The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Check out the conditions of eligibility for our $100K to $500K company credit.
All that’s required for starting is your contact information (the name of your company and your name, as well as email, phone), how much you want to borrow, and your monthly revenue.
Through the process and before settlement we will require confirmation of who you are but not for starting:
After we start with loans of more than $150,000 you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to your Small Business Loan in under 10 minutes by phone. You will receive an instant response and the money could be available in just 24 hours. Traditional company loans have an annual interest rate plus other fees and charges. This company loan is a pre-paid loan which means you know in advance the total amount to be paid, including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
It is a Small Business Loan can be used for almost every company use, including managing cash flows, business remodels and marketing to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your cash flow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent 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 generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used to fund almost all company reason, such as business renovations, to purchase equipment or inventory or as general working capital and much more. The loan cannot be used for personal use.
Asset security is required to obtain funding above $150,000. This is in the form of a charge against assets, which could also include the registration of this with the PPSR or filing as a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than stipulating security over a particular asset. The person who signs the guarantee is personally liable in the event that the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR allows the priority of personal property assigned according to the date a registration of a security interest.
A caveat is a legal document lodged to provide the public notice of a legal claim to a property.
When you’re applying for larger company loans that is greater than $250,000 we can offer a preliminary pre-approval to help smooth out the process. We could be able to do this without credit checks and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes answering a couple of financial health questions. It’s not an offer or guarantee of finance. Unconditional approval is subject to an extensive credit evaluation and any offer that you are offered could be on different terms.
You are eligible to apply for an business loan if you
The process for applying is fast and simple. Just complete the online application within a couple minutes, and an experienced business expert in lending will call you to help you.
To be eligible for up to $100,000, you’ll need identification details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$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 as well as the two most recent years’ financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K or more) we typically provide an answer within one hour if you apply in standard business times and permit us to utilise the bank verification system link to instantly verify your bank details online. If you choose to submit copies of your bank statements , we are able to offer the decision in as little as one company day.
For the Larger Business Loan ($100K or more) we might be able to offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Some transactions have received approval in the space of 24 hours.
The fastest way would be to make sure you apply during normal company hours. Also, let us use the advance bank verification link to instantly confirm your bank details online. If you opt to send us duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within one hour – provided you submit your request during standard business hours and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we’ll provide the decision in just the span of one business day.
For Larger Business Loans ($100K or more) We may be in a position to provide the conditional pre-approval in about six hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this can be faster depending on the particular circumstances of each application. Certain offers have been approved in just 24 hours.
The fastest method would be to make sure you apply during normal business hours and allow us to use our advanced bank verification system link to instantly verify your bank account information online. If you upload the copies of bank accounts, it will take a little longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a particular amount, we take into consideration a range of aspects that determine what is the health that is your business and the amount of repayments that your company is able to afford. The total amount of the loan will be determined by the specific circumstances for your company.
When you submit an application for a particular amount, we consider a variety of factors to assess the well-being of your business and the amount of the repayments your business will be able to support. The total amount of the loan will be determined by the specifics the company.
When you make an application for business loans with us business loans, we’ll assess the risk assessment for your company and offer an individualised offer that includes the amount of loan, the term and the interest rates. A company loan is an upfront cost loan which means you be aware of the total amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates depend on a variety of factors including the amount borrowed, what business assets the funds will be used for and the sector the business operates in, the long the business has been operating for, how long the business has enough cash flow to cover the loan, and general well-being and creditworthiness of the company.
There aren’t any hidden costs for our company loans. You’ll know exactly how much it is that you be required to pay and when, starting from day one. There’s no compounding interest, and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an application fee. You are able to apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can repay the total amount of your advance loan at any time.
If you do decide to take this route, please contact our helpful business loans professionals. They will offer you with the details of your repayment and an early payment figure. This is calculated as the sum of the remaining principal amount and the accrued interest up to the time of early payout plus 1.5% of the principal remaining as well as any outstanding fees.
To make sure that you don’t miss due dates and also to be in line with your cash flow standard, we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as ensure the security of your information is vital and a vital part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We use an advanced bank verification system link to instantly confirm your bank account information online so we can offer quick responses.
The term "asset-based" refers to borrowing where an company owner makes use of an asset they own to obtain a loan. The asset can be either an asset belonging to the personal, like the family home, or a business asset like a truck or piece of equipment.
The majority of lending institutions, including the major banks, prefer to guarantee loans against assets. If you have trouble paying back the loan then the asset could be taken over by the lender. In essence, it is a way of securing new financing by using the worth of the asset you already own.
For loans of up to $150K, no asset security is required upfront to access the money, however we do require a personal guarantee. As long as you follow the terms of your loan (as specified in your loan contract document) Asset security will never be required. For loans of over $150K generally there is personal ensure and security in the form of a charge over assets.
