The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Check out the eligibility requirements for our $100K-$500K business loans.
All that is needed for starting is your contact details (the name of your company, your name, email address, phone) as well as the amount you’d like to lend, and your monthly income.
Through the process and before settlement we will need confirmation of who you are but not to get started:
In addition, once we have started in the process, for loans over $150,000 you’ll also require the following financial statements:
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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 that are either 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 have the funds available in just 24 hours. Traditional business loans are based on an annual interest rate along with other charges and fees. This company loan is an upfront priced loan which means you know in advance the total amount due, which includes any fees, interest or charges. This is then broken down into either a daily or weekly installment amount.
The Small Business Loan can be used for nearly any company need, such as the management of cash flow, business remodels and marketing to purchase inventory, new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
In order to be eligible for a loan of this size the business needs to be operating for at least three years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger business loan can be used to fund almost all business purpose including company remodeling, buying equipment or inventory for general working capital and much more. The loan is not available for personal purposes.
Asset security is necessary to obtain funding above $150,000. It is usually in the form of a charge against assets and can be registered on the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than stipulating the security for a particular asset. The person signing the ensure is personally responsible if the business borrower 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 reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR allows preference over private property granted depending on the date that a security interest was registered.
The caveat can be described as a formal document filed to provide an official notice of a claim to property.
When you’re applying for an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval to simplify the process. We could be able to get this done without a credit verification and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer you might receive could be on different conditions.
You are eligible to apply for an company loan if you
The application process is quick and easy. Just complete the online application in just a few minutes, and an experienced company loan specialist will contact you to assist you.
To apply for up to $100,000, you’ll require the right identification documents (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) we typically offer an answer within an hour – as long as you make your application during standard company timings and allow us to utilise the bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statements we can offer an answer in just one business day.
For Larger Business Loans ($100K and up) we may be capable of provide you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved within less than 24 hours.
The quickest way to apply is to make sure you apply during normal company hours, and allow us to use the advanced bank verification system link to check your bank’s information online. If you opt to send us the copies of bank accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour – provided you make your application during normal business time and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements, we will be able to offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K or more) We may be in a position to provide the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, it could be faster based on the specifics of each application. Some offers have been approved in 24 hours.
The fastest way is to ensure you apply during normal business hours and allow us to use our advanced bank verification system to check your bank’s information online. If you opt to send us the copies of bank statements, it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. If you apply for a certain amount we consider a variety of variables in order to assess how much we can lend you health for your business and the amount of payments your company can afford. The total amount of your loan will depend on the specific circumstances of your company.
If you apply for a particular amount, we look at a range of factors to assess how much we can lend you such as health for your business and the amount of repayments that your business can support. The amount you receive from your loan will be contingent on the particular circumstances the business.
When you apply for one of our company loan, we’ll assess the risk profile of your company and provide you with a tailored offer including the loan amount, the terms and interest rates. This company loan is an upfront cost loan so you will be aware in advance of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for business loans rates vary due to variables like the amount to be of money borrowed, the company assets the funds will be used for and the sector the company operates in, the long the company has been operating, in the event that the company has enough cash flow to pay for the loan, as well as the overall health or creditworthiness of the company.
There are no hidden costs for our company loans. You’ll know precisely what it is that you need to pay and when, right from day one. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You can make an application for loans with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated in establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You may choose to pay back all of your loan at any point in time.
If you are deciding to pursue this option, please call our helpful company lending specialists. They’ll offer you with details for repayment along with an early payout estimate. It will be calculated using the sum of the principal amount remaining and any accrued interest at the date of early payout plus 1.5% of the principal remaining as well as any outstanding fees.
To help you avoid missing repayments and to fit in your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from the nominated company account.
Making sure that your information is secure, and making it clear how we collect information, use it, and exchange it, as well as ensure the security of your information is of huge importance and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to customer security and security. We make use of an advanced bank verification system that allows you to instantly verify the bank account details online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where an company owner borrows from assets they own to get the loan. The asset can be an asset belonging to the personal, like the family home or an business asset like a truck or piece of equipment.
The vast majority of lending institutions, not just the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan, your asset may be taken over by the lender. In essence it’s a way of securing new financing making use of the value of what you already own.
For loans up to $150K there is no requirement for asset security upfront to access the money however, we do require the personal guarantee. In the event that you fulfill the terms of your loan (as detailed in your loan contract document), asset security is not needed. For loans that exceed $150K, generally, you are able to get a personal ensure and security is provided in the form of an asset charge.
