The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Review the eligibility requirements for our $100K to $500K company loan.
All you need to begin is your contact details (company name, your name, email and telephone), how much you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of who you are, but not before we can begin:
After we start in the process, for loans greater than $150,000 you’ll also require basic financial statements.
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply for your Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day response and the money could be on your account within 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. This company loan is a cash-based loan so you will know in advance the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for nearly every company reason, such as managing cash flows, company renovations, marketing to purchase 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 amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
A Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a loan of this size, your company needs to be in operation for at least 3 years, and have an annual income of at least $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly every company purpose including company improvements, purchasing new equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for funding of more than $150,000. It’s as a result of an charge on assets and can include the registration of this in the PPSR or making as a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature rather than stating the security for a particular asset. The person who is signing the guarantee is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR allows priority over personal property to be assigned depending on the date that a registration of a security interest.
A caveat is a legal document filed to provide the public notice of a legal claim to property.
If you’re seeking an enterprise loan that is greater than $250,000 it’s possible to offer an initial pre-approval to simplify the process. We might be able to get this done without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves you answering a few financial well-being questions. It is in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you may receive may have different conditions.
You may be eligible for a company loan if you:
The application process is quick and easy. Complete the online form in just a few minutes, and a dedicated company lending specialist will contact you to assist you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually offer a response in one hour if you submit your request at quality company times and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statement, we’ll provide an answer within the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with pre-approval conditional to your application in about 6 hours. After you’ve signed your 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. Certain transactions have received approval in just 24 hours.
The most efficient method would be to ensure you apply during standard business hours. Also, permit us to use the modern bank verification link to instantly verify your bank account information online. If you choose to send us copies of your bank statements , it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within one hour if you submit your request within standard business hours and let us use the advanced bank verification system link to immediately verify your bank account information online. If you choose to submit copies of your bank statements, we’ll be able to offer the decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be in a position to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Some deals have been approved in 24 hours.
The quickest method for you to apply is ensure you apply during normal business hours and allow us to use our advanced bank verification system to instantly check your bank’s information online. If you opt to send us the copies of bank statements, it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we consider a variety of elements that determine your well-being for your business and the extent of the repayments your company will be able to support. The amount you receive from your loan will be contingent on the particular circumstances for your company.
When you submit an application for a particular amount, we consider a variety of factors to determine the well-being of the business and the extent of payments your business can afford. The amount you receive from your loan will depend on the specific circumstances of your company.
When you apply for business loans with us business financing, we will assess the risk assessment of your company and offer you with a customised offer, including the amount of the loan, the duration and interest rates. The business loan is an upfront priced loan therefore you will be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates vary due to factors including the amount borrowed, what company assets the funds will be used for in addition to the industry that the company is operating in, how long the company is in operation as well as what percentage of the business has enough cash flow to support the loan, and the general well-being and creditworthiness of the company.
There aren’t any hidden costs for our company loans. You’ll know exactly how much you’ll need to pay, and when, right from day one. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You can make an application for loans with without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You may choose to pay back the entire amount of your advance loan at any time.
If you are deciding to pursue this option, please call our helpful company loan experts. They’ll offer you with details on repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining and accrued interest to the time of early payment, plus 1.5 percent of the remaining principal and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your designated business account.
Security of your data, and knowing the ways we gather the information we collect, use, share and protect your information, is crucial and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We use an advanced banking verification system to instantly verify your bank account details online, allowing us to offer a fast response.
An asset-based loan is when an business owner makes use of assets they own to obtain a loan. The asset may be a personal asset like the family home or it could be a company asset like a truck or piece or equipment.
The vast majority of lenders, even the largest banks, are inclined to secure loans against an asset. If you’re struggling to pay back the loan, the asset could be offered for sale by the lender. In essence it’s a way of securing new financing using the value of what you already own.
Up to $150,000 in loans the requirement for asset security is not required upfront to access the money, however we do require a personal guarantee. As long as you follow your loan obligations (as detailed in the loan contract) and you are able to meet your obligations, asset security is not needed. For loans over $150,000 generally there is an individual guarantee and security that is in the form an asset charge.
