The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Review the eligibility requirements for our $100K to $500K company loans.
All that’s needed to start is your contact details (the name of your company, your name, email address and phone), how much you’d like to lend, and your monthly income.
While in the process and before settlement we will require confirmation of who you are, however, not in order to begin:
After we start in the process, for loans greater than $150,000 you will also need basic financial statements.
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
It is imaginable to apply for the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an immediate response, and the money could be in your account in 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. We offer a company loan is a pre-paid loan therefore you’ll know ahead of time the total amount to be paid, including any interest, fees or charges. This is then broken down into a daily or weekly installment amount.
The Small Business Loan can be used to fulfill almost every business purpose including control of cash flow company renovations, 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 of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large the business needs to be in operation for at least 3 years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A larger business loan is a great option for almost every company need, including business renovations, purchase of inventory or new equipment as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to access funding over $150,000. It’s by way of charge against assets, which could also be registered through the PPSR or making a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally based rather than defining the security of a specific asset. The person who is signing the ensure is personally liable in the event that the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date a security interest has been registered.
The caveat can be described as a formal form of document to offer the legal claim against a property.
If you’re applying for larger company loans that is greater than $250,000, we may offer a preliminary pre-approval to help smooth out the process. It is possible to get this done without a credit verification and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial well-being checks. This is in no way an offer, nor is it a guarantee of credit. A conditional approval is subject a full credit assessment and any offer you may receive may have different terms.
You may apply for a company loan if you;
The application process is simple and easy. Just fill out the online application within a few minutes and a dedicated company lending specialist will be in touch to assist you.
To apply for up $100,000 you’ll need ID details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K to $100K) we usually provide an answer in just one hour – as long as you submit your request in quality business hours and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you opt to send us copies of your bank statement, we’ll provide a decision within an company day.
For the Larger Business Loan ($100K or more) we might be in a position to offer the conditional pre-approval within 6 hours. After you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this can be quicker based upon the circumstances for each application. Some transactions have received approval in the space of 24 hours.
The quickest way to apply is to make sure you apply during normal business hours, and allow us to use our modern bank verification to verify your bank information online. If you choose to send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer an answer within one hour – as long as you apply in standard business hours and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements we can provide the decision within the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be able to offer you with conditional pre-approval in around 6 hours. Once you’ve signed your pre-approval form, it will take 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 just 24 hours.
The most effective method for you to apply is ensure you apply during normal business hours. Also, let us use the advance bank verification to instantly confirm your bank details online. If you decide to upload the copies of bank statement, it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount we look at a variety of variables in order to assess what is the health of the company as well as the amount of payments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a set amount, we look at a range of factors to determine your health of your company as well as the amount of repayments your business can afford. The total amount of your loan will be determined by the particulars the business.
When you make an application for our business credit, we will assess the risk profile that you have for your business and offer you with a customised offer, including the amount of loan, the term and the interest rates. The company loan is an upfront priced loan therefore you will be aware of the total amount payable including any charges, interest rates or fees.
Interest rates for company loans rates differ based on various factors like the amount of money borrowed, what business assets the funds will be used for in addition to the industry that the business operates in, how long the company has been in operation for, in the event that the company has sufficient cash flow to fund the loan, as well as the overall well-being or financial standing of the company.
There aren’t any hidden charges with our company loans. You’ll know exactly how much you’ll need to pay and when, starting from the very first day. There’s no compounding interest and no extra fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You are able to make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can decide to repay all of your loan at any point in time.
If you choose to do this please talk to one of our helpful company loan specialists. They’ll provide you with details for repayment and an early payout figure. The figure will be calculated as the total of the remaining principal amount and accrued interest to the date of early payout in addition to 1.5% of the principal amount remaining and any outstanding fees.
To ensure you do not miss due dates and also to be in line with your cash flow standard, we provide repayments either daily or weekly. These are automatically withdrawn from the nominated business account.
Security of your data, and knowing how we collect, use, exchange and protect your information, is vital and a vital part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to customer security and security. We utilise a sophisticated banking verification system to immediately confirm your bank account information online. This allows us to provide a fast response.
The term "asset-based" refers to borrowing where the company owner utilises an asset that they own to make the loan. The asset can be either an individual property, such as the family home or it could be a company asset like a truck or piece of equipment.
The majority of lenders, including the big banks, tend to secure loans against an asset. If you have trouble paying back the loan then your asset may be transferred to the lender. In essence it’s a way of securing new financing making use of the value of what you already have.
For loans up to $150,000 there is no requirement for asset security prior to the loan’s access but we require a personal guarantee. need a personal guarantee. If you adhere to the loan terms (as stated in the loan contract) the security of assets is not required. For loans of over $150,000 generally, you are able to get a personal guarantee and security in the form of the charge of assets.
