The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K to $500K company loan.
All you need to get started is your contact information (company name and your name, as well as email or phone number) and the amount you’d like to borrow as well as your monthly income.
While in the process and before settlement we will require confirmation of who you are however, not in order to begin:
Additionally after we get started, for loans that exceed $150,000, you’ll also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
Apply for this Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the funds could be on your account within 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. The company loan is a pre-paid loan therefore you’ll know ahead of time the total amount to be paid, including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every business purpose including managing cash flows, business remodels and marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan of this size the company needs to be operating for at least three years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger business loan can be used for nearly every business purpose including business renovations, purchase of equipment or inventory, as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. It’s by taking a charge over assets and can include registration with the PPSR or filing as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is generally in nature rather than defining the security for a particular asset. The person signing the ensure is personally liable in the event that the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR permits preference over private property assigned in accordance with the date on which a security interest that is registered.
An affidavit is an official form of document to provide the public notice of a legal claim on a property.
When you’re applying for larger business loans of more than $250,000 we may be able to provide an initial pre-approval that will help make the process. It is possible to do this without a credit check and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health questions. This is neither an offer nor a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer that you receive could be subject to different conditions.
You may be eligible for a company loan if you:
The process for applying is fast and simple. Simply complete the online form in few minutes and an experienced business lending 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 Licence) along with a valid NZBN/IRD as well as at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details of the application, including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) we usually offer an answer in just one hour, provided you submit your request within quality company time and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statements we can offer the decision within 1 business day.
For the Larger Business Loan ($100K and up) we might be able to provide you with a conditional pre-approval within six hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some transactions have received approval within 24 hours.
The fastest way can be make sure you apply during standard business hours and let us use the advanced bank verification system to verify your bank account information online. If you opt to send us copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – as long as you make your application at standard business hours and you 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 statements, we are able to provide a decision in as little as 1 business day.
For the Larger Business Loans ($100K and up) we might be able to offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The fastest way would be to ensure you apply during normal business hours. Also, permit us to use the sophisticated bank verification to verify your bank information online. If you upload the copies of bank accounts, it may take a bit longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a particular amount, we look at a variety of elements that determine your health that is your business and the amount of payments your business can afford. The amount you receive from your loan will depend on the specifics that are unique to your company.
If you apply for a set amount, we consider a variety of factors to determine your health that is your company and the amount of repayments your business can afford. The amount you receive from your loan will be determined by the particular circumstances the company.
When you request our business loans, we’ll assess the risk profile for your business and offer you with a customised offer, including the amount of the loan, the duration and the interest rates. This company loan is an upfront cost loan which means you know in advance the total amount to be paid, including any interest rates, fees or charges.
Interest rates for company loans rates depend on several factors including the amount of money borrowed, the company assets the funds will be used for, the industry the business operates in, how long the company has been in operation, whether the business has enough cash flow to cover the loan, as well as the overall health or financial standing of the business.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you be required to pay, and when, from the very first day. There’s no compounding and no extra fees (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can make an application for loans with no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay the total amount of your advance loan at any time.
If you decide to take this route, please call our helpful business lending experts. They will provide you with details on repayment as well as an early payout amount. This is calculated as the total of the remaining principal amount and any accrued interest at the time of early payout in addition to 1.5 percent of the principal remaining plus any outstanding fees.
To make sure that you don’t miss payment dates and to align your cash flow cycle we offer repayments that are either weekly or daily. They will be automatically deducted from your nominated company account.
Protecting your information, and making it clear how we collect, use, exchange and safeguard your data, is of huge importance and a vital aspect of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and security. We utilise a sophisticated banking verification system to instantly verify your bank account details online, allowing us to provide rapid response.
Asset-based borrowing is when an company owner borrows from an asset that they own to obtain the funds for a loan. The asset can be an individual asset, such as the family home, or an business asset such as a truck or piece or equipment.
The majority of lenders, including the largest banks, are inclined to guarantee loans against an asset. If you’re having trouble paying back the loan then your assets could 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.
Up to $150K in loans the requirement for asset security is not required upfront to access the money However, we do require a personal guarantee. So long as you comply with your loan commitments (as specified in your loan contract document) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150K generally, there is personal ensure and security that is in the form the charge of assets.
