The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K company loans.
All you need for starting is your contact details (the name of your company and your name, as well as email, phone) along with the amount you’d like to lend, and your monthly income.
In the course of the process and before settlement we will require confirmation of your identity, but not for starting:
After we start when it comes to loans that exceed $150,000, you will also require basic financial statements:
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Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 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 over the phone. You’ll get an answer within the same day and funds may be on your account within 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. The company loan is a pre-paid loan so you will know in advance the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into a daily or weekly payment amount.
A Small Business Loan can be used for virtually any business need, such as control of cash flow company remodels and marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
In order to be eligible for a loan in this amount the company needs to be operating for a minimum of 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A large company loan is a great option for almost any business need, including business renovations, purchase of inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is necessary for accessing funds over $150,000. This can be done as a result of an charge against assets and can be registered on the PPSR or the registration of a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is generally in nature rather than specifying security over a particular asset. The person signing the guarantee is personally liable in the event that the business lender is not able to pay back 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 that are registered for personal property (including the assets or goods). The PPSR grants preference over private property assigned in accordance with the date on which a security interest that is registered.
Caveats are legal form of document to offer the public notice of a legal claim on a property.
If you’re applying for an enterprise loan of more than $250K we may be able to provide an initial pre-approval in order to make the process. We may be able to make this decision without a credit check and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial well-being questions. This is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could be based on different conditions.
You can apply for a business loan if you;
The application process is fast and simple. Just fill out the online application in few minutes and an experienced business expert in lending will be in touch to assist you.
For a loan of up to $100,000, you’ll need proof of identity (valid Driver’s License), a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) We can usually provide an answer within one hour if you submit your request during standard business timings and permit us to use the advanced bank verification system to instantly verify your bank’s information online. If you choose to send us copies of your bank statements we can offer an answer within an business day.
For the Larger Business Loan ($100K up to $500,000) we could be likely to provide you with conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Some offers have been approved within just 24 hours.
The fastest way is to ensure you apply during normal company hours, and allow us to use our modern bank verification link to verify your bank account information online. If you upload the copies of bank accounts, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer within an hour – provided you apply at standard business timings and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can offer a decision within one business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be able to provide the conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved within the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours. You can also allow us to use our modern bank verification to verify your bank information online. If you upload duplicates of your banking statement, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we take into consideration a range of factors to determine what is the health of your business and the amount of payments your business can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a specific amount we will consider a number of factors to assess your well-being of the company and the extent of payments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances the business.
If you decide to make an application for business loans with us company financing, we will assess the risk profile of your company and provide you with a tailored proposal that includes the loan amount, the terms and interest rates. The business loan is an upfront cost loan so you will be aware of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors like the amount of money borrowed, what business assets the funds are used to purchase as well as the field the business is in, how long the company has been running, whether the company has sufficient cash flow to support the loan, and the overall health and creditworthiness of the business.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you’ll need to pay and at what time, from the first day. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments in time).
We do not charge an application fee. You can apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can choose to repay the entire amount of the advance loan at any time.
If you do decide to take this route, please talk to one of our helpful company lending professionals. 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 and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal remaining as well as any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide payments that are either weekly or daily. They will be automatically deducted from the nominated business account.
The security of your personal information, as well as being upfront about the ways we gather the information we collect, use, share and protect your information, is of paramount importance and a vital part of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to customer security and security. We employ an exceptionally sophisticated bank verification system link to instantly confirm your bank account information online to provide a fast response.
The term "asset-based" refers to borrowing where the company owner utilises the assets they have to get the funds for a loan. The asset could be an individual property, such as the family home or an business asset such as a vehicle or piece or equipment.
The majority of banks, not just the banks with the biggest size, prefer to secure loans against an asset. If you’re having trouble paying back the loan then your assets could be taken over by the lender. In essence it is a way of securing additional financing taking advantage of the value of what you already have.
For loans of up to $150,000, the requirement for asset security is not required in advance to gain access to the funds However, we do need a personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract) Asset security is not needed. For loans of over $150,000 generally there is the option of a personal guarantee and security that is in the form a charge over assets.
