The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Take a look at the guidelines for eligibility for our $100K-$500K company loans.
All you need to get started is your contact information (company name, your name, email, phone), how much you’d like to borrow, as well as your monthly income.
Through the process and before settlement we’ll need confirmation of who you are, however, not in order to begin:
In addition, once we have started with loans greater than $150,000 you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
You can apply for this Small Business Loan in under 10 minutes via the internet or over the phone, receive an answer within the same day and the funds could be in your account within 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. We offer a business loan is a loan that is priced upfront and you’ll be aware of the total amount to be paid, including any fees, charges or charges. Then, it is broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for almost any company need, such as managing cash flows, business remodels and marketing to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal purposes.
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 with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit in this amount, your company needs to be operating for a minimum of 3 years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and 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 for nearly every company reason, such as company renovations, purchase of inventory or new equipment or as general working capital and much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. This is by taking a charge against assets, and could be registered with the PPSR or the registration of a caveat.
A personal or director’s ensure is a commitment to repay credit that is generally in nature rather than defining security over a particular asset. The person who signs the ensure is personally liable if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR gives the priority of personal property assigned in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal form of document to provide notice of a legal claim against a property.
If you’re requesting larger company loans that exceeds $250K we may be able to provide an initial pre-approval to smooth out the process. We might be able to make this decision without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering a few financial health checks. It is not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different terms.
You may apply for a company loan if you:
The application process is quick and simple. Just complete the online application within a couple minutes, and an experienced business lending specialist will contact you to assist you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent twelve months bank statement, an IRD statement as well as the two most recent years’ financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K or more) we usually provide an answer within one hour, provided you submit your request during quality company time and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statements , we are able to provide the decision within an business day.
For the Larger Business Loan ($100K or more) we may be likely to offer the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Some offers have been approved within 24 hours.
The fastest way can be make sure you apply during normal business hours and permit us to use the advanced bank verification system link to verify your bank account information online. If you opt to send us documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K or more) we usually offer a response in one hour – provided you make your application within standard business timings and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements, we will be able to provide a decision in as little as an business day.
For the Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some offers have been approved within just 24 hours.
The fastest method is to make sure you apply during normal business hours. You can also let us use the advance bank verification link to instantly verify your bank information online. If you choose to upload duplicates of your banking statements, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a certain amount we look at a variety of factors for determining your well-being that is your company and the amount of repayments your company can afford. The total amount of your loan will be contingent on the specifics the company.
When you make an application for a certain amount, we consider a variety of factors to determine your well-being of the business and the level of the repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances of your company.
If you decide to apply for the business credit, we’ll assess the risk assessment for your company and provide an individualised offer including the amount of the loan, the duration and interest rates. It is a business loan is an upfront cost loan and you’ll know the exact amount to be paid, including any costs, fees, or interest rates.
The interest rates on company loans rates differ based on various factors like the amount of money borrowed, what company assets the funds will be used for, the industry the company operates in, the long the company has been operating as well as how long the company has sufficient cash flow to cover the loan, and the overall health or financial standing of the company.
There are no hidden costs with our business loans, and you’ll know precisely how much you need to pay, and when, right from the very first day. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You can request a credit loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay all of your loan early at any time.
If you do decide to take this route, please speak to our friendly business loans experts. They’ll offer you with the details of your repayment and an early payment figure. It will be calculated using the total of the principal balance plus any accrued interest as of the date of early payout, plus 1.5 percent of the principal balance and any fees that remain unpaid.
To make sure that you don’t miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from the nominated business account.
Security of your data, and making it clear how we collect the information we collect, use, share and secure your information, is vital and an integral part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where the company owner borrows from the assets they have to obtain the loan. The asset may be an individual asset, such as the family home, or it could be a business asset such as a truck as well as a piece of machine.
The majority of lenders, including the big banks, tend to make loans secured by assets. If you’re having trouble paying back the loan then the asset could be transferred to the lender. In essence it is a way of securing additional financing making use of the value of what you already own.
Up to $150K in loans there is no requirement for asset security prior to the loan’s access However, we do need an individual guarantee. As long as you follow your loan obligations (as specified in the loan contract), asset security is not required. For loans that exceed $150K, generally there is personal ensure and security that is in the form the charge of assets.
