The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Find out the conditions of eligibility for our $100K to $500K company loan.
All that’s needed for starting is your contact information (the name of your company and your name, as well as email and phone) along with the amount you’d like to lend, as well as your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not for starting:
In addition, once we have started, for loans that exceed $150,000, you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
The application for the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an instant response and funds may be available in just 24 hours. Traditional business loans refer to an annual rate of interest along with other charges and fees. We offer a business loan is a cash-based loan so you will know in advance the total amount payable including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for virtually every company use, including control of cash flow company improvements, advertising to purchase inventory, new equipment, as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
A Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to be operating for at least three years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger company loan can be used for almost every business need, including business remodeling, buying inventory or new equipment as well as for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. This can be done as a result of an charge on assets, and could include registration on the PPSR or the registration of as a caveat.
A personal or director’s ensure is a promise to repay credit that is generally in nature rather than specifying the security of a specific asset. The person who is signing the guarantee is personally liable in the event that the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR gives priority over personal property to be assigned according to the date the security interest has been registered.
Caveats are legal document lodged to provide an official notice of a claim against a property.
If you’re seeking an enterprise loan that exceeds $250,000 we may be able to provide an initial pre-approval that will help ease the process. We could be able to get this done without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial health checks. It is not an offer or guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you might receive could be on different terms.
You may be eligible for an company loan if you;
The application process is simple and easy. Simply complete the online form within a few minutes and a dedicated business loan specialist will call you to guide you.
To apply for 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 of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $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, as well as interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer within one hour – as long as you make your application within quality company time and allow us to utilise the bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements we can provide the decision within the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of offer the conditional pre-approval within 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Certain deals have been approved within less than 24 hours.
The most efficient method is to make sure you apply during standard company hours, and allow us to use the modern bank verification to check your bank’s information online. If you upload documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K or more) we typically offer an answer within one hour – provided you apply during standard business hours and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements we can offer an answer in as little as an business day.
For Larger Business Loans ($100K and up) We may be likely to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Some transactions have received approval within 24 hours.
The most efficient method for you to apply is ensure you apply during normal business hours. Also, let us use the advance bank verification link to instantly verify your bank information online. If you opt to send us documents from your account statement, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of factors in order to assess what is the health of the company as well as the amount of repayments that your company can afford. The amount you receive from the loan will be determined by the specifics the business.
When you make an application for a certain amount, we take into consideration a variety of elements to assess the well-being that is your company as well as the amount of repayments that your company can support. The total amount of the loan will be determined by the specifics the company.
When you make an application for one of our company loan, we will assess the risk profile the company and provide you with a tailored offer including the loan amount, the terms and interest rates. The company loan is an upfront cost loan which means you know in advance the total amount due, which includes any charges or interest.
The interest rates on company loans rates vary due to factors like the amount of money of money borrowed, the business assets the money will be used for as well as the field the business is operating in, how long the company is in operation as well as in the event that the company has sufficient cash flow to support the loan, and general health or creditworthiness of the business.
There are no hidden fees for our company loans, and you’ll be aware of the amount it is that you be required to pay and at what time, from the first day. There’s no compounding and no additional fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You can make an application for loans without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the total amount of your advance loan at any time.
If you choose to do this please talk to one of our helpful business loan professionals. The specialists will provide you with the details of your repayment along with an early payout estimate. This is calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout in addition to 1.5% of the principal balance plus any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we offer repayments that are either weekly or daily. They will be automatically deducted from your nominated business account.
Security of your data, and knowing the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system to instantly confirm your bank account information online. This allows us to provide an immediate response.
Asset-based borrowing is when an business owner makes use of assets they own to make the funding. The asset can be an asset belonging to the personal, like the family home, or a company property like a truck as well as a piece of machine.
The majority of lending institutions, not just the banks with the biggest size, prefer to secure loans against an asset. If you have trouble paying back the loan, the asset could be offered for sale by the lender. In essence it’s the process of securing new financing by making use of the value of what you already own.
Up to $150K in loans the requirement for asset security is not required prior to the loan’s access, however we do need an individual guarantee. So long as you comply with the loan terms (as detailed in the loan contract) the security of assets is not needed. For loans of over $150K generally, there is the option of a personal guarantee and security in the form of a charge over assets.
