The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Take a look at the conditions of eligibility for our $100K-$500K business credit.
All that’s required to start is your contact information (the name of your company, your name, email address, phone), how much you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are but not to get started:
After we start in the process, for loans of more than $150,000 you will also need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes over the phone, receive an instant response and funds may be in your account in 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. This company loan is an upfront priced loan which means you know ahead of time the amount you will have to pay, including any fees, interest or charges. This is then broken down into either weekly or daily repayment figure.
It is a Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, business remodeling, marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly, depending on your situation.
This Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To qualify for a loan that is this large the company needs to have been trading for at least 3 years with an annual turnover of $700,000. It is necessary to 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 least 12 months of trading.
A large business loan can be used for almost any business purpose including company renovations, to purchase new equipment or inventory, as general working capital and much more. The loan cannot be used for personal use.
Asset security is needed for accessing funds over $150,000. This is as a result of an charge over assets, which could also include registration in the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is generally based rather than stipulating security over an asset. The person who is signing the guarantee is personally responsible if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR permits prioritisation over property that is personal to be assigned depending on the date that a security interest was registered.
An affidavit is an official form of document to provide notice of a legal claim against a property.
When you’re applying for larger business loans of more than $250K we may be able to provide a preliminary pre-approval to help smooth out the process. We may be able to apply for this without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial health questions. This is neither an offer nor a guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer that you might receive could be based on different conditions.
You are eligible to apply for an company loan if you
The application process is simple and simple. Just fill out the online application in few minutes and an experienced business expert in lending will be in touch to guide you through the process.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Application details including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K or more) we usually offer a response in one hour if you make your application in standard business timings and let us utilise the advanced bank verification system link to instantly verify your bank details online. If you want to send us copies of your bank statements , we are able to provide the decision in just the span of one business day.
If you are applying for a Larger Business Loan ($100K and up) we may be able to offer you with pre-approval conditional to your application in about 6 hours. After you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval, however it could be faster based on the circumstances of each application. Certain transactions have received approval in 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard company hours and let us use the advanced bank verification system to verify your bank account information online. If you opt to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer in just one hour, provided you make your application at normal business time and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to send us copies of your bank statements, we are able to offer the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K or more) we might be capable of provide the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved within just 24 hours.
The most efficient method is to ensure you apply during standard business hours. Also, allow us to use our advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your bank statements it may take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of variables to determine your health for your business as well as the amount of repayments your company can afford. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you apply for a set amount, we look at a range of factors to assess your health of the business and the amount of the repayments your business is able to afford. The total amount of your loan will be determined by the specifics for your company.
When you request one of our business loans, we’ll assess the risk assessment that you have for your company and provide you with a customised proposal that includes the amount of loan, the term and interest rates. The company loan is a loan that is priced upfront and you’ll be aware of the total amount payable including any costs, fees, or interest rates.
Business loan interest rates depend on several factors such as the amount that is of money borrowed, the company assets the funds will be used for as well as the field the business operates in, how long the business has been in operation for, in the event that the company has sufficient cash flow to support the loan, and the general well-being or creditworthiness of the company.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you need to pay and when, from the very first day. There’s not any compounding interest and no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to get a cash loan no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with setting up 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 percentage of the amount of the loan.
You can choose to repay all of your loan at any point in time.
If you are deciding to do this please speak to our friendly company loans experts. The professionals will provide you with repayment details as well as an early payout amount. It will be calculated using the total of the principal balance plus any accrued interest as of the time of early payment in addition to 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss payments and to work your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your nominated company account.
Security of your data, and knowing the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We employ a highly sophisticated bank verification system that allows you to instantly verify the bank account details online to offer quick responses.
Asset-based borrowing is when the company owner borrows from an asset that they own to get the funding. The asset can be a personal asset like the family home, or a business asset such as a truck or piece of equipment.
The vast majority of the lenders including the largest banks, are inclined to guarantee loans against an asset. If you’re struggling to pay back the loan then your asset may be transferred to the lender. In essence, it is the process of securing additional financing making use of 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 do need the personal guarantee. As long as you follow your loan obligations (as stated in your loan contract document) Asset security is not required. For loans of over $150,000 typically, you will need an individual guarantee and security that is in the form charges on assets.
