The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Check out the eligibility requirements for our $100K to $500K company financing.
All you need to get started is your contact information (company name, your name, email address and telephone) and the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
In addition, once we have started in the process, for loans over $150,000 you’ll need basic financial statements.
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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 that are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and the money could be available in just 24 hours. Traditional company loans reference an annual rate of interest together with additional fees and charges. Our business loan is an upfront priced loan which means you know ahead of time the total amount payable including any fees, interest or charges. This is then broken down into either a daily or weekly installment amount.
The Small Business Loan can be used to fulfill almost any company reason, such as managing cash flows, company improvements, advertising for purchasing inventory or new equipment, for general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
A Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A larger company loan is a great option for almost any business need, including business renovations, purchase of new equipment or inventory or as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. This is as a result of an charge on assets, and could include registration on the PPSR or filing a caveat.
A personal or director’s ensure is a commitment to repay credit that is generally based rather than stipulating the security for a particular asset. The person who is signing the guarantee is personally liable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including goods or assets). The PPSR permits the priority of personal property granted in accordance with the date on which a security interest was registered.
Caveats are legal form of document to provide an official notice of a claim on a property.
If you’re applying for the Larger Business Loan of $250K or more it is possible to offer an initial pre-approval that will help ease the process. We may be able to apply for this without credit checks and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes the answer to a series of financial health checks. This is not an offer or guarantee of credit. A conditional approval is subject an exhaustive credit evaluation, and any offer you might receive could have different terms.
You may apply for a company loan if you:
The application process is fast and easy. Complete the online form within a few minutes and an experienced company credit specialist will contact you to help you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent, 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually offer a response in one hour – as long as you apply at quality business timings and let us utilise the bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statements , we will be able to offer a decision within one company day.
For the Larger Business Loan ($100K to $500K) we may be in a position to offer you with pre-approval conditional to your application within six hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain transactions have received approval within just 24 hours.
The quickest way to apply for you to apply is ensure you apply during normal company hours. You can also permit us to use the modern bank verification to instantly verify your bank account information online. If you decide to upload duplicates of your banking accounts, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer in just one hour – provided you submit your request in normal business timings and permit 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 statements, we will be able to provide an answer within one business day.
For the Larger Business Loans ($100K or more) we may be likely to provide you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain offers have been approved in the space of 24 hours.
The quickest method is to make sure you apply during standard business hours. You can also permit us to use the advance bank verification link to instantly verify your bank information online. If you send us documents from your account statement, it may take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of elements in order to assess the well-being that is your business and the level of repayments that your business can afford. The total amount of your loan will depend on the specifics the business.
When you make an application for a specific amount we look at a range of elements to assess your health that is your company and the amount of repayments that your business is able to afford. The total amount of your loan will be determined by the specific circumstances that are unique to your business.
If you decide to request business loans with us company loans, we’ll assess the risk assessment of your business and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. A business loan is an upfront cost loan therefore you will know in advance the total amount to be paid, including any charges, interest rates or fees.
Business loan interest rates depend on a variety of factors including the amount borrowed, what company assets the money will be used for in addition to the industry that the company is in, how long the business has been in operation and whether the company has sufficient cash flow to fund the loan, and also the general health and creditworthiness of the business.
There aren’t any hidden charges for our business loans, and you’ll know precisely what it is that you need to pay and at what time, from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We don’t charge an application fee. You can request a credit loan with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay the entire amount of the advance loan at any time.
If you choose to do this please call our helpful business loan professionals. They’ll offer you with details for repayment as well as an early payout amount. It will be calculated using the sum of the remaining principal amount and the accrued interest up to the time of early payment, plus 1.5 percent of the principal balance as well as any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated company account.
The security of your personal information, as well as making it clear the ways we gather, use, exchange and protect your information, is of paramount importance and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of clients and security. We use an advanced bank verification system link to instantly confirm your bank account information online so we can provide a fast response.
Asset-based borrowing is when an business owner makes use of the assets they have to obtain the funds for a loan. The asset may be an asset belonging to the personal, like the family home, or it could be a company asset such as a truck as well as a piece of machine.
The vast majority of banks, including the largest banks, are inclined to secure loans against assets. If you’re struggling to pay back the loan, then your asset may be sold by the lender. In essence, it is the process of securing new funding using the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security prior to the loan’s access however, we do need the personal guarantee. In the event that you fulfill the loan terms (as stipulated in your loan contract), asset security will never be needed. For loans over $150,000 typically, you will need the option of a personal guarantee and security is provided in the form of the charge of assets.
