The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Review the eligibility requirements for our $100K-$500K business credit.
All you need to start is your contact details (company name, your name, email address, phone), how much you want to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of your identity but not before we can begin:
Once we’ve started, for loans over $150,000 you’ll also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
It is imaginable to apply to get this Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and have the funds on your account within 24 hours. Traditional company loans have an interest rate per annum together with additional fees and charges. We offer a company loan is a loan that is priced upfront therefore you’ll know in advance the total amount payable including any interest, fees or charges. This is then broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for nearly every business use, including control of cash flow business improvements, advertising for purchasing inventory or 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 size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly in order to accommodate your situation.
A Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan in this amount, your company needs to have been trading for at least 3 years and generate an annual revenue of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Larger Business Loan can be used for almost all business use, including company improvements, purchasing equipment or inventory as well as for general working capital, and much more. The loan is not available for personal purposes.
Asset security is needed to access funding over $150,000. It is usually by taking a charge over assets, which could also include registering this in the PPSR or the registration of a caveat.
A director’s or personal ensure is a commitment to pay off a credit line that is generally in nature rather than defining the security for a particular asset. The person who is signing the guarantee is personally liable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned depending on the date that a registration of a security interest.
A caveat is a legal document that is filed to offer notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of $250K or more we can offer an initial pre-approval that will help simplify the process. We could be able to make this decision without a credit check and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes answering a couple of financial health questions. It’s neither an offer nor a guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer you might receive could be based on different conditions.
You can apply for a company loan if you;
The application process is quick and simple. Complete the online form in just a few minutes, and an experienced company loan specialist will contact you to guide you through the process.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide a response in one hour, provided you make your application at quality business hours and permit us to use the advanced bank verification system to instantly verify your bank information online. If you opt to upload copies of your banking statements , we will be able to provide a decision in just an company day.
For Larger Business Loans ($100K up to $500,000) we may be able to offer you with pre-approval conditional to your application within six hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain deals have been approved in less than 24 hours.
The quickest method can be make sure you apply during normal business hours. Also, permit us to use the advance bank verification to verify your bank information online. If you upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer within one hour – as long as you apply in normal business times and you allow us to use the bank verification system to instantly verify your bank information online. If you opt to submit copies of your bank statement, we’ll provide an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to offer you with conditional pre-approval within about six hours. Once you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be faster depending on the specifics of each application. Certain deals have been approved in just 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours, and allow us to use our advance bank verification to instantly check your bank’s information online. If you decide to send us documents from your account statements, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of aspects in order to assess how much we can lend you health of your company and the level of repayments your business will be able to support. The total amount of your loan will depend on the specifics of your business.
If you apply for a specific amount we consider a variety of elements to assess your well-being for your company and the level of the repayments your business will be able to support. The total amount of your loan will depend on the specific circumstances that are unique to your business.
When you request the company loan, we will assess the risk profile that you have for your business and provide an individualised offer that includes loan amount, term and the interest rates. It is a business loan is an upfront cost loan which means you be aware in advance of the total amount payable including any charges or interest.
The interest rates on business loans rates differ based on various factors such as the amount that is of money borrowed, the company assets the money will be used for as well as the field the company is operating in, how long the business is in operation, in the event that the business has sufficient cash flow to fund the loan, as well as the overall health or financial standing of the business.
There aren’t any hidden charges with our company loans, and you’ll be aware of the amount you’ll be required to pay and when, right from day one. There’s not any compounding interest and the loan comes with no additional fees (as long as you are able to make your payments on time).
We do not charge an application fee. You are able to make an application for loans without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can repay all of your loan at any point in time.
If you are deciding to pursue this option, please speak to our friendly business credit professionals. We will offer you with the details of your repayment and an early payout figure. It will be calculated using the total of the principal amount remaining and accrued interest to the date of early payout in addition to 1.5% of the principal remaining as well as any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow schedule, we provide repayments either daily or weekly. These are automatically deducted from your designated business account.
Protecting your information, and being upfront about how we collect the information we collect, use, share and secure your information, is crucial and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We employ an exceptionally sophisticated banking verification system to instantly verify the bank account details online, allowing us to provide a fast response.
Asset-based borrowing occurs when a business owner utilises an asset that they own to make a loan. The asset could be an individual asset, such as the family home or a company property like a truck as well as a piece of machine.
The vast majority of the lenders not just the big banks, tend to make loans secured by an asset. If you are having difficulty paying back the loan then your assets could be taken over by the lender. In essence, it is the process of securing new financing using the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required in advance to gain access to the funds However, we do require an individual guarantee. In the event that you fulfill the loan terms (as stated in your loan contract document) and you are able to meet your obligations, asset security will never be required. For loans of over $150,000 typically, you will need personal guarantee and security in the form the charge of assets.
