The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K business loan.
All you need to start is your contact details (the name of your company, your name, email and phone) and the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we’ll need confirmation of who you are however, not in order to begin:
After we start in the process, for loans greater than $150,000 you’ll also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
You can apply for the Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be on your account within 24 hours. Traditional business loans refer to an annual rate of interest together with additional fees and charges. Our business loan is a cash-based loan which means you be aware in advance of the total amount to be paid, including any fees, interest or charges. Then, it is divided into weekly or daily repayment figure.
The Small Business Loan can be used for almost any business purpose including the management of cash flow, company renovations, marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size, your business needs to be trading for at least 3 years with an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for almost every business purpose including company improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required for funding of more than $150,000. It is usually by way of charge against assets, and could include registering this through the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature rather than defining security over a particular asset. The person signing the ensure is personally accountable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains 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 the security interest has been registered.
An affidavit is an official document lodged to offer the public notice of a legal claim against a property.
When you’re applying for the Larger Business Loan of $250K or more we may be able to provide an initial pre-approval in order to ease the process. We may be able to apply for this without a credit check and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. It’s not an offer or guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer you are offered could be subject to different terms.
You may apply for an business loan if you;
The application process is fast and simple. Simply complete the online form in few minutes and an experienced business loan specialist will contact you to guide you through the process.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s License) along with an NZBN/IRD that is valid and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent as well as 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, as well as interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour, provided you submit your request during quality company times and permit us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements we can provide a decision within 1 business day.
For Larger Business Loans ($100K to $500K) we might be capable of provide you with a conditional pre-approval within about 6 hours. After you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Certain agreements have been approved within 24 hours.
The quickest way to apply is to make sure you apply during normal company hours. Also, permit us to use the modern bank verification to instantly check your bank’s information online. If you decide to send us copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K or more) We can usually provide a response in one hour if you make your application in normal business hours and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can offer an answer within an business day.
For Larger Business Loans ($100K or more) we might be in a position to provide you with conditional pre-approval in about six hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved in less than 24 hours.
The fastest method would be to ensure you apply during standard business hours. You can also permit us to use the modern bank verification link to confirm your bank details online. If you choose to send us the copies of bank accounts, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a specific amount we take into consideration a range of variables in order to assess your well-being of your business as well as the amount of the repayments your company can support. The amount you receive from your loan will depend on the specific circumstances for your company.
If you apply for a particular amount, we take into consideration a variety of variables to determine your health that is your business and the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the specifics of your business.
If you decide to request one of our company loan, we’ll assess the risk assessment for your business and provide you with a customised offer including the loan amount, the terms and interest rates. It is a company loan is an upfront priced loan which means you know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates differ based on various factors such as the amount that is borrowed, what business assets the money are used to purchase as well as the field the company operates in, how long the business has been operating for, in the event that the company has enough cash flow to support the loan, and general well-being and creditworthiness of the business.
There are no hidden fees for our business loans, and you’ll know precisely how much it is that you be required to pay, and at what time, from day one. There’s no compounding interest, and no extra fees (as as long as you pay your payments in time).
We don’t charge an application fee. You are able to request a credit loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay the entire amount of the loan at any point in time.
If you decide to do this please speak to our friendly company loans experts. We will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payout and 1.5 percent of the principal amount remaining and any outstanding fees.
To make sure you do not miss payment dates and to align your cash flow cycle we offer repayments either daily or weekly. They are automatically deducted from the nominated business account.
Making sure that your information is secure, and being transparent about how we collect, use, exchange and secure your information, is vital and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated banking verification system to immediately verify your bank account information online so we can offer quick responses.
An asset-based loan is when the business owner borrows from assets they own to secure a loan. The asset can be a personal asset like the family home, or it could be a business asset such as a truck or piece of equipment.
The vast majority of lenders, including the largest banks, are inclined to make loans secured by an asset. If you are having difficulty paying back the loan, then the asset might be offered for sale by the lender. In essence, it’s the process of securing new financing using the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security before you are able to access the money but we require a personal guarantee. need the personal guarantee. If you adhere to your loan commitments (as stipulated in your loan contract) Asset security is not required. For loans that exceed $150K, typically, you will need the option of a personal guarantee and security is provided in the form of charges on assets.
