The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Check out the eligibility requirements for our $100K-$500K business loan.
All that’s required to get started is your contact details (the name of your company and your name, as well as email and telephone) and the amount you’d like to borrow, as well as your monthly income.
Through the process and before settlement we will require confirmation of your identity, however, not in order to begin:
After we start, for loans of more than $150,000 you will also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes via the internet or over the phone, receive an immediate response, and have the funds in your account within 24 hours. Traditional company loans have an annual rate of interest as well as other fees and charges. This company loan is a pre-paid loan therefore you’ll know in advance the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually every business reason, such as cash flow management, business remodels and marketing to purchase inventory, new equipment, or as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are either weekly or fortnightly to work with the flow of cash.
A Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A larger business loan can be used to fund almost any company reason, such as company remodeling, buying equipment or inventory or as general working capital and much more. The loan is not available to fund personal expenses.
Asset security is required to obtain funding above $150,000. It is usually as a result of an charge on assets, and could include registration with the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than defining the security of a specific asset. The person who is signing the ensure is personally liable in the event that the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR allows preference over private property assigned in accordance with the date on which a security interest was registered.
A caveat is a legal document filed to offer an official notice of a claim to a property.
If you’re seeking an enterprise loan that exceeds $250K we can offer an initial pre-approval in order to simplify the process. We may be able to do this without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves answering a couple of financial health questions. It’s in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you might receive could be based on different conditions.
You can apply for a business loan if you
The application process is fast and easy. Simply complete the online form within a couple minutes, and a dedicated company expert in lending will be in touch to help you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s License), an active NZBN/IRD, and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Information on the application including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, as well as interim current financial year financials including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K and up) we typically provide an answer within one hour – as long as you apply at standard company hours and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to send us copies of your bank statements we can provide the decision in just the span of one company day.
For Larger Business Loans ($100K up to $500,000) we could be in a position to offer the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved within just 24 hours.
The most effective method is to ensure you apply during normal business hours and let us use the advanced bank verification system link to verify your bank information online. If you choose to send us the copies of bank statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we can often offer an answer in just one hour – as long as you submit your request at normal business times and allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements we can offer an answer in just 1 business day.
For the Larger Business Loans ($100K or more) We may be able to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this could be shorter based on the specifics of each application. Certain offers have been approved within 24 hours.
The most efficient method would be to make sure you apply during standard business hours, and permit us to use the advanced bank verification system to verify your bank information online. If you decide to send us documents from your account accounts, it can take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a particular amount, we consider a variety of factors in order to assess your well-being for your company as well as the amount of repayments your business will be able to support. The amount you receive from your loan will depend on the particular circumstances for your business.
When you submit an application for a particular amount, we take into consideration a variety of elements to assess the well-being that is your company and the level of repayments that your business will be able to support. The amount you receive from your loan will be contingent on the particulars of your business.
If you decide to make an application for the business loan, we will assess the risk profile for your company and provide an individualised offer, including loan amount, term and interest rates. A business loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any costs, fees, or interest rates.
The interest rates on business loans rates vary due to variables like the amount to be borrowed, what company assets the money are used to purchase, the industry the company operates in, the long the company is in operation and how long the company has sufficient cash flow to support the loan, as well as the general well-being or creditworthiness of the company.
There are no hidden costs with our business loans, and you’ll know exactly how much you need to pay and when, from the first day. There’s no compounding and no additional fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You can get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay the total amount of your loan early at any time.
If you decide to do this please talk to one of our helpful business credit specialists. They will provide you with details for repayment as well as an early payout amount. This will be calculated as the sum of the principal balance and accrued interest to the time of early payment and 1.5% of the principal remaining as well as any outstanding fees.
In order to help you avoid missing payment dates and to align your cash flow cycle we offer repayments either weekly or daily. These are automatically deducted from the nominated business account.
Making sure that your information is secure, and being transparent about how we collect data, process, exchange and safeguard your data, is vital and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account details online to provide quick responses.
Asset-based borrowing is when a company owner utilises an asset that they own to get the loan. The asset may be an individual asset, such as the family home or it could be a company property like a truck or piece or equipment.
The vast majority of the lenders even the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset might be taken over by the lender. In essence it is an opportunity to secure additional financing using the value of what you already own.
For loans up to $150K no asset security is required in advance to gain access to the funds, however we require a personal guarantee. need a personal guarantee. In the event that you fulfill the terms of your loan (as detailed in the loan contract) Asset security is not required. For loans that exceed $150K, generally there is an individual guarantee and security is provided in the form of charges on assets.
