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Wellington Business Loans
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Services in Mount Cook

  • Mount Cook Unsecured Business Loan
  • Business Finance Mount Cook
  • Business Lending Mount Cook
  • Business Loans Mount Cook
  • Mount Cook Small Business Finance
  • Mount Cook Business Funding
  • Working Capital Mount Cook
  • Mount Cook Small Business Lending
  • Short Term Business Loans Mount Cook

Business Finance Mount Cook Wellington 6021 Wellington

Simple eligibility checklist

Small Business Loan Eligibility Criteria

The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.

  • The minimum period of 6 months for which you must be in business
  • A minimum of $6,000 in revenue per month
  • Be a New Zealand based company with a New Zealand Business Number (NZBN)
  • Passport or Driver’s License for identification proof
  • Have an account with a New Zealand bank as your principal account for trading
  • Bank statements from the previous 6 months

Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K company loan.

Quick application checklist

What do you need to apply

All you need to get started is your contact details (company name and your name, as well as email and phone) and the amount you’d like to borrow, and your monthly earnings.

While in the process and before settlement we’ll need confirmation of your identity but not for starting:

  • Details of the Idenfication (valid Driver’s Licence)
  • Information about the business, including details on trading hours owner details, trading time, as well as details of ownership and trading time, as well as NZBN (New Zealand Business Number)

In addition, once we have started, for loans greater than $150,000 you’ll require the following financial statements:

  • P&L statement
  • Aged payables
  • Aged receivables

Let’s get started now.

 

FAQ: business lending & business loans for business owners

Business Loans Frequently Ask Questions

About The Wellington Small Business Loans

Tell me how you can avail the Wellington Small Business Loans

Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.

How is this Unsecured Loan different from the traditional company loan?

Apply for the Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and the funds could be on your account within 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. The company loan is a cash-based loan and you’ll know in advance the amount you will have to pay, including any interest, fees or charges. This is then broken down into a daily or weekly repayment figure.

What can the Small Business Loan be used for?

A Small Business Loan can be used for almost any company reason, such as managing cash flows, business remodeling, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.

About Larger Wellington Business Loans

What is the Larger Wellington Business Loan?

The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.

How is the Origination Fee calculated?

A Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.

Do I qualify for the Larger Business Loan?

To be eligible for a loan that is this large, your business needs to be in operation for at least 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.

How can the funding be used for?

A large company loan can be used to fund almost every company reason, such as company remodeling, buying inventory or new equipment or as general working capital and much more. The loan cannot be used for personal use.

Is the Larger Business Loan one that is secured?

Asset security is required for funding of more than $150,000. It’s by taking a charge against assets and can include the registration of this in the PPSR or filing a caveat.

A director’s or personal guarantee is a promise to pay off a credit line that is general in nature, rather than defining the security of a specific asset. The person signing the ensure is personally responsible if the business borrower is unable to repay the debt.

The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR permits the priority of personal property granted according to the date a security interest has been registered.

An affidavit is an official form of document to offer notice of a legal claim to property.

What is a pre-approval minus Credit Check?

If you’re requesting a Larger Business Loan of $250,000 or more we can offer an initial pre-approval that will help simplify the process. We may be able to make this decision without a credit check, and within 6 hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering some financial health questions. This is not an offer of credit or guarantee of funds. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you receive could be subject to different conditions.

Application process

Do I qualify for funds?

You are eligible to apply for an company loan if you

  • are a New Zealand Citizen (or Permanent Resident)
  • are over the age of 18 and own a New Zealand business (with a valid NZBN/IRD)
  • you must prove at least 6 months of trading (for a unsecured loan $5K – $100K) or three years of trading (for the Larger Business Loan $100K to $500K)

How do I apply?

The application process is simple and easy. Just complete the online application in just a few minutes, and a dedicated business loan specialist will be in touch to guide you through the process.

For a loan of up to $100,000, you’ll require identification details (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.

In addition, for larger loan sizes, you’ll also require:

$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statement, last 2 years finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables Summary.

How fast will I get an answer?

For an unsecured loan ($5K up to $100,000) we usually provide a response in one hour – as long as you apply at standard company time and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to send us copies of your bank statement, we’ll provide an answer within 1 business day.

For the Larger Business Loan ($100K or more) we might be likely to provide you with a conditional pre-approval within 6 hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within 24 hours.

The quickest way to apply for you to apply is make sure you apply during standard company hours. Also, let us use the advance bank verification to verify your bank information online. If you opt to send us copies of your bank accounts, it may take a bit longer.

How soon will I receive the funds?

For the Small Business Loan ($5K to $100K) we can often provide a response in one hour – as long as you make your application at normal business times and allow us to use the bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements, we will be able to provide the decision within an business day.

If you are applying for Larger Business Loans ($100K up to $500,000) we might be capable of provide you with pre-approval conditional to your application within six hours. After you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Certain offers have been approved within less than 24 hours.

The quickest method is to make sure you apply during normal business hours, and allow us to use the modern bank verification to verify your bank account information online. If you upload the copies of bank statements it can take a bit longer.

How much can I borrow?

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 aspects to determine your well-being for your company and the amount of repayments your business can afford. The amount you receive from the loan will be determined by the specifics the business.

When you make an application for a particular amount, we consider a variety of aspects to determine how much we can lend you such as well-being that is your company and the extent of repayments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances the business.

Fees & repayments

What is the cost for an company loan?

If you decide to make an application for one of our company credit, we will assess the risk assessment that you have for your business and offer you with a tailored offer including the amount of the loan, the duration and interest rates. The business loan is an upfront priced loan therefore you will be aware of the total amount you will have to pay, including costs, fees, or interest rates.

What determines the rate that I’m charged?

The interest rates on company loans rates differ based on various variables like the amount to be of money borrowed, the company assets the money will be used for and the sector the business is operating in, how long the company is in operation as well as in the event that the business has sufficient cash flow to pay for the loan, as well as the general well-being as well as creditworthiness company.

What are the costs?

There aren’t any hidden charges for our business loans, and you’ll know precisely how much 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 as long as you pay your payments in time).

We don’t charge an application fee. You can apply for a loan no cost upfront or any obligation to sign up.

The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.

Can I pay out the loan early?

You can choose to repay the entire amount of your loan at any point in time.

If you do decide to do this please call our helpful business credit experts. We will offer you with details for repayment and an early payout figure. This will be calculated as the total of the principal balance plus any accrued interest as of the time of the early payout and 1.5% of the principal amount remaining plus any outstanding fees.

What is the process for repayments?

In order to help you avoid missing payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically deducted from the nominated company account.

Security & privacy

Will my information be secure?

Making sure that your information is secure, and knowing the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and is a crucial part of our relationship with you.

Is it safe to link my bank account to the platform?

Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We employ a highly sophisticated bank verification system to immediately confirm your bank account information online to offer an immediate response.

About business loans

What is asset-based borrowing (a secured loan)?

An asset-based loan is when the business owner makes use of assets they own to obtain the funding. The asset can be an asset belonging to the personal, like the family home, or an business asset such as a vehicle or piece or equipment.

The vast majority of the lenders even the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan then the asset could be transferred to the lender. In essence, it is a way of securing new financing using the value of what you already have.

Should I need security for a company loan?

For loans of up to $150,000, it is not necessary to secure assets in advance to gain access to the funds, however we require a personal guarantee. need an individual guarantee. As long as you follow the loan terms (as stated in your loan contract document), asset security is not required. For loans over $150K generally, you can get the option of a personal ensure and security in the form of charges on assets.

Wellington Business Loans Services

Unsecured Business Loans

Unsecured Business Loans

Eligibility Requirements

Eligibility Requirements

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Contact Us

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0800 453 358