The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K-$500K company loans.
All you need to start is your contact details (the name of your company, your name, email address and phone) along with the amount you’d like to borrow and your monthly income.
Through the process and before settlement we will need confirmation of your identity, but not before we can begin:
Additionally after we get started, for loans of more than $150,000 you will also require basic financial statements:
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Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
The application to the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive a same day response and have the funds available in just 24 hours. Traditional company loans reference an annual interest rate plus other fees and charges. We offer a business loan is a pre-paid loan and you’ll be aware in advance of the total amount due, which includes the interest, fees and charges. Then, it is broken down into weekly or daily amount to be paid back.
A Small Business Loan can be used to fulfill almost every business use, including control of cash flow business renovations, marketing to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan in this amount the company needs to be trading for at least 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used to fund almost every business need, including company remodeling, buying new equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is required for accessing funds over $150,000. It is usually by taking a charge over assets and can include registering this with the PPSR or making a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally in nature rather than defining the security of a specific asset. The person signing the guarantee is personally liable if the company 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 registered in respect of personal property (including goods or assets). The PPSR grants the priority of personal property assigned depending on the date that a security interest has been registered.
An affidavit is an official document lodged to provide notice of a legal claim against a property.
If you’re requesting larger company loans of more than $250K we can offer an initial pre-approval that will help ease the process. We might be able to do this without a credit verification and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial well-being questions. It’s not an offer or guarantee of financing. A conditional approval is subject a full credit assessment and any offer that you receive could be on different terms.
You may be eligible for an business loan if you
The application process is fast and simple. Complete the online form within a couple minutes, and an experienced company expert in lending will call you to guide you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence), a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) We can usually provide an answer within one hour, provided you apply within standard business times and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements , we’ll be able to offer a decision within just an business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be able to offer you with a conditional pre-approval within six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours. You can also permit us to use the advance bank verification 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 to $100K) We can usually offer an answer within an hour if you apply during normal business times and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statements, we will be able to provide an answer in as little as an business day.
For the Larger Business Loans ($100K to $500K) we may be capable of provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval within 24 hours.
The most effective method is to ensure you apply during standard business hours, and let us use the advance bank verification to instantly verify your bank information online. If you choose to upload documents from your account statement, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of factors for determining how much we can lend you well-being for your business and the level of repayments your business is able to afford. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
When you submit an application for a particular amount, we will consider a number of variables to determine the well-being for your business and the extent of payments your company can afford. The total amount of your loan will be contingent on the specifics of your business.
If you decide to apply for business loans with us business credit, we’ll assess the risk profile the company and provide an individualised offer, including loan amount, term and the interest rates. It is a business loan is a loan that is priced upfront so 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 a variety of factors such as the amount that is borrowed, the company assets the funds are used to purchase in addition to the industry that the company is operating in, how long the business is in operation, whether the company has enough cash flow to fund the loan, and the overall health or creditworthiness of the company.
There are no hidden fees with our company loans. You’ll know precisely how much you’ll need to pay, and when, starting from the very first day. There’s no compounding and no additional fees (as long as you make your payments punctually).
We do not charge an application fee. You are able to get a cash loan no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated with setting up and managing the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay the entire amount of your loan early at any time.
If you choose to pursue this option, please call our helpful company loans specialists. They will offer you with repayment details along with an early payout estimate. This will be calculated as the total of the principal balance and accrued interest to the date of early payout and 1.5% of the principal balance plus any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated company account.
Security of your data, and making it clear how we collect the information we collect, use, share and protect your information, is crucial and is a crucial part of our relationship you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account information online so we can offer an immediate response.
The term "asset-based" refers to borrowing where a business owner uses assets they own to obtain a loan. The asset can be an asset belonging to the personal, like the family home, or it could be a business property like a truck or piece of equipment.
The majority of lenders, not just the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence it’s the process of securing new financing making use of the value of what you already own.
Up to $150,000 in loans there is no requirement for asset security upfront to access the money, however we require a personal guarantee. require a personal guarantee. As long as you follow the loan terms (as detailed in your loan contract) the security of assets will never be needed. For loans of over $150K generally there is the option of a personal ensure and security is provided in the form of the charge of assets.
