The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the eligibility requirements for our $100K-$500K business loans.
All that’s needed to begin is your contact information (the name of your company, your name, email and phone), how much you want to borrow, and your monthly earnings.
While in the process and before settlement we will require confirmation of who you are, but not before we can begin:
Additionally after we get started, for loans that exceed $150,000, you will also require basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and the funds could be on your account within 24 hours. Traditional business loans reference an interest rate per annum as well as other 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. Then, it is divided into a daily or weekly payment amount.
The Small Business Loan can be used for virtually every company reason, such as control of cash flow company remodels and marketing for purchasing inventory or new equipment, or as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of with a maximum of 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To be eligible for a loan in this amount, your company needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used for almost any company purpose including business improvements, purchasing new equipment or inventory, as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. This is as a result of an charge on assets, and could include the registration of this on the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature, rather than stipulating security over an asset. The person signing the guarantee is personally liable if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR grants priority over personal property to be assigned depending on the date that a security interest was registered.
The caveat can be described as a formal form of document to offer an official notice of a claim to a property.
When you’re applying for larger company loans that is greater than $250K it is possible to offer an initial pre-approval to ease the process. We might be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial well-being questions. It’s not an offer of credit or guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you might receive could have different terms.
You can apply for an business loan if you;
The application process is quick and simple. Complete the online form within a couple minutes, and a dedicated company loan specialist will call you to help you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent twelve months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually provide an answer within one hour if you submit your request at quality company time and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statement, we’ll offer the decision within 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to offer you with a conditional pre-approval in around 6 hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain agreements have been approved within less than 24 hours.
The quickest way to apply for you to apply is ensure you apply during standard business hours. Also, allow us to use our advance bank verification to check your bank’s information online. If you choose to send us documents from your account statements it will take a little longer.
For the Small Business Loan ($5K and up) we can often provide an answer in just one hour – provided you submit your request during standard business hours and allow us to use the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your banking statement, we’ll offer an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application in about six hours. Once you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in 24 hours.
The fastest method is to make sure you apply during normal business hours. Also, allow us to use the advanced bank verification system link to instantly confirm your bank details online. If you decide to send us the copies of bank accounts, it will take a little longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a certain amount we will consider a number of variables to determine how much we can lend you health of the company and the extent of repayments that your company can afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
When you submit an application for a particular amount, we consider a variety of elements to assess the well-being of your company as well as the amount of repayments your company will be able to support. The amount you receive from your loan will be determined by the particulars of your company.
If you decide to apply for our business credit, we’ll assess the risk profile that you have for your company and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. The business loan is an upfront-priced loan and you’ll know in advance the total amount to be paid, including any charges, interest rates or fees.
The interest rates on company loans rates differ based on various factors such as the amount that is of money borrowed, the business assets the money are used to purchase in addition to the industry that the company is operating in, how long the business has been in operation for, what percentage of the business has sufficient cash flow to fund the loan, and also the general health or financial standing of the business.
There aren’t any hidden charges for our company loans. You’ll know exactly how much you’ll be required to pay, and when, from the very first day. There’s no compounding 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 no cost upfront or commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You may choose to pay back the entire amount of the loan early at any time.
If you decide to take this route, please call our helpful company loans specialists. They’ll provide you with details for repayment and an early payment figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the time of early payout plus 1.5% of the principal remaining and any outstanding fees.
To ensure you do not miss payments and to work with your cash flow standard, we provide payments that are either weekly or daily. They will be automatically deducted from the nominated business account.
Protecting your information, and being clear about how we collect the information we collect, use, share and ensure the security of your information is vital and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and security. We make use of an advanced bank verification system that allows you to instantly verify the bank account details online to provide a fast response.
Asset-based borrowing occurs when an company owner utilises an asset that they own to make the funds for a loan. The asset may be a personal asset like the family home, or a company asset such as a vehicle or other piece of machinery.
The majority of the lenders even the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan then your asset may be sold by the lender. In essence, it’s a way of securing new financing making use of the value of what you already own.
For loans of up to $150,000, no asset security is required in advance to gain access to the funds, however we require a personal guarantee. require a personal guarantee. So long as you comply with your loan commitments (as stated in your loan contract) the security of assets is not required. If you take out loans in excess of $150,000 generally, you can get a personal ensure and security is provided in the form of the charge of assets.
