The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K to $500K company loans.
All that’s needed for starting is your contact details (company name, your name, email, phone), how much you’d like to borrow, and your monthly earnings.
During the process and before settlement we’ll need confirmation of your identity but not for starting:
After we start, for loans of more than $150,000 you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
Apply to get this Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and the money could be in your account in 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. Our company loan is a pre-paid loan and you’ll be aware of the total amount due, which includes any fees, interest or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly every business need, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly, depending on your cash flow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large, your business needs to have been trading for at least 3 years, and have an annual income of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A larger business loan can be used for nearly any company use, including business remodeling, buying new 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. It is usually by way of charge over assets and can include registration in the PPSR or filing a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is generally in nature rather than specifying security over an asset. The person who is signing the ensure is personally liable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted according to the date the security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim to a property.
If you’re applying for a Larger Business Loan of more than $250K we may be able to provide an initial pre-approval in order to smooth out the process. It is possible to apply for this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. This is not an offer or guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you are offered could have different terms.
You may apply for an company loan if you;
The application process is quick and simple. Complete the online form in just a few minutes, and an experienced business expert in lending will contact you to assist you.
To apply for up to $100,000, you’ll need the right identification documents (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, in addition to interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K and up) We can usually offer an answer in just one hour, provided you submit your request within quality business timings and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements , we are able to offer the decision in as little as the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to offer the conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Some transactions have received approval in less than 24 hours.
The most effective method for you to apply is make sure you apply during standard business hours and allow us to use the modern bank verification link to check your bank’s information online. If you decide to send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K or more) we typically provide an answer within one hour – provided you submit your request in standard business time and let us use the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements, we’ll be able to offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be likely to offer you with a conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours. Also, let us use the advance bank verification to instantly verify your bank account information online. If you opt to upload the copies of bank statements it will take a little longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we look at a variety of factors that determine your well-being of the company and the extent of repayments your company is able to afford. The total amount of your loan will be contingent on the particular circumstances that are unique to your company.
If you apply for a particular amount, we take into consideration a variety of elements to assess your well-being for your business and the level of payments your company can support. The amount you receive from your loan will be determined by the particular circumstances for your business.
If you decide to request business loans with us business loans, we’ll assess the risk assessment that you have for your company and offer an individualised offer, including the amount of loan, the term and interest rates. A company loan is an upfront-priced loan therefore you will be aware of the total amount payable including any costs, fees, or interest rates.
The interest rates on company loans rates vary due to factors like the amount of money of money borrowed, the business assets the money will be used for and the sector the company is in, how long the business has been operating and how long the business has sufficient cash flow to cover the loan, and the general health or creditworthiness of the business.
There are no hidden fees for our company loans. You’ll know exactly how much you need to pay and when, from the first day. There’s no compounding interest and there are no additional charges (as as you make your payments in time).
We don’t charge an application fee. You can apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of the loan early at any time.
If you choose to pursue this option, please speak to our friendly business loans professionals. They will provide you with details on repayment and an early payout figure. It will be calculated using the total of the principal balance and accrued interest to the date of early payout plus 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated business account.
The security of your personal information, as well as being transparent about the ways we gather data, process, exchange and secure your information, is of huge importance and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our clients and security. We employ an exceptionally sophisticated banking verification system to instantly confirm your bank account information online to offer rapid response.
Asset-based borrowing occurs when the company owner uses an asset they own to get the loan. The asset may be a personal asset like the family home, or a company asset like a truck or other piece of machinery.
The majority of the lenders including the major banks, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan, then the asset could be taken over by the lender. In essence, it’s a way of securing additional financing taking advantage of the value of what you already have.
For loans of up to $150K, it is not necessary to secure assets in advance to gain access to the funds, however we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract), asset security is not required. For loans over $150,000 generally there is the option of a personal guarantee and security in the form of a charge over assets.
