The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K company loans.
All you need to get started is your contact information (company name, your name, email or phone number), how much you want to borrow, and your monthly revenue.
In the course of the process and before settlement we’ll require confirmation of your identity however, not in order to begin:
Once we’ve started with loans of more than $150,000 you’ll also need basic financial statements.
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Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and the funds could be on your account within 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. This business loan is a loan that is priced upfront so you will know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
The Small Business Loan can be used for virtually every business need, such as the management of cash flow, company remodels and marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
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 up to 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To qualify for a loan in this amount the business needs to have been operating for at least three years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A larger company loan can be used for nearly all company reason, such as company renovations, purchase of equipment or inventory or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is required for funding of more than $150,000. This can be done by taking a charge against assets, which could also include the registration of this on the PPSR or making a caveat.
A director’s or personal guarantee is a promise to repay credit that is general in nature, rather than defining the security of a specific asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
An affidavit is an official document that is filed to offer notice of a legal claim on a property.
If you’re requesting the Larger Business Loan that exceeds $250K we can offer a preliminary pre-approval to help make the process. We could be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial well-being questions. It is in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you are offered could be based on different terms.
You may be eligible for a business loan if you
The application process is quick and simple. Complete the online form within a couple minutes, and a dedicated business expert in lending will call you to guide you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s License), a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Application details including credit consent twelve months bank statement, an IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within one hour if you submit your request during standard company timings and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statements , we’ll be able to provide an answer within the span of one business day.
For the Larger Business Loan ($100K to $500K) we might be capable of provide the conditional pre-approval in about 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Some offers have been approved within less than 24 hours.
The fastest way is to make sure you apply during normal business hours. You can also allow us to use the advanced bank verification system link to check your bank’s information online. If you opt to send us copies of your bank accounts, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within an hour – provided you submit your request within standard business time and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements, we are able to offer the decision in just the span of one business day.
For Larger Business Loans ($100K and up) we may be in a position to offer the conditional pre-approval within about 6 hours. After you’ve signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this can be faster depending on the particular circumstances of each application. Certain deals have been approved in just 24 hours.
The fastest way for you to apply is make sure you apply during normal business hours and allow us to use the advance bank verification link to verify your bank information online. If you decide to upload duplicates of your banking statements, it will take a little longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a certain amount we consider a variety of variables in order to assess the well-being for your business and the extent of repayments your business can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you submit an application for a set amount, we look at a range of factors to assess your health of your company as well as the amount of payments your company can afford. The total amount of your loan will depend on the specifics for your business.
When you request our company loans, we’ll assess the risk profile of your business and offer an individualised offer, including the amount of loan, the term and the interest rates. The company loan is an upfront-priced loan and you’ll know the exact amount payable including any charges, interest rates or fees.
The interest rates on company loans rates differ based on various variables like the amount to be that is borrowed, what business assets the funds are used to purchase and the sector the business is operating in, how long the company has been in operation for, how long the business has sufficient cash flow to fund the loan, and also the general health or creditworthiness of the business.
There are no hidden costs for our business loans. You’ll know exactly how much 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 punctually).
We do not charge an Application Fee. You are able to apply for a loan no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay all of your loan in full at any time.
If you choose to pursue this option, please talk to one of our helpful business lending professionals. They’ll 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 date of early payout and 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align with your cash flow general, we provide payments that are either weekly or daily. They are automatically deducted from your nominated business account.
The security of your personal information, as well as knowing how we collect, use, exchange and protect your information, is of huge importance and is a crucial aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their security. We employ a highly sophisticated bank verification system that allows you to immediately verify the bank account details online, allowing us to provide an immediate response.
Asset-based borrowing is when the business owner uses the assets they have to secure the funding. The asset may be a personal asset like the family home, or an company asset such as a vehicle or piece or equipment.
The vast majority of the lenders including the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, then your assets could be taken over by the lender. In essence it’s an opportunity to secure new funding using the value of what you already have.
For loans up to $150K there is no requirement for asset security in advance to gain access to the funds, however we require a personal guarantee. need a personal guarantee. As long as you follow the loan terms (as stipulated in your loan contract document) the security of assets is not required. For loans over $150,000 generally there is a personal ensure and security in the form the charge of assets.
