The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Find out the conditions of eligibility for our $100K-$500K business loan.
All that’s required to get started is your contact details (company name, your name, email address and phone) and the amount you want to borrow, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of your identity but not for starting:
Additionally after we get started, for loans of more than $150,000 you’ll also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
Apply for this Small Business Loan in under 10 minutes online or by phone. You will receive an answer within the same day and the money could be available in just 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. Our business loan is a cash-based loan so you will be aware of the total amount due, which includes any fees, interest or charges. This is then broken down into either weekly or daily installment amount.
It is a Small Business Loan can be used for virtually every business use, including control of cash flow company renovations, marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
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 credit in this amount, your business needs to be trading for at least 3 years with an annual turnover of $700,000. 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 least 12 months of trading.
A larger business loan can be used for nearly all company need, including business renovations, purchase of new equipment or inventory for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is needed to access funding over $150,000. It is usually in the form of a charge against assets, and could include registering this through the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay credit that is generally based rather than stipulating the security for a particular asset. The person signing the guarantee is personally responsible if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a security interest that is registered.
A caveat is a legal form of document to provide notice of a legal claim against a property.
When you’re applying for the Larger Business Loan of $250K or more it’s possible to offer an initial pre-approval in order to smooth out the process. We could be able to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes the answer to a series of financial health checks. It is not an offer or guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer you are offered could be based on different terms.
You are eligible to apply for a business loan if you;
The application process is fast and easy. Just complete the online application in few minutes and a dedicated company 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 License) along with an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank records, IRD statement as well as the two most recent years’ financial statements, and interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) we typically offer an answer within one hour – as long as you apply at quality company hours and let us use the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statements , we’ll be able to provide a decision within one company day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to offer you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Some deals have been approved within the space of 24 hours.
The most efficient method is to make sure you apply during normal business hours, and permit us to use the advance bank verification to instantly confirm your bank details online. If you opt to send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K or more) we usually offer an answer in just one hour – provided you apply at standard business timings and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your banking statements we can offer an answer in just one business day.
For Larger Business Loans ($100K or more) we may be capable of provide you with conditional pre-approval in about 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 particular circumstances of each application. Certain transactions have received approval in less than 24 hours.
The fastest method is to ensure you apply during normal business hours, and let us 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.
We provide loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of variables to determine your well-being for your company and the amount of the repayments your business can support. The amount you receive from your loan will depend on the specific circumstances of your business.
When you apply for a specific amount we look at a range of aspects to determine your well-being for your company and the level of the repayments your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances the company.
When you request one of our business credit, we will assess the risk profile that you have for your business and provide you with a customised offer including loan amount, term and the interest rates. The business loan is a loan that is priced upfront therefore you will be aware of the total amount payable including any costs, fees, or interest rates.
The interest rates on business loans rates vary due to factors like the amount of money that is borrowed, what business assets the money are used to purchase as well as the field the company is operating in, how long the company is in operation as well as in the event that the company has enough cash flow to pay for the loan, as well as the general health as well as creditworthiness business.
There aren’t any hidden costs for our business loans. You’ll be aware of the amount it is that you need to pay and when, from the very first day. There’s not any compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You are able to request a credit loan with without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can choose to repay the total amount of your advance loan at any time.
If you decide to pursue this option, please call our helpful company lending specialists. We will provide you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the principal balance plus any accrued interest as of the time of early payment plus 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from your nominated business account.
Security of your data, and knowing how we collect data, process, exchange and safeguard your data, is of huge importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to customer security and security. We employ a highly sophisticated bank verification system that allows you to immediately confirm your bank account information online to provide an immediate response.
Asset-based borrowing is when an company owner utilises an asset that they own to obtain a loan. The asset could be a personal asset like the family home or an business asset such as a vehicle or other piece of machinery.
The majority of lending institutions, including the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then the asset could be transferred to the lender. In essence it is the process of securing new funding making use of the value of what you already have.
For loans that exceed $150,000, no asset security is required upfront to access the money However, we do require a personal guarantee. So long as you comply with the loan terms (as stipulated in your loan contract), asset security is not needed. For loans of over $150,000 generally, you can get the option of a personal guarantee and security in the form the charge of assets.
