The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K to $500K business financing.
All you need to begin is your contact details (the name of your company, your name, email address and phone), how much 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 to get started:
In addition, once we have started when it comes to loans greater than $150,000 you’ll require the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
The application for your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. Our company loan is a cash-based loan and you’ll be aware of the total amount payable including any fees, interest or charges. Then, it is broken down into weekly or daily payment amount.
The Small Business Loan can be used for virtually any company reason, such as control of cash flow business renovations, marketing for purchasing inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
To qualify for a loan of this size, your business needs to have been operating for at least three years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Larger Business Loan is a great option for almost every company need, including company renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is required to obtain funding above $150,000. It’s by way of charge over assets, and may be registered with the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to repay a loan which is generally in nature rather than specifying the security for a particular asset. The person who signs the guarantee is personally accountable if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including objects or assets). The PPSR grants preference over private property granted according to the date the registration of a security interest.
A caveat is a legal document filed to provide the public notice of a legal claim to a property.
If you’re requesting an enterprise loan of more than $250K it’s possible to offer a preliminary pre-approval to help make the process. We may be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering a few financial health checks. It’s not an offer or guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you may receive may have different conditions.
You may apply for an company loan if you:
The application process is quick and easy. Just complete the online application in just a few minutes, and a dedicated company loan specialist will be in touch to guide you.
To be eligible for up to $100,000 you’ll need ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K and up) we typically provide an answer within an hour if you submit your request at quality company timings and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statement, we’ll offer the decision in as little as an business day.
If you are applying for a Larger Business Loan ($100K and up) we could be able to offer you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be quicker based on the specifics of each application. Some transactions have received approval in 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours, and permit us to use the advanced bank verification system to instantly verify your bank account information online. If you opt to send us documents from your account accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually provide a response in one hour if you make your application within normal business time and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can provide an answer in as little as an business day.
If you are applying for Larger Business Loans ($100K and up) We may be in a position to provide you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this can be faster depending on the specifics of each application. Some agreements have been approved within the space of 24 hours.
The quickest method would be to ensure you apply during standard business hours, and allow us to use the advance bank verification to instantly verify your bank account information online. If you send us copies of your bank statement, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you submit an application for a specific amount we will consider a number of variables in order to assess what is the health that is your business and the level of repayments your company can afford. The total amount of your loan will depend on the specifics the business.
When you make an application for a set amount, we take into consideration a variety of factors to determine the health of the company as well as the amount of the repayments your business can support. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
When you request business loans with us company credit, we will assess the risk assessment for your company and provide an individualised proposal that includes loan amount, term and the interest rates. It is a business loan is an upfront cost loan which means you know in advance the total amount you will have to pay, including charges or interest.
Business loan interest rates differ based on various variables like the amount to be that is borrowed, what business assets the money are used to purchase and the sector the business operates in, the long the company has been running and what percentage of the company has enough cash flow to cover the loan, and also the overall well-being or creditworthiness of the company.
There are no hidden fees with our company loans, and you’ll know precisely what you need to pay, and at what time, from day one. There’s no compounding and there are no additional charges (as as you make your payments on time).
We do not charge an Application Fee. You are able to get a cash loan with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you choose to do this please speak to our friendly company credit specialists. We will provide you with details for repayment along with an early payout estimate. This will be calculated as the sum of the principal amount remaining and any accrued interest at the time of early payment plus 1.5 percent of the principal amount remaining and any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from the nominated business account.
The security of your personal information, as well as being transparent about the ways we gather data, process, exchange and protect your information, is crucial and an integral part of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We utilise a sophisticated banking verification system to immediately verify the bank account details online. This allows us to provide quick responses.
An asset-based loan is when an company owner makes use of the assets they have to obtain the funding. The asset can be either an individual asset, such as the family home or it could be a business asset like a truck as well as a piece of machine.
The majority of lenders, even the big banks, tend to secure loans against assets. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence it is the process of securing new financing using the worth of the asset you already have.
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds However, we require a personal guarantee. require an individual guarantee. In the event that you fulfill your loan obligations (as detailed in the loan contract) and you are able to meet your obligations, asset security is not required. If you take out loans in excess of $150,000 generally, you are able to get a personal guarantee and security in the form of charges on assets.
