The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K to $500K company loans.
All you need for starting is your contact information (company name, your name, email, phone) and the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of who you are, however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
You can apply to this Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and the funds could be in your account within 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. The company loan is a cash-based loan and you’ll know ahead of time the total amount to be paid, including any fees, charges or charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used to fulfill almost every business use, including control of cash flow business remodels and marketing to purchase inventory, new equipment, or as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit in this amount the business needs to be in operation for at least 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan can be used for nearly any company use, including company remodeling, buying inventory or new equipment or as general working capital and much more. The loan is not available for personal purposes.
Asset security is needed to access funding over $150,000. This can be done in the form of a charge against assets, which could also be registered in the PPSR or registering a caveat.
A director’s or personal ensure is a guarantee to repay credit that is generally in nature rather than stating security over an asset. The person who is signing the guarantee is personally responsible if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been registered in respect of personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim against a property.
If you’re seeking the Larger Business Loan of $250K or more we can offer a preliminary pre-approval to help make the process. We may be able to make this decision without a credit check and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves you answering some financial health questions. It’s neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could have different terms.
You can apply for an company loan if you;
The application process is simple and simple. Simply complete the online form in just a few minutes, and a dedicated company credit specialist will be in touch to guide you.
To apply for up $100,000 you’ll need the right identification documents (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Application details including credit consent, 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer within an hour – as long as you submit your request during standard company hours and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statements we can provide a decision within the span of one business day.
If you are applying for a Larger Business Loan ($100K and up) we could be likely to offer the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Some deals have been approved within just 24 hours.
The most efficient method is to make sure you apply during normal business hours and allow us to use the advanced bank verification system to instantly check your bank’s information online. If you send us the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer an answer within an hour – as long as you submit your request at standard business hours and you allow us to use 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 an answer in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be in a position to offer the conditional pre-approval in about six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval within less than 24 hours.
The quickest method can be make sure you apply during standard business hours, and allow us to use the advanced bank verification system link to instantly check your bank’s information online. If you send us copies of your bank statements it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a specific amount we look at a variety of aspects to determine your well-being of the company and the extent of the repayments your business can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you submit an application for a certain amount, we will consider a number of aspects to determine your well-being that is your company and the extent of payments your business will be able to support. The amount you receive from your loan will depend on the specific circumstances for your company.
If you decide to request business loans with us business loans, we will assess the risk assessment for your business and offer you with a tailored offer including loan amount, term and the interest rates. The business loan is an upfront cost loan which means you know the exact amount you will have to pay, including charges, interest rates or fees.
The interest rates on business loans rates differ based on various factors like the amount of money of money borrowed, the company assets the funds will be used for and the sector the business operates in, how long the company has been operating as well as what percentage of the company has sufficient cash flow to fund the loan, as well as the overall health as well as creditworthiness company.
There aren’t any hidden charges with our company loans. You’ll know exactly how much you’ll need to pay and when, from the 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 no cost upfront or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay the entire amount of your loan in full at any time.
If you decide to do this please talk to one of our helpful company loan experts. The professionals will provide you with the details of your repayment and an early payment figure. This will be calculated as the total of the principal remaining and the accrued interest up to the time of the early payout plus 1.5% of the remaining principal as well as any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from your nominated business account.
Security of your data, and making it clear how we collect, use, exchange and safeguard your data, is of huge importance and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We employ a highly sophisticated banking verification system to immediately confirm your bank account information online. This allows us to offer an immediate response.
Asset-based borrowing occurs when the company owner utilises an asset they own to secure a loan. The asset can be either a personal asset like the family home or a company asset like a truck or piece of equipment.
The majority of lenders, even the largest banks, are inclined to guarantee loans against an asset. If you are having difficulty paying back the loan, your assets could be offered for sale by the lender. In essence it is means of securing new financing by taking advantage of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds, however we require a personal guarantee. require the personal guarantee. So long as you comply with the loan terms (as stated in the loan contract) the security of assets is not required. For loans over $150K generally there is personal ensure and security in the form of the charge of assets.
