The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you require more money? Take a look at the eligibility requirements for our $100K to $500K business loan.
All that is needed to begin is your contact information (company name, your name, email address or phone number), how much you want to borrow, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, but not for starting:
Once we’ve started, for loans of more than $150,000 you’ll also require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
You can apply to this Small Business Loan in under 10 minutes via the internet or by phone. You will receive an instant response and funds may be in your account in 24 hours. Traditional company loans are based on an annual interest rate along with other charges and fees. Our company loan is a cash-based loan and you’ll be aware of the total amount payable including the interest, fees and charges. Then, it is divided into a daily or weekly repayment figure.
A Small Business Loan can be used for nearly every business reason, such as cash flow management, company renovations, marketing, to purchase inventory or new equipment, for general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large, your company needs to be operating for a minimum of 3 years and have an annual turnover of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost every business purpose including business renovations, to purchase new equipment or inventory, as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is necessary to access funding over $150,000. This is by taking a charge over assets, and could include the registration of this through the PPSR or making a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally based rather than specifying security over an asset. The person who signs the guarantee is personally responsible if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR grants preference over private property granted in accordance with the date on which a security interest that is registered.
A caveat is a legal form of document to offer the legal claim against a property.
If you’re applying for an enterprise loan of $250K or more we may be able to provide an initial pre-approval in order to make the process. We might be able to get this done without credit checks and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes you answering some financial health questions. It’s not an offer or guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer you receive could be subject to different terms.
You may be eligible for an company loan if you
The application process is simple and easy. Just complete the online application in few minutes and an experienced company expert in lending will call you to assist you.
To apply for up to $100,000 you’ll need ID 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 require:
$100K to $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statement, last 2 years finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we typically provide an answer in just one hour, provided you apply within quality business hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statements , we’ll be able to provide a decision within the span of one business day.
For the Larger Business Loan ($100K to $500K) we might be capable of provide the conditional pre-approval in around 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Certain deals have been approved within the space of 24 hours.
The quickest method is to ensure you apply during normal company hours and allow us to use our advanced bank verification system link to check your bank’s information online. If you decide to upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer a response in one hour, provided you make your application during normal business times and let us use the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements, we will be able to provide a decision in just the span of one business day.
For Larger Business Loans ($100K up to $500,000) we may be capable of provide the conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this can be faster depending on the circumstances of each application. Certain transactions have received approval within just 24 hours.
The most efficient method for you to apply is ensure you apply during normal business hours and permit us to use the sophisticated bank verification link to check your bank’s information online. If you opt to upload duplicates of your banking statement, 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 will consider a number of elements in order to assess how much we can lend you health that is your business as well as the amount of repayments your business is able to afford. The total amount of your loan will be contingent on the particular circumstances of your business.
When you submit an application for a set amount, we consider a variety of variables to assess your health of your company as well as the amount of payments your business can support. The total amount of your loan will be determined by the particular circumstances the business.
If you decide to request one of our business financing, we will assess the risk profile of your business and provide you with a customised offer, including the loan amount, the terms and interest rates. It is a company loan is an upfront priced loan and you’ll know the exact amount payable including any charges or interest.
Interest rates for business loans rates differ based on various factors including the amount borrowed, the business assets the money are used to purchase, the industry the company operates in, the long the company is in operation, whether the business has enough cash flow to support the loan, and the overall health or creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll know precisely how much you need to pay, and at what time, from the first day. There’s no compounding and no additional fees (as as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of your advance loan at any time.
If you are deciding to do this please contact our helpful business loan specialists. They’ll provide you with details on repayment and an early payout figure. The figure will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout and 1.5 percent of the principal remaining plus any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we offer repayments that are either weekly or daily. They are automatically deducted from your nominated business account.
Security of your data, and making it clear how we collect, use, exchange and protect your information, is vital and a vital part of our relationship you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We employ an exceptionally sophisticated bank verification system link to immediately verify your bank account information online, allowing us to offer an immediate response.
An asset-based loan is when a business owner utilises the assets they have to secure the funding. The asset can be either an individual asset, such as the family home or a business asset like a truck or piece or equipment.
The vast majority of banks, even the big banks, tend to guarantee loans against assets. If you have trouble paying back the loan, your asset may be offered for sale by the lender. In essence, it is means of securing additional financing taking advantage of the value of what you already have.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds however, we do require a personal guarantee. So long as you comply with the loan terms (as stipulated in your loan contract document), asset security will never be needed. For loans over $150,000 generally there is personal guarantee and security in the form of the charge of assets.
