The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that is needed for starting is your contact information (the name of your company and your name, as well as email and phone) as well as the amount you’d like to borrow, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of who you are, but not to get started:
Once we’ve started with loans of more than $150,000 you’ll also need basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
It is possible to apply for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive an instant response and funds may be in your account in 24 hours. Traditional company loans have an annual rate of interest together with additional fees and charges. This business loan is a pre-paid loan and you’ll be aware in advance of the amount you will have to pay, including the interest, fees and charges. This is then divided into a daily or weekly repayment figure.
The Small Business Loan can be used for almost every business need, such as cash flow management, company remodeling, marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of with a maximum of 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan in this amount the company needs to be operating for at least three years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger company loan can be used for nearly all business purpose including company renovations, to purchase 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 required to obtain funding above $150,000. This can be done by taking a charge against assets and can include the registration of this on the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is generally in nature rather than specifying the security for a particular asset. The person who is signing the guarantee is personally liable in the event that the company creditor is unable 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 that are registered for personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a security interest has been registered.
The caveat can be described as a formal document that is filed to provide notice of a legal claim on a property.
If you’re requesting the Larger Business Loan of $250K or more we may be able to provide an initial pre-approval to ease the process. We might be able to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering a few financial health checks. This is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you may receive may be subject to different conditions.
You are eligible to apply for a company loan if you:
The application process is simple and easy. Just fill out the online application in just a few minutes, and a dedicated business credit specialist will contact you to assist you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent twelve month bank accounts, the 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 or more) we typically offer an answer within one hour, provided you apply within quality company time and allow us to utilise the bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statements , we are able to provide the decision within one company day.
If you are applying for a Larger Business Loan ($100K or more) we may be in a position to provide you with conditional pre-approval in around six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval within less than 24 hours.
The quickest method is to make sure you apply during normal business hours. Also, allow us to use the advance bank verification link to instantly confirm your bank details online. If you opt to upload the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer in just one hour – as long as you submit your request in standard business times and let us use the bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements, we are able to provide a decision in just 1 business day.
For Larger Business Loans ($100K to $500K) We may be likely to provide you with conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Certain transactions have received approval in the space of 24 hours.
The fastest method would be to ensure you apply during standard business hours. Also, permit us to use the advance bank verification to confirm your bank details online. If you choose to upload duplicates of your banking accounts, it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a certain amount, we look at a variety of aspects for determining your health for your company as well as the amount of the repayments your business can afford. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a specific amount we take into consideration a variety of elements to determine how much we can lend you such as health of the company and the extent of payments your company is able to afford. The amount you receive from your loan will be determined by the particular circumstances the company.
If you decide to request the business credit, we’ll assess the risk profile for your business and offer an individualised offer that includes the amount of the loan, the duration and interest rates. A business loan is an upfront-priced loan therefore you will be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates depend on several factors including the amount that is borrowed, what business assets the funds will be used for in addition to the industry that the company operates in, the long the business has been in operation, what percentage of the business has sufficient cash flow to pay for the loan, and the overall health or financial standing of the company.
There are no hidden costs for our business loans, and you’ll know precisely how much it is that you need to pay, and when, from the very first day. There’s no compounding interest and there are no additional charges (as as long as you pay your payments in time).
We do not charge an application fee. You can apply for a loan 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 fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back the total amount of your advance loan at any time.
If you do decide to take this route, please call our helpful company loans specialists. They will offer you with details for repayment and an early payout figure. This is calculated as the total of the remaining principal amount and accrued interest to the time of early payment, plus 1.5% of the principal remaining and any fees that remain unpaid.
To make sure you do not miss payments and to work your cash flow schedule, we offer repayments that are either daily or weekly. They will be automatically deducted from your company account.
Security of your data, and making it clear how we collect, use, exchange and safeguard your data, is of huge importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to customer security and security. We utilise a sophisticated bank verification system link to immediately verify the bank account details online to provide rapid response.
An asset-based loan is when the business owner utilises an asset they own to get the loan. The asset can be either an individual asset, such as the family home, or it could be a company property like a truck or other piece of machinery.
The majority of banks, not just the largest banks, are inclined to secure loans against an asset. If you are having difficulty paying back the loan then your asset may be transferred to the lender. In essence it’s the process of securing additional financing making use of the value of what you already have.
Up to $150K in loans no asset security is required upfront to access the money however, we do need the personal guarantee. So long as you comply with the loan terms (as detailed in the loan contract) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150,000 generally, you are able to get a personal guarantee and security is provided in the form of an asset charge.
