The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All that’s needed to start is your contact information (company name, your name, email, phone), how much you’d like to borrow, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are, however, not in order to begin:
Additionally after we get started when it comes to loans over $150,000 you will also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms 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 online or over the phone, receive an answer within the same day and have the funds in your account within 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. The business loan is a pre-paid loan and you’ll be aware of the total amount payable including any interest, fees or charges. Then, it is broken down into either a daily or weekly installment amount.
It is a Small Business Loan can be used for almost every company reason, such as cash flow management, company remodels and marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan cannot be used 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 to work with your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
To qualify for a loan of this size, your company needs to have been trading for at least 3 years with an annual turnover of $700K. The applicant must also be 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 the least 12 months of operating.
A Business Loan of a larger size can be used for almost any company need, including business improvements, purchasing new equipment or inventory for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is necessary for funding of more than $150,000. This can be done in the form of a charge on assets and can include the registration of this in the PPSR or the registration of a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is general in nature rather than stating security over a particular asset. The person who signs the guarantee is personally liable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
A caveat is a legal document filed to provide the legal claim on a property.
If you’re requesting larger business loans of more than $250K we can offer an initial pre-approval in order to make the process. It is possible to make this decision without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health checks. This is neither an offer nor a guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you may receive may be subject to different conditions.
You are eligible to apply for a business loan if you
The application process is quick and easy. Just complete the online application in few minutes and a dedicated business expert in lending will contact you to help you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Application details including credit consent as well as 12 months of bank records, IRD statements, last 2 years finalised financial statements, in addition to interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within one hour, provided you apply during standard business times and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statement, we’ll provide a decision in as little as an business day.
For Larger Business Loans ($100K or more) we might be likely to offer the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain transactions have received approval in the space of 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours and allow us to use our advance bank verification link to instantly check your bank’s information online. If you send us the copies of bank accounts, it takes a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer in just one hour – as long as you submit your request in normal business hours and allow us to use the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statements we can offer the decision within 1 business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Certain transactions have received approval within less than 24 hours.
The fastest method is to ensure you apply during normal business hours. Also, allow us to use our advanced bank verification system link to check your bank’s information online. If you opt to upload documents from your account statements it may take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of elements to determine the well-being of the business and the amount of repayments that your business can afford. The total amount of your loan will be contingent on the specifics the company.
When you make an application for a particular amount, we consider a variety of factors to determine your well-being of the business as well as the amount of the repayments your business is able to afford. The total amount of your loan will depend on the particular circumstances that are unique to your business.
If you decide to apply for business loans with us company loan, we’ll assess the risk profile that you have for your business and provide an individualised offer that includes the amount of loan, the term and the interest rates. The business loan is a loan that is priced upfront which means you be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates vary due to factors including the amount borrowed, what company assets the money are used to purchase and the sector the company is in, how long the company has been running, what percentage of the company has enough cash flow to fund the loan, and overall well-being or financial standing of the company.
There are no hidden fees with our business loans. You’ll know precisely what it is that you need to pay, and when, right from the first day. There’s not any compounding interest and no extra fees (as long as you make your payments on time).
We don’t charge an application fee. You can request a credit loan with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with establishing 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 amount of loan.
You may choose to pay back the entire amount of your loan early at any time.
If you do decide to pursue this option, please call our helpful business credit professionals. The professionals will offer you with the details of your repayment along with an early payout estimate. The figure will be calculated as the sum of the principal balance and any accrued interest at the time of early payment, plus 1.5% of the remaining principal plus any outstanding fees.
To help you avoid missing payments and to work with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
Protecting your information, and being clear about how we collect, use, exchange and protect your information, is crucial and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We make use of an advanced bank verification system link to immediately confirm your bank account information online so we can offer rapid response.
Asset-based borrowing occurs when an business owner makes use of assets they own to secure the loan. The asset can be either a personal asset like the family home, or an company asset such as a vehicle as well as a piece of machine.
The vast majority of lenders, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset could be offered for sale by the lender. In essence, it’s an opportunity to secure new financing by taking advantage of the value of what you already own.
For loans of up to $150K, the requirement for asset security is not required prior to the loan’s access but we do require the personal guarantee. So long as you comply with the loan terms (as specified in your loan contract) the security of assets is not required. If you take out loans in excess of $150K generally, there is personal guarantee and security that is in the form charges on assets.
