The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K-$500K business loans.
All you need to begin is your contact information (the name of your company, your name, email or phone number) and the amount you’d like to borrow and your monthly income.
In the course of the process and before settlement we’ll require confirmation of your identity, but not before we can begin:
After we start, for loans of more than $150,000 you’ll require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or over the phone, receive an answer within the same day and the money could be available in just 24 hours. Traditional company loans are based on an annual rate of interest together with additional fees and charges. Our business loan is a loan that is priced upfront which means you know in advance the amount you will have to pay, including any fees, interest or charges. This is then divided into weekly or daily installment amount.
A Small Business Loan can be used for nearly any company reason, such as control of cash flow company remodeling, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the loan amount.
To be eligible for a loan in this amount, your business needs to have been operating for at least three years and generate an annual revenue of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for almost any business use, including company renovations, purchase of inventory or new equipment for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed to obtain funding above $150,000. This can be done by taking a charge on assets and can be registered in the PPSR or making a caveat.
A personal or director’s ensure is a promise to repay credit that is generally in nature rather than specifying the security of a specific asset. The person signing the ensure is personally accountable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including goods or assets). The PPSR gives priority over personal property to be granted in accordance with the date on which a security interest has been registered.
An affidavit is an official document filed to offer the legal claim on a property.
If you’re requesting a Larger Business Loan of more than $250,000 we can offer a preliminary pre-approval to help simplify the process. We could be able to get this done without a credit verification and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves the answer to a series of financial health questions. It is not an offer of credit or guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you are offered could be subject to different terms.
You may be eligible for a company loan if you:
The application process is fast and easy. Simply complete the online form in few minutes and an experienced company credit specialist will be in touch to guide you through the process.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) we can often provide an answer within an hour if you make your application in standard company timings and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statement, we’ll offer an answer within an company day.
If you are applying for a Larger Business Loan ($100K or more) we might be capable of offer the conditional pre-approval within about six hours. After you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Some transactions have received approval in the space of 24 hours.
The quickest way to apply is to ensure you apply during normal company hours, and let us use the advance bank verification link to confirm your bank details online. If you opt to send us duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide an answer within an hour, provided you submit your request during normal business time and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements, we will be able to offer a decision within an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be able to provide the conditional pre-approval within six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain agreements have been approved in less than 24 hours.
The fastest way is to make sure you apply during standard business hours and allow us to use the sophisticated bank verification link to check your bank’s information online. If you opt to send us the copies of bank statement, it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a certain amount we will consider a number of variables that determine your well-being for your company and the extent of repayments that your company is able to afford. The amount you receive from the loan will be determined by the specific circumstances for your company.
When you submit an application for a certain amount, we consider a variety of aspects to assess how much we can lend you such as health that is your business and the level of payments your business can support. The total amount of your loan will be contingent on the particular circumstances that are unique to your company.
When you request business loans with us company loan, we’ll assess the risk profile for your company and provide you with a customised proposal that includes the amount of loan, the term and interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount payable including any charges, interest rates or fees.
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, what business assets the funds are used to purchase as well as the field the company is operating in, how long the business is in operation, what percentage of the business has enough cash flow to cover the loan, and overall health and creditworthiness of the business.
There are no hidden costs with our company loans. You’ll be aware of the amount it is that you be required to pay and at what time, from the first day. There’s not any compounding interest and no extra fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged 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 choose to repay the total amount of your advance loan at any time.
If you choose to take this route, please speak to our friendly company loan specialists. We will offer you with details on repayment 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 the early payout plus 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your designated business account.
The security of your personal information, as well as being transparent about how we collect, use, exchange and secure your information, is vital and is a crucial aspect of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We use an advanced banking verification system to instantly verify your bank account information online to provide quick responses.
Asset-based borrowing occurs when the business owner makes use of an asset they own to get the funds for a loan. The asset could be a personal asset like the family home, or an business asset like a truck or piece of equipment.
The vast majority of the lenders even the largest banks, are inclined to make loans secured by an asset. If you’re having trouble paying back the loan, then your assets could be offered for sale by the lender. In essence, it is an opportunity to secure new financing using the worth of the asset you already own.
For loans of up to $150,000, there is no requirement for asset security upfront to access the money However, we do need an individual guarantee. If you adhere to the loan terms (as stipulated in your loan contract document) Asset security will never be required. For loans of over $150,000 generally, there is an individual guarantee and security is provided in the form of an asset charge.
