The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K to $500K business loans.
All that’s required to get started is your contact information (the name of your company, your name, email or phone number) and the amount you’d like to lend, and your monthly earnings.
While in the process and before settlement we will require confirmation of your identity however, not in order to begin:
Once we’ve started, for loans over $150,000 you’ll also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
It is possible to apply for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and the funds could 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 which means you be aware of the total amount payable including any fees, charges or charges. Then, it is broken down into a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost any business reason, such as control of cash flow company remodeling, marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
To qualify for a loan of this size, your company needs to be operating for at least three years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A large business loan can be used to fund almost all business need, including company remodeling, buying equipment or inventory as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. It’s as a result of an charge against assets, and could include registration through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is generally in nature rather than stating security over an asset. The person who signs the guarantee is personally responsible if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR permits the priority of personal property assigned according to the date the registration of a security interest.
An affidavit is an official document lodged to offer the legal claim on a property.
If you’re applying for the Larger Business Loan that exceeds $250K 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 your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. It is in no way an offer, nor is it a guarantee of finance. A conditional approval is subject a full credit assessment and any offer you might receive could be subject to different terms.
You may apply for a business loan if you
The application process is simple and simple. Complete the online form within a few minutes and a dedicated business lending specialist will be in touch to help you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least 6 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 to $500K: Details for application including credit consent as well as 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour – as long as you make your application in quality company times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your banking statement, we’ll offer an answer in as little as one business day.
For the Larger Business Loan ($100K and up) we could be capable of offer you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain offers have been approved in the space of 24 hours.
The quickest method for you to apply is make sure you apply during standard company hours. You can also allow us to use the advanced bank verification system to verify your bank account information online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer in just one hour – as long as you submit your request at standard business timings and let us use the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements, we will be able to offer the decision within an business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be able to offer the conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Some agreements have been approved within less than 24 hours.
The quickest method can be make sure you apply during normal business hours. You can also allow us to use the modern bank verification link to confirm your bank details online. If you decide to send us the copies of bank statements it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we consider a variety of aspects for determining how much we can lend you health that is your business and the level of payments your business is able to afford. The total amount of the loan will be determined by the specific circumstances the company.
When you apply for a certain amount, we consider a variety of variables to determine your well-being of your company and the level of repayments that your company is able to afford. The total amount of your loan will be determined by the particular circumstances that are unique to your business.
If you decide to make an application for business loans with us company credit, we will assess the risk assessment for your business and offer an individualised offer, including the amount of loan, the term and the interest rates. The business loan is an upfront cost loan therefore you will be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for company loans rates depend on several factors like the amount of money that is borrowed, what business assets the funds are used to purchase and the sector the business is in, how long the business has been operating and how long the business has enough cash flow to cover the loan, and general health and creditworthiness of the company.
There aren’t any hidden charges with our company loans, and you’ll know precisely what you’ll be required to pay and when, starting from day one. There’s no compounding interest, and no extra fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back all of your loan early at any time.
If you are deciding to pursue this option, please contact our helpful company lending professionals. They will offer you with the details of your repayment along with an early payout estimate. This will be calculated as the sum of the remaining principal amount and accrued interest to the date of early payout plus 1.5% of the remaining principal plus any outstanding fees.
To make sure you do not miss due dates and also to be in line your cash flow schedule, we provide repayments either weekly or daily. These are automatically withdrawn from your designated business account.
Making sure that your information is secure, and being upfront about how we collect data, process, exchange and ensure the security of your information is of paramount importance and a vital part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We make use of an advanced bank verification system that allows you to immediately confirm your bank account information online so we can offer an immediate response.
Asset-based borrowing is when an business owner utilises an asset that they own to obtain the funding. The asset could be an asset belonging to the personal, like the family home, or a company property like a truck as well as a piece of machine.
The vast majority of lending institutions, even the largest banks, are inclined to make loans secured by an asset. If you’re struggling to pay back the loan then your assets could be taken over by the lender. In essence it is a way of securing new financing taking advantage of the value of what you already have.
For loans of up to $150K, no asset security is required upfront to access the money However, we do require the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract), asset security will never be required. For loans over $150,000 typically, you will need the option of a personal ensure and security in the form of an asset charge.
