The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the guidelines for eligibility for our $100K-$500K company loans.
All that’s required to begin is your contact information (the name of your company, your name, email and telephone), how much you’d like to borrow and your monthly income.
In the course of the process and before settlement we will need confirmation of your identity, but not for starting:
In addition, once we have started, for loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
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 that are either daily or weekly.
It is possible to apply to get this Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and funds may be available in just 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. Our business loan is a cash-based loan so you will know ahead of time the total amount payable including any fees, charges or charges. Then, it is broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used to fulfill almost any company reason, such as control of cash flow company remodels and marketing to purchase inventory or new equipment, for general working capital, and 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 are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly, depending on you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To be eligible for a credit in this amount, your business needs to be in operation for at least 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A larger company loan can be used for nearly every company use, including company renovations, purchase of new equipment or inventory as well as for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed for accessing funds over $150,000. It’s in the form of a charge on assets and can be registered through the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to repay a loan which is general in nature, rather than defining the security of a specific asset. The person who is signing the guarantee is personally responsible if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR permits priority over personal property to be assigned according to the date a registration of a security interest.
A caveat is a legal document filed to offer the legal claim against a property.
If you’re applying for the Larger Business Loan that exceeds $250,000 we may be able to provide an initial pre-approval that will help smooth out the process. We could be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial well-being questions. This is not an offer of credit or guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer you receive could be on different conditions.
You may be eligible for an business loan if you:
The application process is fast and simple. Just fill out the online application within a couple minutes, and a dedicated company loan specialist will call you to help you.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) we can often offer a response in one hour if you submit your request at quality company hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statements we can provide an answer in just an company day.
If you are applying for a Larger Business Loan ($100K or more) we could be in a position to offer you with conditional pre-approval within about six 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 transactions have received approval within less than 24 hours.
The quickest method can be make sure you apply during standard company hours. Also, allow us to use the advanced bank verification system to confirm your bank details online. If you upload the copies of bank statements , it may take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer in just one hour – provided you submit your request in normal business hours and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can offer a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be able to offer you with conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in 24 hours.
The fastest method would be to make sure you apply during normal business hours and allow us to use the advanced bank verification system to verify your bank account information online. If you decide to send us duplicates of your banking statements, it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you make an application for a specific amount we consider a variety of factors for determining the health of your company and the amount of the repayments your business can afford. The total amount of your loan will depend on the specific circumstances that are unique to your company.
When you make an application for a particular amount, we consider a variety of aspects to determine the well-being of your company and the level of repayments that your company will be able to support. The total amount of your loan will depend on the specifics the business.
If you decide to request business loans with us business loans, we’ll assess the risk assessment the business and offer you with a tailored offer, including the amount of loan, the term and the interest rates. The company loan is a loan that is priced upfront therefore you will know the exact amount to be paid, including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what company assets the funds will be used for and the sector the company operates in, the long the business has been running as well as what percentage of the business has sufficient cash flow to support the loan, and general well-being and creditworthiness of the company.
There are no hidden costs with our company loans. You’ll know precisely what you need to pay, and when, right from the very first day. There’s no compounding and no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can repay the entire amount of the loan early at any time.
If you choose to take this route, please talk to one of our helpful business credit specialists. The experts will offer you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the principal remaining and the accrued interest up to the time of the early payout in addition to 1.5% of the remaining principal plus any outstanding fees.
To make sure that you don’t miss payments and to work your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from the nominated business account.
Protecting your information, and being clear about the ways we gather the information we collect, use, share and secure your information, is of paramount importance and is a crucial element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We make use of an advanced bank verification system to instantly verify your bank account details online to provide a fast response.
Asset-based borrowing is when an company owner makes use of an asset that they own to obtain the funding. The asset can be an asset belonging to the personal, like the family home or an company asset such as a vehicle or piece of equipment.
The vast majority of banks, even the largest banks, are inclined to secure loans against an asset. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence, it is an opportunity to secure new funding using the worth of the asset you already own.
Up to $150K in loans there is no requirement for asset security in advance to gain access to the funds however, we do require the personal guarantee. In the event that you fulfill the loan terms (as specified in your loan contract document) Asset security is not needed. For loans of over $150K typically, you will need personal guarantee and security in the form an asset charge.
