The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the conditions of eligibility for our $100K to $500K company financing.
All you need for starting is your contact information (company name and your name, as well as email and telephone), how much you’d like to borrow, as well as your monthly income.
While in the process and before settlement we’ll need confirmation of who you are but not to get started:
In addition, once we have started in the process, for loans over $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes via the internet or over the phone, receive an instant response and the funds could be in your account in 24 hours. Traditional business loans reference an annual interest rate as well as other fees and charges. We offer a company loan is an upfront priced loan and you’ll know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily payment amount.
The Small Business Loan can be used for nearly every business purpose including cash flow management, business renovations, marketing for purchasing inventory or new equipment, as general working capital, and much more. The loan is not available for personal reasons.
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 with a term fixed with a maximum of 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
To be eligible for a credit in this amount, your business needs to be operating for at least three years and generate an annual revenue of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger company loan can be used for almost all business purpose including business renovations, to purchase new equipment or inventory as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is needed to obtain funding above $150,000. It’s as a result of an charge against assets, and could be registered in the PPSR or registering as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than specifying security over a particular asset. The person signing the ensure is personally liable if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR gives the priority of personal property assigned according to the date a registration of a security interest.
An affidavit is an official document filed to provide notice of a legal claim against a property.
If you’re applying for a Larger Business Loan of more than $250K we can offer an initial pre-approval that will help make the process. We may be able to do this without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer you might receive could have different terms.
You may be eligible for a company loan if you;
The process for applying is fast and simple. Just fill out the online application within a few minutes and an experienced business loan specialist will call you to help you.
To apply for up to $100,000 you’ll require proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K and up) we usually offer an answer within an hour – as long as you apply in quality company times and allow us to utilise the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements , we’ll be able to provide an answer within an business day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide you with pre-approval conditional to your application in around six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the particular circumstances of each application. Some deals have been approved in less than 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours and permit us to use the advanced bank verification system link to instantly check your bank’s information online. If you send us the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer within one hour – as long as you submit your request during standard business times and allow us to use the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements we can offer an answer in just an business day.
For the Larger Business Loans ($100K up to $500,000) we could be likely to provide you with a conditional pre-approval within about six hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Certain transactions have received approval within the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours and allow us to use the advanced bank verification system to instantly check your bank’s information online. If you choose to upload documents from your account statement, it may take a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a particular amount, we look at a variety of elements for determining your well-being that is your business and the amount of payments your business can support. The amount you receive from your loan will be contingent on the particular circumstances of your business.
When you make an application for a particular amount, we will consider a number of variables to assess the health of your company and the extent of repayments that your business can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
If you decide to apply for one of our company loan, we will assess the risk assessment that you have for your business and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. It is a company loan is a loan that is priced upfront so you will be aware of the total amount you will have to pay, including charges or interest.
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 company is in, how long the business has been running, how long the company has enough cash flow to fund the loan, and also the general health or creditworthiness of the company.
There are no hidden fees for our company loans, and you’ll be aware of the amount you need to pay, and at what time, from the first day. There’s no compounding interest and no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You are able to get a cash loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can repay all of your loan at any point in time.
If you choose to do this please contact our helpful company loans experts. The experts will provide you with details for repayment and an early payout figure. The figure will be calculated as the sum of the principal remaining and the accrued interest up to the time of the early payout and 1.5% of the principal amount remaining and any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your company account.
The security of your personal information, as well as being clear about how we collect, use, exchange and secure your information, is vital and is a crucial aspect of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and security. We use an advanced banking verification system to instantly verify the bank account details online, allowing us to provide quick responses.
The term "asset-based" refers to borrowing where the business owner borrows from the assets they have to obtain the funding. The asset may be an asset belonging to the personal, like the family home or a company asset such as a truck or piece or equipment.
The vast majority of lending institutions, even the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence, it’s a way of securing new financing by using the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security in advance to gain access to the funds however, we do need an individual guarantee. If you adhere to the loan terms (as stipulated in the loan contract) Asset security will never be needed. For loans that exceed $150,000, generally, you can get a personal ensure and security in the form the charge of assets.
