The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K company loans.
All that’s required to begin is your contact information (company name, your name, email or phone number) along with the amount you want to borrow, and your monthly earnings.
During the process and before settlement we will require confirmation of who you are but not for starting:
After we start with loans greater than $150,000 you will also need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
The application for your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the funds could be on your account within 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. Our business loan is an upfront priced loan and you’ll know ahead of time the total amount due, which includes any fees, interest or charges. Then, it is broken down into a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually any business use, including managing cash flows, company improvements, advertising for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
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 that is this large, your company needs to have been operating for at least three years and generate an annual revenue of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used to fund almost all business use, including business improvements, purchasing new equipment or inventory, as general working capital, and much more. The loan is not available for personal purposes.
Asset security is required to obtain funding above $150,000. This is as a result of an charge against assets, and could include the registration of this in the PPSR or making as a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is generally in nature rather than stating security over an asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR gives prioritisation over property that is personal to be granted in accordance with the date on which a registration of a security interest.
Caveats are legal document lodged to offer notice of a legal claim on a property.
If you’re applying for a Larger Business Loan of more than $250K, we may offer an initial pre-approval to smooth out the process. We may be able to apply for this without credit checks and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves the answer to a series of financial health checks. It is not an offer or guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you might receive could be on different conditions.
You may be eligible for an business loan if you:
The application process is quick and simple. Simply complete the online form in few minutes and an experienced company lending specialist will be in touch to help you.
To be eligible for up to $100,000, you’ll need identification details (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K – $250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, as well as interim financial statements for the current year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) we usually provide an answer within one hour – as long as you make your application at standard business time and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll offer a decision within just the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be likely to provide you with pre-approval conditional to your application in around six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during normal company hours and let us use the advanced bank verification system link to verify your bank account information online. If you upload the copies of bank statements it will take a little longer.
For the Small Business Loan ($5K and up) we can often offer an answer in just one hour – provided you submit your request during standard business time and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements, we are able to provide a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be likely to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some deals have been approved within the space of 24 hours.
The quickest method can be make sure you apply during normal business hours. Also, allow us to use the advance bank verification link to verify your bank information online. If you choose to send us copies of your bank accounts, it can take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a certain amount, we look at a variety of factors in order to assess what is the health that is your business and the level of the repayments your company can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you submit an application for a certain amount, we consider a variety of variables to determine how much we can lend you such as well-being that is your company and the amount of payments your business is able to afford. The total amount of your loan will be contingent on the particulars that are unique to your company.
When you make an application for our company financing, we’ll assess the risk profile of your business and provide an individualised offer that includes the loan amount, the terms and interest rates. It is a business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates differ based on various factors such as the amount that is borrowed, what business assets the money will be used for and the sector the business operates in, the long the business has been operating for, whether the company has enough cash flow to pay for the loan, and general well-being as well as creditworthiness business.
There aren’t any hidden costs for our company loans, and you’ll know exactly how much you need to pay, and when, from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments on time).
We do not charge an application fee. You are able to make an application for loans no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can repay all of your advance loan at any time.
If you decide to do this please contact our helpful company lending experts. They will provide you with details on repayment and an early payment figure. This will be calculated as the total of the principal balance and accrued interest to the time of early payout plus 1.5 percent of the remaining principal and any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from your designated business account.
Security of your data, and being transparent about the ways we gather data, process, exchange and ensure the security of your information is vital and is an essential part of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We utilise a sophisticated bank verification system link to immediately verify the bank account details online, allowing us to provide a fast response.
An asset-based loan is when a business owner utilises an asset that they own to obtain the loan. The asset can be an individual asset, such as the family home or it could be a company asset such as a vehicle or piece of equipment.
The vast majority of banks, including the largest banks, are inclined to secure loans against assets. If you have trouble paying back the loan then your asset may be taken over by the lender. In essence it is the process of securing additional financing taking advantage of the value of what you already have.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds but we do require a personal guarantee. In the event that you fulfill your loan commitments (as specified in your loan contract document), asset security will never be needed. For loans of over $150K generally, you can get personal guarantee and security in the form of a charge over assets.
