The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Review the guidelines for eligibility for our $100K to $500K business loan.
All that is needed for starting is your contact information (company name, your name, email or phone number) and the amount you’d like to borrow, as well as your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not before we can begin:
In addition, once we have started with loans of more than $150,000 you’ll also require the following financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
The application for your Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and the money could be in your account within 24 hours. Traditional business loans refer to an annual rate of interest as well as other fees and charges. Our business loan is an upfront priced loan which means you know in advance the total amount due, which includes the interest, fees and charges. Then, it is broken down into a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost any company purpose including managing cash flows, business remodels and marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your company needs to have been operating for at least three years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Larger Business Loan is a great option for almost all company reason, such as company remodeling, buying new equipment or inventory as well as for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is needed to access funding over $150,000. This is as a result of an charge over assets and can include the registration of this through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a promise to repay credit that is general in nature, rather than stating the security of a specific asset. The person who signs the ensure is personally liable if the business creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR gives priority over personal property to be assigned depending on the date that a registration of a security interest.
Caveats are legal document filed to provide an official notice of a claim to a property.
If you’re applying for the Larger Business Loan of $250K or more, we may offer an initial pre-approval in order to simplify the process. We could be able to apply for this without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial health questions. It is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may be based on different terms.
You may apply for a business loan if you;
The process for applying is fast and easy. Complete the online form in few minutes and a dedicated business lending specialist will call you to assist you.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s Licence) as well as a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Application details including credit consent as well as 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, as well as interim financial statements for the current year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour if you submit your request at quality business timings and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your banking statements , we’ll be able to provide an answer in just one business day.
For Larger Business Loans ($100K and up) we could be able to offer you with conditional pre-approval within six hours. Once you have 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 offers have been approved in 24 hours.
The quickest method would be to make sure you apply during normal business hours, and allow us to use our modern bank verification to instantly verify your bank account information online. If you choose to upload the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer a response in one hour – provided you make your application in standard business timings and allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to submit copies of your bank statements, we are able to provide the decision in just an business day.
For Larger Business Loans ($100K or more) we may be able to provide you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Some offers have been approved within less than 24 hours.
The fastest method is to make sure you apply during standard business hours and let us use the sophisticated bank verification to instantly verify your bank account information online. If you send us copies of your bank statements it takes a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a particular amount, we consider a variety of variables in order to assess the health of your company and the extent of repayments that your company can afford. The total amount of your loan will depend on the specific circumstances that are unique to your business.
When you apply for a set amount, we consider a variety of elements to determine how much we can lend you such as well-being of your business and the amount of the repayments your company can afford. The total amount of your loan will be determined by the particulars that are unique to your company.
When you request our business loans, we’ll assess the risk profile that you have for your company and offer you with a customised offer that includes the loan amount, the terms and interest rates. A business loan is an upfront priced loan therefore you will be aware of the total amount payable including any charges, interest rates or fees.
The interest rates on business loans rates depend on several factors including the amount of money borrowed, the business assets the money will be used for, the industry the company operates in, how long the company has been operating for, whether the company has enough cash flow to pay for the loan, and the overall health or creditworthiness of the business.
There are no hidden costs with our business loans, and you’ll know precisely what it is that you be required to pay, and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments punctually).
We do not charge an application fee. You are able to request a credit loan with without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back all of your advance loan at any time.
If you are deciding to pursue this option, please contact our helpful business loan professionals. We will provide you with details for repayment along with an early payout estimate. It will be calculated using the total of the principal remaining and any accrued interest at the date of early payout, plus 1.5% of the principal remaining plus any outstanding fees.
To ensure that you don’t miss payments and to work with your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from your nominated company account.
Making sure that your information is secure, and being clear about how we collect the information we collect, use, share and ensure the security of your information is of huge importance and is an essential 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 protecting the security of customers and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account details online so we can provide a fast response.
The term "asset-based" refers to borrowing where the business owner uses an asset they own to secure the funding. The asset could be a personal asset like the family home or an company property like a truck or other piece of machinery.
The vast majority of banks, not just the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then the asset could be sold by the lender. In essence it’s the process of securing new funding making use of the value of what you already have.
For loans that exceed $150,000, no asset security is required in advance to gain access to the funds However, we do require an individual guarantee. So long as you comply with the loan terms (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. For loans of over $150,000 generally, you can get personal guarantee and security in the form a charge over assets.
