The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K company loan.
All that’s required to get started is your contact details (the name of your company, your name, email address and phone) and the amount you’d like to lend, and your monthly income.
During the process and before settlement we’ll require confirmation of your identity but not for starting:
Once we’ve started with loans over $150,000 you’ll also need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and the money could be on your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. The company loan is a cash-based loan therefore you’ll be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then broken down into a daily or weekly installment amount.
The Small Business Loan can be used for nearly every company use, including the management of cash flow, business renovations, marketing to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the loan amount.
To qualify for a loan of this size, your company needs to be operating for at least three years and have an annual turnover of at least $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 Larger Business Loan is a great option for almost any business use, including company remodeling, buying inventory or new equipment for general working capital and much more. The loan cannot be used for personal use.
Asset security is needed for funding of more than $150,000. It’s as a result of an charge on assets and can be registered with the PPSR or filing a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is general in nature, rather than stipulating security over an asset. The person who is signing the ensure is personally responsible if the business borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR gives the priority of personal property granted according to the date a security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim to property.
If you’re requesting an enterprise loan that is greater than $250K it is possible to offer an initial pre-approval that will help smooth out the process. We might be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial health questions. It’s in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer that you are offered could have different conditions.
You are eligible to apply for an business loan if you:
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated business loan specialist will contact you to help you.
To apply for up to $100,000 you’ll need ID details (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent twelve months of bank statements, IRD statements and the last two years’ finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K and up) we typically provide an answer within one hour if you apply at standard business timings and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements we can provide a decision in as little as one business day.
For Larger Business Loans ($100K to $500K) we might be capable of offer you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this can be quicker based on the specifics of each application. Certain agreements have been approved within 24 hours.
The fastest way is to ensure you apply during standard company hours and permit us to use the modern bank verification link to confirm your bank details online. If you decide to send us copies of your bank statements , it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within one hour – provided you apply within standard business times and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements, we are able to provide an answer within 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be likely to provide you with pre-approval conditional to your application in about 6 hours. Once you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The fastest way is to ensure you apply during normal business hours and let us use the advanced bank verification system to verify your bank account information online. If you choose to send us the copies of bank accounts, it takes a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a certain amount we consider a variety of factors for determining your health of your business as well as the amount of the repayments your business is able to afford. The total amount of the loan will be determined by the specifics of your company.
If you apply for a particular amount, we look at a range of variables to determine how much we can lend you such as well-being of the company as well as the amount of repayments that your company can afford. The total amount of your loan will be contingent on the specifics the business.
If you decide to request our company credit, we will assess the risk profile the business and provide you with a customised offer, including the loan amount, the terms and interest rates. This business loan is an upfront priced loan which means you be aware of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates depend on a variety of variables like the amount to be borrowed, the company assets the funds are used to purchase in addition to the industry that the company is in, how long the company is in operation as well as what percentage of the company has enough cash flow to fund the loan, and overall health and creditworthiness of the company.
There are no hidden costs for our company loans. You’ll know precisely what you need to pay and when, starting from day one. There’s no compounding and there are no additional charges (as long as you make your payments in time).
We don’t charge an Application Fee. You are able to request a credit loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with the setting up and management of the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay all of your loan at any point in time.
If you are deciding to do this please speak to our friendly business loan professionals. They’ll offer you with details for repayment along with an early payout estimate. This is calculated as the sum of the principal balance plus any accrued interest as of the time of early payment in addition to 1.5% of the principal remaining plus any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from the nominated business account.
Security of your data, and being upfront about how we collect, use, exchange and ensure the security of your information is of huge importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We make use of an advanced bank verification system link to instantly verify your bank account information online to provide quick responses.
An asset-based loan is when a business owner utilises assets they own to obtain the loan. The asset may be an asset belonging to the personal, like the family home, or an company asset like a truck or other piece of machinery.
The majority of the lenders even the major banks, prefer to make loans secured by an asset. If you are having difficulty paying back the loan, then your assets could be transferred to the lender. In essence, it’s a way of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required in advance to gain access to the funds However, we require a personal guarantee. require the personal guarantee. As long as you follow the loan terms (as stated in the loan contract) the security of assets will never be required. If you take out loans in excess of $150,000 generally there is a personal guarantee and security in the form charges on assets.
