The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K business loans.
All that’s needed for starting is your contact information (the name of your company, your name, email, phone) along with the amount you’d like to lend, and your monthly earnings.
While in the process and before settlement we will require confirmation of who you are, but not before we can begin:
After we start, for loans that exceed $150,000, you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
The application to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and funds may be available in just 24 hours. Traditional company loans are based on an annual rate of interest plus other fees and charges. We offer a business loan is an upfront priced loan which means you know ahead of time the total amount payable including any fees, charges or charges. This is then broken down into a daily or weekly amount to be paid back.
A Small Business Loan can be used for almost any company purpose including cash flow management, business renovations, marketing for purchasing inventory or new equipment, to fund general working capital, and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
To qualify for a loan that is this large, your business needs to be trading for at least 3 years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost all company use, including business remodeling, buying inventory or new equipment 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. It is usually by taking a charge against assets, and could be registered through the PPSR or filing as a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is generally based rather than stating the security for a particular asset. The person signing the guarantee is personally liable in the event that the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR permits priority over personal property to be assigned depending on the date that a security interest has been registered.
An affidavit is an official document lodged to offer notice of a legal claim to a property.
If you’re seeking a Larger Business Loan that is greater than $250,000 we can offer an initial pre-approval in order to simplify the process. It is possible to get this done without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being checks. It’s not an offer of credit or guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer you receive could be subject to different terms.
You are eligible to apply for a company loan if you;
The application process is simple and simple. Just complete the online application in few minutes and a dedicated business lending specialist will contact you to assist you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Application details including credit consent, 12 months bank statement, an IRD statements Last 2 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 to $100K) we usually provide a response in one hour if you make your application during quality company hours and allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll provide the decision in as little as 1 company day.
For the Larger Business Loan ($100K or more) we could be able to offer you with a conditional pre-approval in around 6 hours. After you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours, and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your bank statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer within one hour, provided you apply at normal business timings and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements, we are able to provide an answer within an business day.
If you are applying for Larger Business Loans ($100K or more) we might be capable of provide you with a conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved in 24 hours.
The fastest way is to make sure you apply during normal business hours. Also, allow us to use the advanced bank verification system to instantly check your bank’s information online. If you choose to upload duplicates of your banking statements it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a particular amount, we take into consideration a range of factors for determining how much we can lend you health 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.
When you apply for a set amount, we take into consideration a variety of elements to assess your health that is your business and the extent of repayments that your company can support. The total amount of the loan will be determined by the specifics of your company.
If you decide to request business loans with us business financing, we’ll assess the risk profile the company and provide an individualised offer including loan amount, term and the interest rates. A company loan is a loan that is priced upfront therefore you will be aware of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates differ based on various factors including the amount that is borrowed, what company assets the funds will be used for, the industry the business is in, how long the business is in operation, in the event that the company has enough cash flow to cover the loan, and general health and creditworthiness of the business.
There aren’t any hidden costs with our business loans, and you’ll know precisely how much you’ll need to pay, and when, right from day one. There’s not any compounding interest and no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved with setting up 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% of the amount of loan.
You can decide to repay all of your loan early at any time.
If you choose to take this route, please talk to one of our helpful company loan specialists. We will provide you with details on repayment and an early payout figure. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the date of early payout and 1.5 percent of the principal remaining plus any outstanding fees.
To make sure you do not miss due dates and also to be in line with your cash flow cycle we provide repayments either daily or weekly. These are automatically deducted from the nominated business account.
Security of your data, and making it clear the ways we gather the information we collect, use, share and protect your information, is crucial and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We employ a highly sophisticated banking verification system to instantly verify your bank account details online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where an business owner makes use of the assets they have to secure the funding. The asset could be a personal asset like the family home or an company asset such as a truck or piece of equipment.
The majority of lenders, not just the largest banks, are inclined to guarantee loans against an asset. If you have trouble paying back the loan, your assets could be offered for sale by the lender. In essence, it’s an opportunity to secure new financing by using the worth of the asset you already have.
For loans up to $150K the requirement for asset security is not required upfront to access the money, however we do require a personal guarantee. As long as you follow your loan obligations (as stipulated in your loan contract document) the security of assets is not needed. If you take out loans in excess of $150K typically, you will need personal guarantee and security in the form a charge over assets.
