The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the eligibility requirements for our $100K to $500K company financing.
All that’s needed for starting is your contact details (company name, your name, email and telephone) along with the amount you’d like to borrow and your monthly income.
During the process and before settlement we will require confirmation of who you are, but not for starting:
In addition, once we have started, for loans greater than $150,000 you’ll need basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and the funds could be in your account within 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. We offer a company loan is an upfront priced loan therefore you’ll know ahead of time the total amount payable including any fees, interest or charges. Then, it is broken down into either a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually any company use, including cash flow management, business remodels and marketing to purchase inventory, new equipment, or as general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
This Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size the business needs to be operating for a minimum of 3 years and have an annual turnover of $700K. You must be 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 demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost every business purpose including business renovations, to purchase equipment or inventory for general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. It is usually in the form of a charge over assets and can include registering this on the PPSR or registering as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is general in nature, rather than specifying the security of a specific asset. The person who is signing the guarantee is personally accountable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR permits the priority of personal property granted according to the date the registration of a security interest.
A caveat is a legal form of document to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval in order to simplify the process. It is possible to do this without credit checks and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering a few financial health questions. This is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer you might receive could be based on different conditions.
You can apply for an business loan if you:
The process for applying is fast and easy. Simply complete the online form within a couple minutes, and a dedicated company expert in lending will contact you to help you.
To apply for up to $100,000 you’ll require ID details (valid Driver’s License) along with an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent, 12 months of bank statements, IRD statements as well as the two most recent years’ financial statements, in addition to interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K or more) we usually provide a response in one hour, provided you submit your request within quality business timings and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statements we can provide the decision in just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we could be capable of provide you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval within just 24 hours.
The quickest method can be ensure you apply during standard business hours. Also, let us use the modern bank verification to check your bank’s information online. If you decide to upload duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer within an hour – as long as you make your application in normal business timings and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements, we’ll be able to provide the decision within one business day.
If you are applying for Larger Business Loans ($100K or more) we may be able to offer you with conditional pre-approval in around 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 particular circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest way is to make sure you apply during standard business hours, and allow us to use our modern bank verification to check your bank’s information online. If you opt to send us duplicates of your banking statements, it takes a bit longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of elements in order to assess how much we can lend you health of the company and the amount of the repayments your company can support. The total amount of your loan will depend on the specific circumstances the business.
When you make an application for a set amount, we consider a variety of elements to determine your health that is your business and the level of repayments that your company can support. The total amount of your loan will be determined by the specifics for your business.
If you decide to request the business financing, we’ll assess the risk profile the business and provide you with a customised offer including the amount of loan, the term and the interest rates. It is a company loan is a loan that is priced upfront therefore you will know in advance the total amount payable including any charges or interest.
The interest rates on company loans rates differ based on various variables like the amount to be of money borrowed, the business assets the money will be used for in addition to the industry that the business operates in, the long the business has been in operation as well as whether the business has enough cash flow to fund the loan, and also the general well-being or financial standing of the company.
There aren’t any hidden charges for our business loans. You’ll know precisely how much you need to pay and when, right from the very first day. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can apply for a loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can decide to repay the entire amount of the loan at any point in time.
If you do decide to take this route, please speak to our friendly company lending professionals. They’ll offer you with details on repayment as well as an early payout amount. It will be calculated using the total of the principal balance plus any accrued interest as of the time of the early payout plus 1.5 percent of the principal remaining plus any outstanding fees.
To ensure that you don’t miss due dates and also to be in line your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn from your company account.
The security of your personal information, as well as knowing the ways we gather data, process, exchange and protect your information, is vital and an integral part of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to customer security and security. We employ an exceptionally sophisticated bank verification system link to immediately verify your bank account details online. This allows us to offer a fast response.
Asset-based borrowing occurs when the business owner uses the assets they have to secure the funds for a loan. The asset may be a personal asset like the family home or a business asset such as a vehicle as well as a piece of machine.
The majority of lending institutions, including the major banks, prefer to make loans secured by an asset. If you’re struggling to pay back the loan then your asset may be offered for sale by the lender. In essence it’s an opportunity to secure new financing taking advantage of the value of what you already have.
Up to $150,000 in loans the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. need the personal guarantee. So long as you comply with your loan obligations (as stated in the loan contract), asset security will never be needed. For loans of over $150,000 generally, there is personal guarantee and security is provided in the form of a charge over assets.
