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 to $500K company financing.
All that’s required for starting is your contact information (the name of your company, your name, email, phone), how much you’d like to borrow as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of your identity, but not to get started:
Once we’ve started in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an instant response and the funds could be in your account in 24 hours. Traditional business loans reference an interest rate per annum together with additional fees and charges. Our business loan is an upfront priced loan and you’ll be aware in advance of the total amount to be paid, including any fees, charges or charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost every company need, such as the management 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 reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To qualify for a loan that is this large, your business needs to be operating for a minimum of 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Business Loan of a larger size can be used for almost every business need, including company improvements, purchasing equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal use.
Asset security is needed to obtain funding above $150,000. It’s by way of charge against assets and can include registration in the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is generally in nature rather than stipulating security over a particular asset. The person who signs the guarantee is personally liable in the event that the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR allows the priority of personal property granted depending on the date that a registration of a security interest.
An affidavit is an official document lodged to provide notice of a legal claim on a property.
If you’re seeking an enterprise loan that exceeds $250K we may be able to provide a preliminary pre-approval to help ease the process. We might be able to do this without a credit verification and within six hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial health questions. This is not an offer of credit or guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer you are offered could be subject to different terms.
You can apply for an business loan if you;
The application process is fast and easy. Complete the online form within a few minutes and an experienced business expert in lending will contact you to help you.
To apply for up to $100,000, you’ll need identification details (valid Driver’s License), an active NZBN/IRD, and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Application details including credit consent and 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, as well as interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we usually offer an answer within an hour – as long as you submit your request in standard business times and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your bank statement, we’ll provide an answer in as little as an company day.
For the Larger Business Loan ($100K to $500K) we might be able to offer the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based on the specifics of each application. Certain transactions have received approval within less than 24 hours.
The fastest way for you to apply is ensure you apply during standard business hours. You can also permit us to use the advance bank verification to instantly confirm your bank details online. If you opt to send us documents from your account accounts, it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within an hour if you submit your request during normal business hours and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your bank statements, we are able to provide the decision in just an business day.
For Larger Business Loans ($100K and up) we may be likely to provide you with a conditional pre-approval in around six hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some offers have been approved in less than 24 hours.
The most efficient method is to make sure you apply during standard business hours. Also, permit us to use the advanced bank verification system link to instantly check your bank’s information online. If you choose to upload documents from your account statements, it can take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount we take into consideration a range of aspects that determine how much we can lend you well-being for your company and the extent of payments your business can afford. The total amount of your loan will depend on the specifics the company.
If you apply for a specific amount we look at a range of variables to assess your health for your business and the level of the repayments your business will be able to support. The total amount of your loan will be contingent on the particular circumstances of your company.
When you request the business loans, we will assess the risk profile of your company and provide you with a tailored offer, including the amount of the loan, the duration and interest rates. A company loan is a loan that is priced upfront which means you know the exact amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates differ based on various factors such as the amount that is that is borrowed, what company assets the funds will be used for in addition to the industry that the business is in, how long the company is in operation for, what percentage of the business has sufficient cash flow to cover the loan, and the overall health and creditworthiness of the business.
There are no hidden costs with our business loans, and you’ll know precisely what you’ll be required to pay, and at what time, from the very first day. There’s no compounding interest, and no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved 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 percent of the loan amount.
You can repay the total amount of your advance loan at any time.
If you decide to do this please talk to one of our helpful business loans specialists. They’ll provide you with details on repayment and an early payment figure. The figure will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payout and 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we offer repayments that are either daily or weekly. These are automatically deducted from your company account.
Protecting your information, and being clear about how we collect the information we collect, use, share and safeguard your data, is of paramount importance and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We make use of an advanced bank verification system that allows you to instantly verify your bank account details online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where a business owner borrows from an asset that they own to obtain the loan. The asset can be a personal asset like the family home, or a business asset such as a vehicle or piece or equipment.
The majority of lending institutions, even the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, your assets could be offered for sale by the lender. In essence it’s the process of securing additional financing using the value of what you already own.
For loans up to $150,000 there is no requirement for asset security in advance to gain access to the funds However, we do need an individual guarantee. So long as you comply with the loan terms (as stipulated in your loan contract document), asset security is not required. For loans over $150K generally, there is a personal guarantee and security in the form of the charge of assets.
