The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the conditions of eligibility for our $100K to $500K company financing.
All you need for starting is your contact information (the name of your company, your name, email and telephone), how much you’d like to lend, and your monthly revenue.
While in the process and before settlement we will need confirmation of who you are but not for starting:
Once we’ve started in the process, for loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
The application to get the Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and funds may be on your account within 24 hours. Traditional company loans are based on an annual interest rate together with additional fees and charges. This company loan is a pre-paid loan so you will be aware in advance of the total amount payable including any interest, fees or charges. This is then divided into weekly or daily repayment figure.
A Small Business Loan can be used to fulfill almost every company purpose including cash flow management, company improvements, advertising for purchasing inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
To be eligible for a loan of this size, your company needs to have been in operation for at least 3 years and generate an annual revenue of $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 to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost any business use, including business improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan is not available for personal purposes.
Asset security is needed to obtain funding above $150,000. It’s by taking a charge over assets and can include registering this through the PPSR or the registration of a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is general in nature rather than stipulating security over an asset. The person signing the guarantee is personally responsible if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR allows preference over private property assigned according to the date the security interest that is registered.
A caveat is a legal form of document to provide notice of a legal claim against a property.
If you’re applying for a Larger Business Loan of $250,000 or more it is possible to offer an initial pre-approval that will help simplify the process. We could be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering some financial well-being checks. This is not an offer or guarantee of funds. Acceptance without condition is subject to a full credit assessment and any offer you receive could be subject to different conditions.
You may apply for a business loan if you
The application process is fast and simple. Complete the online form in just a few minutes, and an experienced business expert in lending will contact you to help you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$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 – $500K: Information on the application including credit consent and 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K and up) We can usually provide a response in one hour if you submit your request at quality business hours and you allow us to utilise the bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statements we can offer the decision in just an business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be likely to provide you with conditional pre-approval in about 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based upon the circumstances for each application. Certain deals have been approved in just 24 hours.
The fastest way can be make sure you apply during standard company hours, and allow us to use our advanced bank verification system link to verify your bank account information online. If you decide to upload duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer within one hour – provided you apply during normal business hours and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll offer the decision within 1 business day.
For Larger Business Loans ($100K and up) we could be likely to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Some agreements have been approved in 24 hours.
The fastest way is to ensure you apply during standard business hours. Also, allow us to use the sophisticated bank verification to confirm your bank details online. If you send us copies of your bank statement, it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a particular amount, we will consider a number of variables in order to assess your well-being of the company and the amount of repayments your business will be able to support. The amount you receive from the loan will be determined by the specifics for your business.
When you apply for a specific amount we will consider a number of variables to determine how much we can lend you such as health of your company and the amount of the repayments your company is able to afford. The total amount of your loan will be contingent on the specifics of your company.
When you apply for the company loans, we’ll assess the risk assessment of your business and provide you with a tailored offer, including loan amount, term and interest rates. This business loan is an upfront-priced loan and you’ll be aware in advance of the total amount to be paid, including any charges or interest.
Business loan interest rates differ based on various factors including the amount borrowed, what business assets the funds will be used for, the industry the company operates in, how long the company has been in operation, how long the company has sufficient cash flow to cover the loan, and overall health or creditworthiness of the company.
There aren’t any hidden costs for our business loans, and you’ll know exactly how much you be required to pay, and at what time, from the day you sign up. There’s no compounding interest and no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can decide to repay all of your loan in full at any time.
If you are deciding to pursue this option, please speak to our friendly business credit experts. We will provide you with the details of your repayment along with an early payout estimate. The figure will be calculated as the total of the principal balance and accrued interest to the time of the early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow general, we offer repayments either weekly or daily. They are automatically deducted from your designated company account.
Making sure that your information is secure, and making it clear how we collect information, use it, and exchange it, as well as secure your information, is vital and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our customers and privacy. We employ an exceptionally sophisticated banking verification system to instantly verify your bank account details online so we can offer an immediate response.
Asset-based borrowing occurs when an company owner makes use of assets they own to make the funds for a loan. The asset could be an individual property, such as the family home, or a company asset such as a truck or other piece of machinery.
The majority of lending institutions, not just the largest banks, are inclined to make loans secured by an asset. If you’re having trouble paying back the loan, then your asset may be offered for sale by the lender. In essence it’s a way of securing new funding making use of the value of what you already own.
For loans up to $150K the requirement for asset security is not required before you are able to access the money but we require a personal guarantee. require the personal guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract document) Asset security will never be required. If you take out loans in excess of $150,000 typically, you will need personal ensure and security in the form an asset charge.
