The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Take a look at the conditions of eligibility for our $100K-$500K company financing.
All that is needed to start is your contact information (the name of your company and your name, as well as email, phone) and the amount you’d like to lend, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of who you are, but not to get started:
Once we’ve started with loans of more than $150,000 you will also need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
Apply for your Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and the funds could be available in just 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. We offer a business loan is a pre-paid loan so you will be aware in advance of the total amount payable including the interest, fees and charges. Then, it is broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used for virtually every company use, including the management of cash flow, company improvements, advertising to purchase inventory, new equipment, as general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the amount of the loan.
To qualify for a loan in this amount the business needs to be in operation for at least 3 years, and have an annual income of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used for nearly any business need, including business renovations, to purchase new equipment or inventory for general working capital and much more. The loan cannot be used for personal use.
Asset security is needed to obtain funding above $150,000. It’s in the form of a charge against assets, which could also include registration in the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than specifying security over an asset. The person signing the guarantee is personally responsible if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date the registration of a security interest.
The caveat can be described as a formal form of document to provide the legal claim against a property.
If you’re requesting an enterprise loan that exceeds $250,000 we may be able to provide an initial pre-approval to make the process. We might be able to apply for this without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could have different conditions.
You can apply for a business loan if you
The application process is fast and easy. Just fill out the online application in just a few minutes, and a dedicated company expert in lending will call you to help you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within an hour if you make your application at standard company timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements we can provide a decision in just an business day.
For the Larger Business Loan ($100K or more) we could be in a position to provide the conditional pre-approval within six hours. After you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain deals have been approved within the space of 24 hours.
The quickest method can be ensure you apply during normal company hours and allow us to use the modern bank verification to check your bank’s information online. If you opt to upload documents from your account accounts, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour, provided you submit your request during standard business timings and you allow us to use the bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statement, we’ll offer a decision within an business day.
For the Larger Business Loans ($100K and up) We may be likely to offer the conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval in less than 24 hours.
The fastest method would be to ensure you apply during normal business hours, and let us use the advanced bank verification system link to check your bank’s information online. If you send us documents from your account statements, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a certain amount we consider a variety of aspects that determine the well-being for your company and the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
If you apply for a specific amount we look at a range of variables to determine how much we can lend you such as well-being of the company and the extent of payments your company can afford. The amount you receive from your loan will depend on the particulars that are unique to your business.
If you decide to request business loans with us business credit, we’ll assess the risk profile for your company and offer an individualised offer including the amount of loan, the term and the interest rates. The business loan is an upfront cost loan so you will know the exact amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on a variety of factors including the amount of money borrowed, the company assets the money will be used for as well as the field the company operates in, the long the company has been running, what percentage of the company has sufficient cash flow to cover the loan, and the general well-being or creditworthiness of the company.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount you need to pay, and at what time, from the very first day. There’s no compounding interest and there are no additional charges (as long as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You may choose to pay back the entire amount of the loan at any point in time.
If you do decide to pursue this option, please talk to one of our helpful company loan specialists. We will offer you with details for repayment and an early payout figure. The figure will be calculated as the sum of the principal amount remaining and accrued interest to the time of the early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
To make sure you do not miss due dates and also to be in line your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and making it clear how we collect the information we collect, use, share and secure your information, is of huge importance and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to protecting the security of customers and security. We make use of an advanced banking verification system to immediately verify your bank account information online so we can offer a fast response.
Asset-based borrowing occurs when an business owner borrows from an asset they own to get a loan. The asset could be an asset belonging to the personal, like the family home or it could be a business property like a truck or piece or equipment.
The vast majority of lending institutions, even the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, then your asset may be offered for sale by the lender. In essence it is a way of securing new funding using the worth of the asset you already have.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds but we require a personal guarantee. need the personal guarantee. As long as you follow the loan terms (as stated in your loan contract document) Asset security is not required. If you take out loans in excess of $150K generally, you are able to get a personal guarantee and security that is in the form an asset charge.
