The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the eligibility requirements for our $100K-$500K business loans.
All you need for starting is your contact information (the name of your company and your name, as well as email and telephone) along with the amount you want to borrow, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are, but not for starting:
In addition, once we have started with loans that exceed $150,000, you’ll also need basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
You can apply to your Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and have the funds available in just 24 hours. Traditional business loans have an annual rate of interest together with additional fees and charges. This company loan is a cash-based loan which means you know in advance the total amount to be paid, including any interest, fees or charges. Then, it is broken down into weekly or daily repayment figure.
It is a Small Business Loan can be used for virtually any business purpose including managing cash flows, company improvements, advertising to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large, your business needs to be in operation for at least 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly all company purpose including business remodeling, buying new equipment or inventory or as general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for funding of more than $150,000. This can be done in the form of a charge on assets and can be registered through the PPSR or filing as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than stipulating the security of a specific asset. The person who signs the ensure is personally liable if the business creditor is unable to make the repayment.
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 goods or assets). The PPSR allows the priority of personal property assigned according to the date the security interest was registered.
Caveats are legal document lodged to offer an official notice of a claim to property.
When you’re applying for the Larger Business Loan that is greater than $250K, we may offer an initial pre-approval to make the process. We might be able to do this without credit checks and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial well-being checks. It is in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer that you might receive could have different terms.
You can apply for a company loan if you;
The application process is fast and easy. Complete the online form within a couple minutes, and a dedicated business expert in lending will call you to guide you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) and an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K and up) we usually provide an answer in just one hour – as long as you make your application within quality company timings and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements , we’ll be able to offer a decision in as little as an company day.
If you are applying for a Larger Business Loan ($100K and up) we may be capable of offer the conditional pre-approval within about six hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Some deals have been approved in 24 hours.
The quickest way to apply for you to apply is ensure you apply during standard business hours and let us use the advance bank verification to instantly check your bank’s information online. If you send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide a response in one hour – provided you make your application in standard business hours and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements we can provide an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be capable of offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved within just 24 hours.
The fastest method for you to apply is make sure you apply during normal business hours. Also, allow us to use our advanced bank verification system link to verify your bank account information online. If you decide to send us copies of your bank statements it can take a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount we look at a variety of aspects for determining the health of the business as well as the amount of payments your company is able to afford. The total amount of the loan will be determined by the specific circumstances of your business.
When you make an application for a particular amount, we will consider a number of factors to determine your well-being that is your business and the level of the repayments your company will be able to support. The total amount of your loan will depend on the specific circumstances that are unique to your company.
When you request our company loan, we will assess the risk assessment that you have for your company and provide you with a customised offer that includes the amount of loan, the term and interest rates. The company loan is an upfront priced loan so you will know the exact amount to be paid, including any charges, interest rates or fees.
The interest rates on company loans rates differ based on various factors including the amount borrowed, the company assets the money are used to purchase and the sector the business is in, how long the company has been operating, how long the business has enough cash flow to fund the loan, and overall well-being as well as creditworthiness business.
There aren’t any hidden costs for our business loans. You’ll be aware of the amount it is that you need to pay, and when, starting from the first day. There’s no compounding and no additional fees (as long as you are able to make your payments punctually).
We don’t charge an application fee. You are able to request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of loan.
You can repay the total amount of your loan early at any time.
If you decide to take this route, please call our helpful company lending professionals. They’ll offer you with repayment details and an early payment figure. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payment and 1.5 percent of the principal balance plus any outstanding fees.
To ensure that you don’t miss repayments and to fit in with your cash flow standard, we provide repayments either daily or weekly. These are automatically deducted from your designated company account.
Protecting your information, and being upfront about how we collect the information we collect, use, share and secure your information, is of paramount importance and is a crucial part of our relationship you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to security for our customers and security. We use an advanced bank verification system that allows you to immediately verify your bank account details online so we can offer an immediate response.
The term "asset-based" refers to borrowing where a company owner uses the assets they have to obtain the funds for a loan. The asset may be an individual property, such as the family home, or an business asset like a truck or other piece of machinery.
The vast majority of lenders, even the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan, your assets could be transferred to the lender. In essence it is means of securing additional financing making use of the value of what you already own.
Up to $150K in loans there is no requirement for asset security prior to the loan’s access, however we do need the personal guarantee. If you adhere to your loan commitments (as specified in your loan contract) the security of assets will never be required. If you take out loans in excess of $150K generally, you are able to get personal ensure and security in the form an asset charge.
