The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Do you require more money? Find out the eligibility requirements for our $100K-$500K business loan.
All that’s needed to start is your contact information (company name 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 need confirmation of your identity, but not before we can begin:
After we start when it comes to loans over $150,000 you’ll need the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply for this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an immediate response, and have the funds available in just 24 hours. Traditional business loans are based on an interest rate per annum plus other fees and charges. Our business loan is a loan that is priced upfront so you will know in advance the amount you will have to pay, including any interest, fees or charges. Then, it is broken down into weekly or daily payment amount.
A Small Business Loan can be used to fulfill almost every company use, including managing cash flows, company improvements, advertising to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the amount of the loan.
To be eligible for a loan of this size, your company needs to have been operating for a minimum of 3 years, and have an annual income of at least $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Larger Business Loan can be used to fund almost every company purpose including business improvements, purchasing equipment or inventory for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required to obtain funding above $150,000. This is as a result of an charge on assets, and could include registering this through the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature, rather than stipulating security over a particular asset. The person signing the ensure is personally responsible if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
A caveat is a legal document lodged to provide notice of a legal claim to property.
When you’re applying for a Larger Business Loan that is greater than $250,000, we may offer an initial pre-approval in order to ease the process. We could be able to apply for this without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial health questions. This is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you are offered could be subject to different terms.
You may be eligible for a business loan if you
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated business credit specialist will be in touch to guide you through the process.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Application details including credit consent twelve months of bank records, IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) We can usually provide an answer within one hour, provided you apply during standard company timings and let us 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 are able to offer a decision in just the span of one business day.
For Larger Business Loans ($100K to $500K) we might be in a position to offer you with pre-approval conditional to your application within 6 hours. Once 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 offers have been approved in the space of 24 hours.
The quickest method would be to ensure you apply during normal business hours and allow us to use the advanced bank verification system link to check your bank’s information online. If you upload copies of your bank statements , it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer a response in one hour if you submit your request during standard business hours and permit us to make use of the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements, we are able to offer a decision within one business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application within about six hours. Once you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval within just 24 hours.
The fastest way would be to make sure you apply during normal business hours. You can also allow us to use the modern bank verification to instantly verify your bank information online. If you choose to upload duplicates of your banking accounts, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of elements to determine what is the well-being for your business and the extent of repayments your company can support. The amount you receive from the loan will be determined by the specifics the company.
When you make an application for a set amount, we will consider a number of aspects to assess the well-being that is your business and the level of repayments your company will be able to support. The total amount of your loan will be determined by the specifics for your company.
If you decide to apply for one of our business loan, we’ll assess the risk profile of your company and offer you with a tailored offer, including the amount of loan, the term and interest rates. This company loan is a loan that is priced upfront therefore you will be aware in advance of the total amount payable including any costs, fees, or interest rates.
The interest rates on business loans rates depend on a variety of factors including the amount of money borrowed, the company assets the funds are used to purchase and the sector the business operates in, the long the business has been operating and what percentage of the company has enough cash flow to fund the loan, and overall well-being or financial standing of the company.
There are no hidden fees for our company loans. You’ll know exactly how much it is that you be required to pay and at what time, from the very first day. There’s no compounding and no additional fees (as as long as you pay your payments punctually).
We do not charge an Application Fee. You are able to make an application for loans with absolutely no upfront cost and no the obligation to take action.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can repay the total amount of your advance loan at any time.
If you decide to pursue this option, please talk to one of our helpful business credit experts. They will offer you with repayment details along with an early payout estimate. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the date of early payout and 1.5 percent of the principal amount remaining plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from your company account.
Security of your data, and making it clear the ways we gather the information we collect, use, share and secure your information, is of huge importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated bank verification system link to instantly verify your bank account details online so we can provide quick responses.
Asset-based borrowing occurs when a business owner makes use of the assets they have to secure the loan. The asset can be either an individual property, such as the family home or it could be a company asset like a truck as well as a piece of machine.
The vast majority of banks, even the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence it’s a way of securing new financing by using the value of what you already have.
For loans that exceed $150K, no asset security is required prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract document) Asset security will never be needed. For loans that exceed $150,000, generally, there is a personal guarantee and security in the form of a charge over assets.
