loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150K generally, you can get the option of a personal guarantee and security in the form of charges on assets.
