The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Find out the guidelines for eligibility for our $100K-$500K business financing.
All you need to start is your contact details (the name of your company, your name, email and phone), how much you want to borrow, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you will also require basic 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 and cash flow-friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive a same day response and have the funds available in just 24 hours. Traditional company loans are based on an annual rate of interest along with other charges and fees. Our company loan is a loan that is priced upfront so you will know in advance the total amount payable including any fees, interest or charges. Then, it is broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used to fulfill almost any company purpose including managing cash flows, business renovations, marketing for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To qualify for a loan in this amount, your business needs to be operating for at least three years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan can be used to fund almost every business purpose including business remodeling, buying equipment or inventory as well as for general working capital and so much more. The loan is not available for personal purposes.
Asset security is necessary to obtain funding above $150,000. This can be done as a result of an charge on assets, and may be registered on the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally based rather than stating the security for a particular asset. The person who is signing the guarantee is personally liable if the business 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 that are registered for personal property (including objects or assets). The PPSR permits preference over private property granted depending on the date that a security interest has been registered.
The caveat can be described as a formal document that is filed to provide the legal claim on a property.
If you’re seeking an enterprise loan of $250K or more, we may offer an initial pre-approval in order to make the process. We may be able to apply for this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial well-being checks. This is in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be subject to different conditions.
You may apply for an business loan if you;
The application process is quick and simple. Just fill out the online application in few minutes and a dedicated company credit specialist will call you to guide you.
To apply for up $100,000 you’ll need proof of identity (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we typically offer an answer within an hour, provided you submit your request within standard business time and permit us to utilise the bank verification system link to instantly verify your bank’s information online. If you opt to upload copies of your banking statements we can offer the decision in as little as the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we could be likely to provide you with a conditional pre-approval within about six hours. After you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be quicker based on the circumstances of each application. Certain offers have been approved within the space of 24 hours.
The fastest way would be to make sure you apply during standard business hours and let us use the advanced bank verification system to instantly verify your bank account information online. If you choose to send us duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within an hour – as long as you make your application in normal business times and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements we can provide an answer in as little as one business day.
For the Larger Business Loans ($100K and up) we might be capable of offer you with pre-approval conditional to your application in around 6 hours. Once you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some agreements have been approved in just 24 hours.
The fastest way is to ensure you apply during normal business hours. You can also let us use the advance bank verification to verify your bank account information online. If you upload documents from your account accounts, it will take a little longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of elements to determine your health that is your company and the level of repayments your business will be able to support. The total amount of the loan will be determined by the specifics the business.
When you make an application for a particular amount, we consider a variety of variables to determine the health of your business and the extent of repayments your business can afford. The total amount of your loan will be determined by the specific circumstances for your company.
When you apply for our company credit, we’ll assess the risk profile of your company and provide you with a customised offer, including the amount of the loan, the duration and the interest rates. The business loan is an upfront cost loan and you’ll know in advance the total amount payable including any charges, interest rates or fees.
Interest rates for business loans rates differ based on various factors such as the amount that is that is borrowed, what business assets the funds will be used for and the sector the business is in, how long the business has been running, what percentage of the company has sufficient cash flow to fund the loan, and also the overall well-being and creditworthiness of the business.
There are no hidden fees with our company loans. You’ll be aware of the amount it is that you be required to pay and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We don’t charge an application fee. You are able to get a cash loan absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of the loan early at any time.
If you choose to do this please speak to our friendly business loan experts. The experts will provide you with the details of your repayment along with an early payout estimate. It will be calculated using the sum of the principal amount remaining and any accrued interest at the time of the early payout plus 1.5 percent of the principal remaining and any fees that remain unpaid.
To ensure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your designated business account.
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to customer security and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account details online, allowing us to provide rapid response.
An asset-based loan is when a company owner uses assets they own to obtain the funding. The asset can be either an individual property, such as the family home, or it could be a business asset such as a vehicle or piece or equipment.
The vast majority of banks, not just the big banks, tend to make loans secured by assets. If you’re struggling to pay back the loan then your asset may be sold by the lender. In essence, it is a way of securing new funding making use of the value of what you already have.
For loans of up to $150K, there is no requirement for asset security in advance to gain access to the funds but we do need the personal guarantee. If you adhere to your loan commitments (as detailed in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans that exceed $150K, generally there is a personal ensure and security in the form a charge over assets.
