The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All you need to get started is your contact information (the name of your company, your name, email address or phone number) along with the amount you want to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of your identity, 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 provides the range of $5,000 to $100,000 with terms between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
Apply to your Small Business Loan in under 10 minutes on the phone. You’ll receive an immediate response, and have the funds in your account within 24 hours. Traditional business loans are based on an interest rate per annum plus other fees and charges. The company loan is a cash-based loan so you will be aware of the total amount due, which includes the interest, fees and charges. Then, it is broken down into either a daily or weekly installment amount.
The Small Business Loan can be used for virtually every company purpose including cash flow management, business improvements, advertising, 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 loan to aid in business growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan of this size the business needs to be in operation for at least 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used for nearly any business reason, such as company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. This is by taking a charge on assets, and may include registering this with the PPSR or filing as a caveat.
A personal or director’s ensure is a promise to repay credit that is generally in nature rather than stating the security for a particular asset. The person who is signing the guarantee is personally liable if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are that are registered for personal property (including items or assets). The PPSR permits priority over personal property to be granted according to the date a security interest has been registered.
An affidavit is an official form of document to provide notice of a legal claim to a property.
When you’re applying for a Larger Business Loan that exceeds $250,000 it is possible to offer an initial pre-approval to ease the process. We may be able to get this done without credit checks and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being checks. It’s neither an offer nor a guarantee of credit. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may be based on different terms.
You are eligible to apply for an business loan if you:
The application process is simple and simple. Just fill out the online application within a couple minutes, and an experienced business expert in lending will call you to guide you.
To apply for up $100,000 you’ll require ID details (valid Driver’s License), a valid NZBN/IRD and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent, 12 months bank statement, an IRD statement, last 2 years finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K or more) we can often provide a response in one hour – as long as you submit your request at quality business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we are able to offer an answer in as little as one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we might be capable of provide you with conditional pre-approval in around 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 on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The fastest way for you to apply is make sure you apply during normal company hours, and allow us to use our advanced bank verification system link to check your bank’s information online. If you upload copies of your bank statements it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within one hour, provided you submit your request at normal business times and let us utilise the advanced bank verification system to instantly verify your bank information online. If you decide to submit copies of your bank statements, we are able to offer a decision within an business day.
If you are applying for Larger Business Loans ($100K to $500K) we might be likely to offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain offers have been approved within 24 hours.
The most effective method would be to ensure you apply during standard business hours and allow us to use the sophisticated bank verification link to instantly check your bank’s information online. If you choose to upload copies of your bank accounts, it will take a little longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a certain amount we take into consideration a range of factors in order to assess how much we can lend you health for your business as well as the amount of payments your business will be able to support. The total amount of your loan will depend on the specific circumstances that are unique to your company.
If you apply for a specific amount we will consider a number of elements to assess your health of your company and the amount of repayments that your company will be able to support. The total amount of your loan will be determined by the specifics for your business.
When you request one of our business loan, we’ll assess the risk assessment of your business and provide you with a customised proposal that includes the amount of loan, the term and interest rates. The business loan is an upfront cost loan which means you know the exact amount to be paid, including any interest rates, fees or charges.
Business loan interest rates differ based on various factors like the amount of money that is borrowed, what business assets the money will be used for and the sector the company is in, how long the company has been in operation and in the event that the company has enough cash flow to fund the loan, and general well-being and creditworthiness of the company.
There aren’t any hidden charges with our business loans, and you’ll know exactly how much you be required to pay and when, right from day one. There’s not any compounding interest and no additional fees (as as you make your payments on time).
We do not charge an application fee. You can make an application for loans with no cost upfront or any obligation to sign up.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can repay the total amount of your loan at any point in time.
If you choose to pursue this option, please call our helpful business credit specialists. They’ll offer you with the details of your repayment along with an early payout estimate. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the date of early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
Security of your data, and being clear about the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our clients and privacy. We employ an exceptionally sophisticated banking verification system to immediately verify the bank account details online. This allows us to provide quick responses.
An asset-based loan is when a company owner utilises assets they own to make the funding. The asset may be an individual property, such as the family home or it could be a company asset such as a truck or piece or equipment.
The majority of banks, not just the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, then your asset may be taken over by the lender. In essence, it’s an opportunity to secure new funding taking advantage of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required upfront to access the money, however we do require a personal guarantee. If you adhere to your loan commitments (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans that exceed $150,000, generally there is personal guarantee and security in the form an asset charge.
