The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K to $500K company loan.
All that is needed for starting is your contact information (company name, your name, email address, phone), how much you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll need confirmation of who you are but not before we can begin:
Once we’ve started in the process, for loans over $150,000 you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
Apply to the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an immediate response, and have the funds available in just 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. This business loan is a pre-paid loan therefore you’ll know in advance the total amount payable including the interest, fees and charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly any business purpose including the management of cash flow, company improvements, advertising for purchasing inventory or new equipment, or as general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your company needs to have been operating for at least three years and have an annual turnover of $700,000. The applicant must also 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 of proving at the least 12 months of operating.
A large company loan can be used for almost any company use, including business renovations, to purchase inventory or new equipment or as general working capital and much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. It is usually by taking a charge over assets, and may include registering this with the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stipulating security over an asset. The person who signs the ensure is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
A caveat is a legal document that is filed to provide the legal claim against a property.
When you’re applying for the Larger Business Loan that exceeds $250K we can offer a preliminary pre-approval to help simplify the process. We may be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer that you might receive could have different conditions.
You can apply for an company loan if you;
The application process is quick and simple. Just fill out the online application in just a few minutes, and an experienced company expert in lending will be in touch to help you.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s License) and an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K to $100K) we typically offer an answer within an hour – as long as you apply at standard company hours and allow us to utilise the bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statement, we’ll provide a decision within 1 company day.
For the Larger Business Loan ($100K to $500K) we might be able to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval in the space of 24 hours.
The fastest way is to ensure you apply during normal business hours, and allow us to use our advance bank verification to instantly confirm your bank details online. If you upload documents from your account accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer within one hour, provided you make your application during standard business hours and let us make use of the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statement, we’ll provide an answer in as little as an business day.
For Larger Business Loans ($100K or more) we might be in a position to provide you with conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Certain deals have been approved within just 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours. You can also let us use the advanced bank verification system to confirm your bank details online. If you decide to send us the copies of bank statements it can take a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of elements for determining the health of the business and the amount of payments your business will be able to support. The total amount of the loan will be determined by the specifics of your company.
When you submit an application for a set amount, we take into consideration a variety of factors to assess your well-being that is your business as well as the amount of payments your business is able to afford. The total amount of your loan will depend on the particulars the company.
If you decide to make an application for business loans with us company loan, we’ll assess the risk assessment for your business and provide you with a customised offer, including loan amount, term and the interest rates. It is a company loan is an upfront priced loan so you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates depend on a variety of factors such as the amount that is that is borrowed, what business assets the funds are used to purchase, the industry the business is in, how long the business has been running and what percentage of the business has sufficient cash flow to pay for the loan, as well as the overall health and creditworthiness of the business.
There aren’t any hidden charges with our company loans. You’ll know precisely how much you need to pay and when, from day one. There’s no compounding and no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You can get a cash loan with with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can decide to repay the entire amount of the loan at any point in time.
If you choose to take this route, please speak to our friendly company loan specialists. They will offer you with repayment details along with an early payout estimate. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the date of early payout and 1.5 percent of the principal amount remaining as well as any outstanding fees.
To ensure you do not miss due dates and also to be in line with your cash flow general, we offer repayments either daily or weekly. They are automatically deducted from the nominated company account.
Protecting your information, and knowing the ways we gather the information we collect, use, share and ensure the security of your information is of huge importance and an integral part of our relationship you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and security. We utilise a sophisticated bank verification system link to instantly verify your bank account details online to offer a fast response.
Asset-based borrowing is when a company owner makes use of the assets they have to get the funds for a loan. The asset may be an individual property, such as the family home, or it could be a business asset such as a truck or piece of equipment.
The majority of lending institutions, including the largest banks, are inclined to make loans secured by assets. If you are having difficulty paying back the loan, then the asset could be taken over by the lender. In essence it is a way of securing new financing making use of the value of what you already own.
For loans of up to $150K, the requirement for asset security is not required upfront to access the money, however we do need the personal guarantee. So long as you comply with your loan commitments (as specified in the loan contract) the security of assets will never be required. If you take out loans in excess of $150K generally, there is personal guarantee and security that is in the form charges on assets.
