The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K business financing.
All you need for starting is your contact details (company name, your name, email and phone), how much you’d like to borrow, as well as your monthly income.
Through the process and before settlement we’ll need confirmation of who you are but not for starting:
Once we’ve started in the process, for loans over $150,000 you’ll also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
The application to your Small Business Loan in under 10 minutes on the phone. You’ll receive an instant response and funds may be on your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. The business loan is an upfront priced loan so you will know ahead of time the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily payment amount.
The Small Business Loan can be used to fulfill almost any business use, including the management of cash flow, company remodeling, marketing to purchase inventory, new equipment, or as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans are between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a credit of this size, your company needs to be trading for at least 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years 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 large company loan is a great option for almost any business reason, such as company renovations, to purchase equipment or inventory, as general working capital and so much more. The loan is not available for personal use.
Asset security is needed for funding of more than $150,000. This is by taking a charge on assets and can include registering this with the PPSR or registering as a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature, rather than defining security over an asset. The person signing the ensure is personally liable in the event that the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR permits prioritisation over property that is personal to be granted in accordance with the date on which a security interest has been registered.
A caveat is a legal document that is filed to provide the public notice of a legal claim to a property.
When you’re applying for a Larger Business Loan that is greater than $250K, we may offer a preliminary pre-approval to help smooth out the process. It is possible to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial well-being checks. This is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you might receive could be based on different terms.
You are eligible to apply for an company loan if you
The process for applying is fast and simple. Just complete the online application in just a few minutes, and a dedicated business loan specialist will call you to guide you.
For a loan of up to $100,000, you’ll need ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, and interim current financial year financials such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K to $100K) We can usually provide an answer in just one hour if you apply during standard business time and let us use the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we are able to provide a decision within just one business day.
For the Larger Business Loan ($100K up to $500,000) we could be able to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. You can also let us use the modern bank verification link to instantly verify your bank information online. If you choose to send us the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K or more) we typically provide an answer within an hour – as long as you apply during normal business time and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements, we’ll be able to offer an answer in just an business day.
For the Larger Business Loans ($100K and up) we may be able to provide you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest method for you to apply is make sure you apply during normal business hours and allow us to use the advance bank verification link to instantly verify your bank information online. If you opt to upload the copies of bank accounts, it can take a bit longer.
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we consider a variety of aspects that determine what is the well-being for your business and the amount of repayments that your business can support. The total amount of your loan will depend on the specific circumstances that are unique to your business.
When you submit an application for a set amount, we take into consideration a variety of factors to determine your well-being of your company and the level of repayments that your business can afford. The amount you receive from your loan will be contingent on the particulars for your company.
When you request business loans with us business loan, we will assess the risk profile that you have for your business and provide you with a customised proposal that includes the amount of loan, the term and interest rates. A company loan is an upfront priced loan and you’ll be aware of the total amount to be paid, including any charges or interest.
The interest rates on company loans rates differ based on various factors including the amount of money borrowed, the company assets the funds will be used for as well as the field the company is in, how long the business has been in operation as well as what percentage of the company has enough cash flow to fund the loan, and the overall health or creditworthiness of the company.
There are no hidden fees for our company loans, and you’ll know precisely what you’ll be required to pay, and at what time, from the day you sign up. There’s no compounding and no extra fees (as long as you make your payments in time).
We don’t charge an application fee. You are able to apply for a loan no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You may choose to pay back all of your loan at any point in time.
If you choose to pursue this option, please speak to our friendly business loan professionals. They will offer you with repayment details and an early payment figure. It will be calculated using the sum of the principal remaining and the accrued interest up to the time of the early payout and 1.5 percent of the principal balance as well as any outstanding fees.
To help you avoid missing payments and to work your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically deducted from your nominated business account.
Making sure that your information is secure, and knowing how we collect, use, exchange and ensure the security of your information is vital and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to customer security and security. We employ a highly sophisticated bank verification system link to instantly verify the bank account details online to offer quick responses.
Asset-based borrowing occurs when an company owner borrows from an asset that they own to get the funding. The asset may be a personal asset like the family home or a business property like a truck or piece of equipment.
The majority of lending institutions, even the big banks, tend to secure loans against an asset. If you have trouble paying back the loan, your assets could be offered for sale by the lender. In essence, it’s an opportunity to secure new financing taking advantage of the value of what you already have.
For loans up to $150K the requirement for asset security is not required prior to the loan’s access but we do need an individual guarantee. As long as you follow your loan commitments (as detailed in your loan contract document) and you are able to meet your obligations, asset security will never be needed. For loans over $150K generally, there is the option of a personal ensure and security in the form of a charge over assets.
