The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Check out the guidelines for eligibility for our $100K to $500K business loan.
All that is needed to get started is your contact details (company name and your name, as well as email, phone), how much you’d like to borrow and your monthly income.
Through 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 need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
You can apply to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive an immediate response, and have the funds on your account within 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. This business loan is a pre-paid loan so you will be aware in advance of the amount you will have to pay, including any interest, fees or charges. This is then broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for nearly every business reason, such as cash flow management, business remodels and marketing for purchasing inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
To qualify for a loan in this amount the company needs to be operating for at least three years with an annual turnover of at least $700K. Your company must belong to 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 of proving at minimum 12 months of continuous trading.
A larger business loan can be used for almost any business reason, such as company renovations, purchase of equipment or inventory, as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is required for accessing funds over $150,000. This is by way of charge on assets, and could include registering this with the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than defining security over an asset. The person who signs the ensure is personally responsible if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR permits preference over private property granted in accordance with the date on which a security interest that is registered.
Caveats are legal document that is filed to offer the public notice of a legal claim to a property.
When you’re applying for larger business loans that is greater than $250,000 it’s possible to offer an initial pre-approval to ease the process. We could be able to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial well-being checks. It’s in no way an offer, nor is it a guarantee of funds. The approval of a conditional loan is subject to a full credit assessment and any offer you might receive could be subject to different conditions.
You are eligible to apply for a business loan if you;
The application process is simple and easy. Just complete the online application in few minutes and an experienced company credit specialist will contact you to guide you.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we usually provide an answer within an hour, provided you make your application during quality business timings and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to send us copies of your bank statement, we’ll offer the decision in as little as an company day.
If you are applying for a Larger Business Loan ($100K and up) we might be likely to offer you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved within less than 24 hours.
The fastest way can be make sure you apply during normal company hours, and allow us to use the modern bank verification to instantly confirm your bank details online. If you opt to send us documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K or more) we can often provide a response in one hour – provided you submit your request in normal business timings and permit us to use the bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll offer a decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be in a position to provide you with a conditional pre-approval in around six hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. Also, allow us to use our advance bank verification link to instantly check your bank’s information online. If you send us copies of your bank statements it may take a bit longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a certain amount we consider a variety of aspects that determine your well-being that is your business and the extent of repayments your company can support. The total amount of the loan will be determined by the specifics the company.
When you submit an application for a specific amount we consider a variety of variables to assess how much we can lend you such as well-being that is your business as well as the amount of repayments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances for your company.
If you decide to request the company loan, we’ll assess the risk assessment for your business and offer an individualised offer that includes the loan amount, the terms and the interest rates. It is a business loan is an upfront cost loan therefore you will know the exact amount payable including any costs, fees, or interest rates.
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, the company assets the money are used to purchase in addition to the industry that the company is in, how long the business has been running as well as in the event that the business has sufficient cash flow to cover the loan, and general health or financial standing of the company.
There are no hidden costs for our business loans. You’ll know precisely how much you need to pay and at what time, from the very first day. There’s no compounding interest and there are no additional charges (as long as you make your payments on time).
We do not charge an Application Fee. You can get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay the entire amount of your advance loan at any time.
If you choose to take this route, please contact our helpful business loans experts. We will provide you with details for repayment and an early payout figure. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the time of early payout, plus 1.5 percent of the remaining principal plus any outstanding fees.
To make sure you do not miss payment dates and to align with your cash flow general, we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
Making sure that your information is secure, and making it clear the ways we gather the information we collect, use, share and protect your information, is vital and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We use an advanced bank verification system to immediately verify your bank account information online. This allows us to offer quick responses.
Asset-based borrowing is when an business owner uses the assets they have to obtain the funding. The asset may be a personal asset like the family home, or an company asset such as a vehicle or piece or equipment.
The vast majority of the lenders not just the banks with the biggest size, prefer to secure loans against assets. If you have trouble paying back the loan then your asset may be offered for sale by the lender. In essence, it is a way of securing new financing using the worth of the asset you already have.
Up to $150,000 in loans there is no requirement for asset security before you are able to access the money However, we do require an individual guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract document) the security of assets will never be required. For loans that exceed $150,000, generally, you can get personal guarantee and security in the form a charge over assets.
