The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Check out the guidelines for eligibility for our $100K-$500K business credit.
All that’s needed to get started is your contact details (the name of your company and your name, as well as email, phone) along with the amount you want to borrow, as well as your monthly income.
Through the process and before settlement we’ll require confirmation of your identity but not to get started:
Once we’ve started, for loans that exceed $150,000, you will also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
Apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and funds may be on your account within 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. We offer a company loan is a pre-paid loan therefore you’ll be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly amount to be paid back.
The Small Business Loan can be used for virtually any business purpose including control of cash flow business renovations, marketing to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are either weekly or fortnightly depending on your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To be eligible for a loan that is this large the business needs to have been trading for at least 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan is a great option for almost all company use, including company renovations, purchase of equipment or inventory as well as for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for funding of more than $150,000. This can be done as a result of an charge on assets and can be registered on the PPSR or registering a caveat.
A director’s or personal ensure is a guarantee to pay back a loan that is general in nature, rather than specifying security over an asset. The person who signs the guarantee is personally liable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest has been registered.
The caveat can be described as a formal document filed to provide the legal claim against a property.
When you’re applying for larger business loans that exceeds $250K it’s possible to offer a preliminary pre-approval to help smooth out the process. We could be able to make this decision without a credit verification and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health checks. It’s not an offer of credit or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could have different terms.
You can apply for a business loan if you;
The application process is simple and simple. Simply complete the online form within a few minutes and an experienced business credit specialist will call you to guide you through the process.
To be eligible for up to $100,000 you’ll require identification details (valid Driver’s License) as well as a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent as well as 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour, provided you make your application within quality business timings and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements , we’ll be able to provide an answer in just 1 company day.
For the Larger Business Loan ($100K to $500K) we could be capable of offer you with pre-approval conditional to your application within 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within less than 24 hours.
The quickest method for you to apply is make sure you apply during normal company hours, and allow us to use the modern bank verification to instantly confirm your bank details online. If you decide to upload duplicates of your banking statements , it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer a response in one hour – as long as you submit your request within standard business timings and allow 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 an answer in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of offer you with conditional pre-approval within 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Some agreements have been approved in 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, allow us to use our modern bank verification link to instantly check your bank’s information online. If you opt to send us documents from your account statement, it may take a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a specific amount we take into consideration a range of factors in order to assess how much we can lend you well-being that is your company and the amount of repayments your company can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your company.
When you apply for a set amount, we will consider a number of aspects to determine how much we can lend you such as well-being of the business and the extent of the repayments your business can afford. The amount you receive from your loan will be contingent on the specific circumstances the business.
When you request one of our business loan, we’ll assess the risk profile for your business and provide an individualised offer including the amount of the loan, the duration and interest rates. It is a business loan is a loan that is priced upfront so you will be aware of the total amount to be paid, including any charges or interest.
Interest rates for company loans rates differ based on various factors including the amount that is borrowed, what business assets the funds will be used for in addition to the industry that the business operates in, how long the company has been operating as well as in the event that the company has enough cash flow to fund the loan, and the general well-being or creditworthiness of the business.
There are no hidden fees with our business loans. You’ll know exactly how much you need to pay, and when, right from the day you sign up. There’s no compounding interest and the loan comes with 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 with no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can repay the entire amount of your loan in full at any time.
If you decide to pursue this option, please speak to our friendly company lending professionals. The professionals will provide you with repayment details as well as an early payout amount. The figure will be calculated as the sum of the principal remaining and any accrued interest at the time of early payment, plus 1.5% of the principal balance and any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from your business account.
The security of your personal information, as well as being clear about the ways we gather the information we collect, use, share and protect your information, is of huge importance and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our clients and security. We utilise a sophisticated banking verification system to instantly verify the bank account details online to provide quick responses.
Asset-based borrowing is when a business owner uses an asset they own to get the loan. The asset could be an asset belonging to the personal, like the family home, or an business asset such as a vehicle or piece or equipment.
The vast majority of lenders, including the big banks, tend to secure loans against assets. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence it is the process of securing additional financing using the worth of the asset you already own.
For loans up to $150K it is not necessary to secure assets upfront to access the money but we do require an individual guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract), asset security will never be required. For loans over $150K typically, you will need a personal guarantee and security in the form of charges on assets.
