The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K-$500K business loan.
All that’s needed to get started is your contact details (company name, your name, email and telephone) along with the amount you want to borrow, as well as your monthly income.
While in the process and before settlement we will require confirmation of your identity but not to get started:
After we start when it comes to loans greater than $150,000 you’ll also require the following financial statements:
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
You can apply for the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and the money could be in your account in 24 hours. Traditional company loans are based on an annual rate of interest plus other fees and charges. The business loan is an upfront priced loan so you will be aware in advance of the amount you will have to pay, including the interest, fees and charges. This is then broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for nearly every business use, including cash flow management, business renovations, 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 amount of loan to help company expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly depending on your cash flow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To be eligible for a loan of this size the company needs to have been operating for at least three years, and have an annual income of $700K. The applicant must also 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 minimum 12 months of business.
A large business loan can be used to fund almost every company purpose including business renovations, purchase of equipment or inventory as well as for general working capital, and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. It is usually by way of charge against assets, and may be registered through the PPSR or making as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than defining security over a particular asset. The person signing the guarantee is personally liable in the event that the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR gives preference over private property granted in accordance with the date on which a security interest that is registered.
An affidavit is an official form of document to provide the legal claim to a property.
If you’re applying for larger company loans of $250,000 or more it’s possible to offer an initial pre-approval in order to simplify the process. We might be able to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes the answer to a series of financial well-being checks. It is in no way an offer, nor is it a guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer you might receive could have different terms.
You may apply for an company loan if you
The application process is simple and easy. Simply complete the online form in few minutes and a dedicated company lending specialist will call you to guide you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement, last 2 years finalised financial statements, and interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually provide an answer within one hour if you submit your request during standard company hours and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statement, we’ll offer a decision in just one business day.
If you are applying for a Larger Business Loan ($100K and up) we could be in a position to offer you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The quickest way to apply can be ensure you apply during normal company hours. You can also allow us to use the advance bank verification link to verify your bank account information online. If you decide to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour – as long as you make your application in standard business hours and let us make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to submit copies of your bank statements we can provide a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K or more) we may be capable of provide you with conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some agreements have been approved within 24 hours.
The fastest method would be to ensure you apply during normal business hours. You can also allow us to use the advance bank verification link to verify your bank account information online. If you send us duplicates of your banking statements it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of elements for determining the health that is your company and the level of repayments that your business is able to afford. The amount you receive from your loan will depend on the specifics the business.
When you make an application for a certain amount, we look at a range of variables to determine the well-being for your company and the amount of the repayments your company is able to afford. The total amount of your loan will depend on the specific circumstances that are unique to your company.
If you decide to apply for the company financing, we will assess the risk profile for your business and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. The business loan is an upfront cost loan therefore 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 variables like the amount to be that is borrowed, what business assets the money are used to purchase and the sector the company operates in, how long the company has been operating as well as in the event that the company has enough cash flow to fund the loan, and the overall well-being or financial standing of the company.
There aren’t any hidden charges for our business loans. You’ll know precisely what you’ll need to pay and when, from the day you sign up. There’s not any compounding interest and there are no additional charges (as long as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can choose to repay the entire amount of the loan in full at any time.
If you choose to take this route, please speak to our friendly company loans specialists. We will provide you with repayment details and an early payment figure. This will be calculated as the sum of the principal remaining and any accrued interest at the time of early payout in addition to 1.5% of the principal remaining as well as any outstanding fees.
To make sure you do not miss payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from the nominated company account.
Protecting your information, and knowing how we collect the information we collect, use, share and ensure the security of your information is vital and is a crucial part of our relationship you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We employ a highly sophisticated bank verification system link to immediately confirm your bank account information online. This allows us to offer a fast response.
Asset-based borrowing occurs when the company owner uses an asset they own to get a loan. The asset can be an individual property, such as the family home, or a business asset such as a truck or piece of equipment.
The majority of lenders, not just the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan, then the asset might be transferred to the lender. In essence it is an opportunity to secure new financing by using the value of what you already own.
Up to $150,000 in loans no asset security is required prior to the loan’s access however, we require a personal guarantee. need a personal guarantee. If you adhere to the loan terms (as stated in the loan contract) Asset security is not needed. For loans of over $150K generally there is the option of a personal guarantee and security that is in the form charges on assets.
