The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Review the guidelines for eligibility for our $100K-$500K company loans.
All that is needed to start is your contact details (the name of your company, your name, email and phone) as well as the amount you’d like to lend, and your monthly earnings.
During the process and before settlement we’ll need confirmation of your identity, however, not in order to begin:
In addition, once we have started, for loans greater than $150,000 you will also need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
It is imaginable to apply for your Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and funds may be in your account within 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. This company loan is a pre-paid loan therefore you’ll know ahead of time the total amount to be paid, including any fees, interest or charges. Then, it is broken down into weekly or daily repayment figure.
The Small Business Loan can be used for virtually any business reason, such as managing cash flows, company remodels and marketing to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To be eligible for a loan of this size, your company needs to be in operation for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A larger company loan can be used for nearly all business purpose including business improvements, purchasing inventory or new equipment for general working capital and so much more. The loan is not available for personal purposes.
Asset security is required to obtain funding above $150,000. This is by way of charge on assets, and may include registration through the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature, rather than specifying security over an asset. The person signing the ensure is personally accountable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including the assets or goods). The PPSR grants preference over private property granted depending on the date that a security interest was registered.
The caveat can be described as a formal form of document to offer the legal claim on a property.
When you’re applying for a Larger Business Loan of more than $250,000 we can offer an initial pre-approval in order to ease the process. We could be able to get this done without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial health checks. It is not an offer of credit or guarantee of funds. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you might receive could have different terms.
You may be eligible for a business loan if you:
The application process is quick and simple. Complete the online form within a couple minutes, and an experienced company expert in lending will call you to help you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent and 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, and interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually provide an answer within one hour, provided you submit your request in standard business hours and permit us to make use of the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements , we are able to provide a decision within an company day.
For the Larger Business Loan ($100K to $500K) we could be able to offer you with a conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Some deals have been approved within 24 hours.
The fastest way would be to make sure you apply during normal company hours. You can also allow us to use the modern bank verification link to confirm your bank details online. If you choose to send us copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually provide an answer in just one hour, provided you make your application during normal business times and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your bank statements, we’ll be able to provide a decision in just the span of one business day.
For the Larger Business Loans ($100K or more) we could be able to offer you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the 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 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours, and permit us to use the modern bank verification link to instantly verify your bank information online. If you choose to upload the copies of bank accounts, it takes a bit longer.
We provide the loan amount between $5,000 and $500,000. When you submit an application for a certain amount, we will consider a number of elements for determining the well-being of your business as well as the amount of the repayments your business can support. The amount you receive from your loan will be contingent on the specific circumstances for your business.
When you submit an application for a set amount, we consider a variety of factors to determine your health for your company and the level of payments your company will be able to support. The total amount of the loan will be determined by the particular circumstances the company.
When you make an application for our business credit, we will assess the risk profile the business and provide an individualised offer, including the loan amount, the terms and the interest rates. The business loan is a loan that is priced upfront therefore you will know the exact amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates differ based on various factors including the amount of money borrowed, the company assets the money will be used for in addition to the industry that the company operates in, how long the business has been in operation, how long the company has sufficient cash flow to support the loan, and also the general well-being as well as creditworthiness business.
There aren’t any hidden costs for our business loans. You’ll know exactly how much you need to pay and when, starting from the first day. There’s not any compounding interest and no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You are able to request a credit loan no cost upfront or the obligation to take action.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the total amount of your loan early at any time.
If you are deciding to take this route, please talk to one of our helpful business loan experts. They will provide you with the details of your repayment and an early payout figure. This is calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payment and 1.5 percent of the principal amount remaining and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either weekly or daily. They will be automatically deducted from your designated business account.
The security of your personal information, as well as being clear about how we collect the information we collect, use, share and safeguard your data, is vital and is an essential part of our relationship you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and security. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online, allowing us to provide quick responses.
Asset-based borrowing occurs when an business owner borrows from an asset that they own to get the funds for a loan. The asset can be either an individual property, such as the family home or it could be a company property like a truck or piece or equipment.
The majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, the asset might be transferred to the lender. In essence it is an opportunity to secure new financing by using the value of what you already have.
For loans that exceed $150,000, no asset security is required upfront to access the money, however we do require the personal guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract document) the security of assets will never be needed. For loans over $150,000 generally, there is the option of a personal ensure and security in the form of a charge over assets.
