The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Review the conditions of eligibility for our $100K-$500K company loan.
All that’s needed to begin is your contact details (company name, your name, email, phone) along with the amount you want to borrow, and your monthly earnings.
During the process and before settlement we will require confirmation of who you are but not to get started:
Additionally after we get started, for loans of more than $150,000 you will also require the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
The application to get this Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and funds may be on your account within 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. This business loan is a cash-based loan so you will know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into a daily or weekly payment amount.
The Small Business Loan can be used for almost every company use, including cash flow management, business renovations, marketing for purchasing inventory or new equipment, for general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term for up to 36 months. The repayments are made weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
To qualify for a loan that is this large, your company needs to be trading for at least 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Larger Business Loan can be used for almost any company need, including company renovations, to purchase equipment or inventory for general working capital, and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This is by way of charge over assets and can be registered in the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally based rather than specifying the security of a specific asset. The person who is signing the ensure is personally responsible if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including items or assets). The PPSR gives preference over private property assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official document filed to provide an official notice of a claim to a property.
If you’re seeking the Larger Business Loan that exceeds $250,000, we may offer an initial pre-approval that will help simplify the process. We could be able to do this without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being checks. It’s in no way an offer, nor is it a guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be on different terms.
You may be eligible for an business loan if you:
The process for applying is fast and simple. Complete the online form in few minutes and an experienced company loan specialist will contact you to guide you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License) along with an NZBN/IRD that is valid and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent as well as 12 months bank statement, an IRD statement, last 2 years finalised financial statements, as well as interim financials for the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K and up) we can often offer an answer within an hour, provided you submit your request during quality company timings and let us make use of the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements , we are able to provide the decision in as little as one company day.
For Larger Business Loans ($100K and up) we may be capable of offer you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain offers have been approved in less than 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 modern bank verification to verify your bank information online. If you decide to upload copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour, provided you make your application at standard business times and permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements, we are able to provide an answer in just an business day.
For Larger Business Loans ($100K and up) we may be capable of offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Certain transactions have received approval within 24 hours.
The quickest method would be to ensure you apply during standard business hours and allow us to use the modern bank verification link to instantly check your bank’s information online. If you choose to upload copies of your bank statement, it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a particular amount, we will consider a number of variables that determine the well-being of your business as well as the amount of the repayments your company will be able to support. The total amount of your loan will be contingent on the specifics that are unique to your company.
If you apply for a particular amount, we will consider a number of variables to assess the well-being of your company and the extent of repayments that your company can support. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you make an application for the business credit, we will assess the risk assessment of your company and provide an individualised proposal that includes the loan amount, the terms and the interest rates. This company loan is a loan that is priced upfront so 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 differ based on various factors such as the amount that is that is borrowed, what company assets the funds will be used for in addition to the industry that the company is in, how long the company has been running, whether the business has enough cash flow to pay for the loan, and general well-being and creditworthiness of the business.
There are no hidden costs for our company loans. You’ll be aware of the amount it is that you be required to pay, and when, starting from the first day. There’s no compounding interest and no additional fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You can get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You may choose to pay back the entire amount of the loan at any point in time.
If you are deciding to pursue this option, please speak to our friendly business loans experts. They will provide you with the details of your repayment and an early payout figure. This is calculated as the total of the principal amount remaining and the accrued interest up to the time of early payout, plus 1.5% of the principal balance plus any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from your designated business account.
The security of your personal information, as well as knowing the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account details online to provide rapid response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset they own to obtain a loan. The asset can be an individual property, such as the family home, or it could be a company asset such as a truck or other piece of machinery.
The majority of banks, including the largest banks, are inclined to guarantee loans against an asset. If you’re struggling to pay back the loan, then your asset may be sold by the lender. In essence, it is the process of securing additional financing using the worth of the asset you already have.
For loans up to $150,000 no asset security is required before you are able to access the money but we require a personal guarantee. need the personal guarantee. So long as you comply with the terms of your loan (as stated in your loan contract document) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150,000 generally, there is a personal guarantee and security is provided in the form of charges on assets.
