The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K business financing.
All that’s needed for starting is your contact details (company name, your name, email, phone) and the amount you want to borrow, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are however, not in order to begin:
Once we’ve started, for loans of more than $150,000 you’ll need basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional business loans have an interest rate per annum plus other fees and charges. This company loan is a loan that is priced upfront therefore you’ll know in advance the total amount payable including any fees, interest or charges. This is then divided into weekly or daily amount to be paid back.
The Small Business Loan can be used to fulfill almost every business need, such as cash flow management, company improvements, advertising to purchase inventory, new equipment, or as general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
To be eligible for a credit in this amount, your company needs to be operating for at least three years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used for almost any company purpose including business remodeling, buying new equipment or inventory or as general working capital and so much more. The loan is not available for personal use.
Asset security is needed for accessing funds over $150,000. It is usually in the form of a charge against assets, and may include the registration of this in the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person signing the ensure is personally liable if the business creditor is unable 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 contains security interests that are registered for personal property (including items or assets). The PPSR grants priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document that is filed to provide the public notice of a legal claim to property.
When you’re applying for a Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval to smooth out the process. We could be able to get this done without a credit check, and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health checks. It’s in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different conditions.
You are eligible to apply for a business loan if you
The application process is fast and simple. Complete the online form in just a few minutes, and a dedicated business lending specialist will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Information on the application including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) We can usually provide an answer within an hour if you submit your request during standard company time and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements we can provide a decision within just one company day.
For Larger Business Loans ($100K and up) we could be in a position to offer you with a conditional pre-approval within six hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours and let us use the modern bank verification to instantly check your bank’s information online. If you opt to upload duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer within one hour – as long as you submit your request at normal business time 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 send us copies of your bank statements, we are able to provide a decision in as little as an business day.
For the Larger Business Loans ($100K or more) we might be capable of offer the conditional pre-approval in about six hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The fastest method can be make sure you apply during standard business hours, and allow us to use the advanced bank verification system link to check your bank’s information online. If you opt to send us copies of your bank statement, it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a particular amount, we consider a variety of aspects that determine the health of the business and the level of payments your company will be able to support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
When you apply for a certain amount, we take into consideration a variety of elements to determine your health for your business and the amount of repayments that your company can afford. The amount you receive from the loan will be determined by the specific circumstances for your company.
If you decide to make an application for one of our business loan, we’ll assess the risk assessment of your company and offer you with a tailored offer, including the loan amount, the terms and the interest rates. It is a company loan is an upfront priced loan so you will know in advance the total amount payable including any charges or interest.
Business loan interest rates depend on a variety of factors including the amount of money borrowed, the business assets the funds will be used for in addition to the industry that the business operates in, the long the business has been running and what percentage of the business has enough cash flow to fund the loan, and the overall well-being or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you need to pay, and when, starting from day one. There’s no compounding interest, and no extra fees (as as you make your payments in time).
We don’t charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay the entire amount of your loan early at any time.
If you are deciding to do this please speak to our friendly company loan specialists. The experts will provide you with repayment details and an early payment figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the time of early payment in addition to 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing payment dates and to align with your cash flow routine, we provide payments that are either weekly or daily. They will be automatically deducted from your nominated business account.
Making sure that your information is secure, and knowing how we collect the information we collect, use, share and ensure the security of your information is of huge importance and is a crucial part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online so we can offer rapid response.
The term "asset-based" refers to borrowing where a business owner uses the assets they have to make the funding. The asset can be an individual property, such as the family home, or it could be a business asset such as a truck or piece or equipment.
The vast majority of the lenders even the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset could be sold by the lender. In essence, it’s a way of securing additional financing using the value of what you already have.
For loans up to $150K the requirement for asset security is not required upfront to access the money but we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150K, generally, you can get the option of a personal guarantee and security in the form an asset charge.
