The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Find out the eligibility requirements for our $100K to $500K business credit.
All that’s needed to get started is your contact information (company name, your name, email or phone number) along with the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we will need confirmation of who you are, but not to get started:
After we start, for loans that exceed $150,000, you will also require basic financial statements.
Let’s get started now.
Wellington unsecured loans offers amounts of 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 to get your Small Business Loan in under 10 minutes online or over the phone, receive an instant response and have the funds on your account within 24 hours. Traditional business loans have an annual interest rate along with other charges and fees. The business loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including the interest, fees and charges. This is then broken down into either a daily or weekly installment amount.
The Small Business Loan can be used to fulfill almost every company purpose including cash flow management, company remodels and marketing for purchasing inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the loan amount.
To be eligible for a credit of this size the company needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan is a great option for almost every company need, including business renovations, purchase of equipment or inventory or as general working capital and so much more. The loan is not available for personal use.
Asset security is required to obtain funding above $150,000. It is usually as a result of an charge over assets, and may be registered on the PPSR or the registration of as a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature rather than stipulating the security of a specific asset. The person signing the guarantee is personally accountable if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR permits priority over personal property to be assigned according to the date a security interest was registered.
An affidavit is an official form of document to offer the legal claim on a property.
When you’re applying for a Larger Business Loan that exceeds $250K we may be able to provide a preliminary pre-approval to help ease the process. We may be able to do this without a credit check and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial health questions. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you receive could be based on different conditions.
You can apply for a company loan if you
The application process is quick and easy. Complete the online form in few minutes and a dedicated business credit specialist will contact you to help you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth 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 the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, and interim financial statements for the current year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K and up) we can often offer an answer in just one hour, provided you submit your request during quality business time and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements , we are able to offer the decision within just an company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to offer the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Certain offers have been approved within the space of 24 hours.
The quickest method is to ensure you apply during standard business hours. You can also let us use the modern bank verification link to instantly check your bank’s information online. If you decide to send us documents from your account accounts, it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within one hour – provided you submit your request within normal business hours and allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statement, we’ll offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be capable of offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this can be faster depending on the particular circumstances of each application. Certain deals have been approved within the space of 24 hours.
The most effective method for you to apply is make sure you apply during normal business hours. You can also permit us to use the modern bank verification to instantly check your bank’s information online. If you send us documents from your account statement, it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of variables in order to assess how much we can lend you well-being that is your company and the amount of repayments your company will be able to support. The amount you receive from the loan will be determined by the specific circumstances the company.
When you submit an application for a set amount, we take into consideration a variety of aspects to assess how much we can lend you such as health for your company and the amount of repayments your business can support. The total amount of your loan will be contingent on the specific circumstances of your business.
If you decide to make an application for our company credit, we’ll assess the risk assessment of your business and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. A company loan is an upfront priced loan which means you be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors including the amount borrowed, what company assets the money are used to purchase and the sector the business operates in, how long the company has been in operation and how long the business has enough cash flow to support the loan, as well as the overall well-being as well as creditworthiness company.
There aren’t any hidden charges with our business loans, and you’ll be aware of the amount you be required 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 in time).
We don’t charge an Application Fee. You can request a credit loan with no cost upfront or commitment to apply.
The Origination Fee is the cost associated with establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can repay all of your advance loan at any time.
If you decide to do this please call our helpful business lending experts. They’ll provide you with the details of your repayment and an early payout figure. It will be calculated using the total of the principal remaining plus any accrued interest as of the time of early payment, plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from the nominated company account.
Security of your data, and knowing how we collect information, use it, and exchange it, as well as safeguard your data, is of huge importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We make use of an advanced banking verification system to immediately verify your bank account details online, allowing us to provide an immediate response.
Asset-based borrowing is when an company owner uses assets they own to obtain the funding. The asset may be an individual property, such as the family home, or an business asset like a truck or piece of equipment.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then your assets could be offered for sale by the lender. In essence it’s an opportunity to secure new financing by using the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security in advance to gain access to the funds however, we do require a personal guarantee. So long as you comply with the loan terms (as specified in your loan contract) Asset security will never be needed. For loans of over $150K generally, you can get an individual ensure and security in the form of a charge over assets.
