The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K to $500K business loans.
All that’s needed to start is your contact information (the name of your company and your name, as well as email and phone) as well as the amount you’d like to borrow, and your monthly earnings.
Through the process and before settlement we’ll need confirmation of who you are, but not for starting:
In addition, once we have started in the process, for loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an immediate response, and have the funds in your account in 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. The company loan is an upfront priced loan which means you know ahead of time the amount you will have to pay, including any fees, interest or charges. This is then broken down into either weekly or daily installment amount.
A Small Business Loan can be used to fulfill almost any business reason, such as the management of cash flow, business remodeling, marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
To qualify for a loan in this amount the business needs to be operating for at least three years and generate an annual revenue of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Larger Business Loan can be used for nearly all business use, including business renovations, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required for funding of more than $150,000. It is usually as a result of an charge on assets, and could include registering this with the PPSR or registering a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally based rather than stipulating the security for a particular asset. The person who signs the guarantee is personally responsible if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR gives the priority of personal property assigned according to the date the security interest was registered.
A caveat is a legal document filed to provide notice of a legal claim to a property.
When you’re applying for larger company loans of $250,000 or more, we may offer a preliminary pre-approval to help ease the process. We may be able to do this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial health checks. This is in no way an offer, nor is it a guarantee of funds. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you might receive could be subject to different terms.
You may be eligible for a business loan if you:
The application process is fast and easy. Just fill out the online application within a few minutes and a dedicated company credit specialist will contact you to guide you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Application details including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) we can often offer an answer within an hour if you submit your request during quality company timings and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statements we can provide an answer in as little as an company day.
If you are applying for a Larger Business Loan ($100K or more) we may be in a position to provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Some offers have been approved within less than 24 hours.
The most efficient method is to ensure you apply during normal business hours. Also, allow us to use the advance bank verification link to instantly confirm your bank details online. If you opt to upload duplicates of your banking statement, it will take a little longer.
For the Small Business Loan ($5K or more) we typically offer an answer in just one hour – provided you make your application within standard business timings and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your banking statements, we’ll be able to provide the decision in as little as the span of one business day.
For Larger Business Loans ($100K to $500K) We may be likely to offer you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Some agreements have been approved within 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours, and allow us to use the advanced bank verification system to check your bank’s information online. If you decide to send us copies of your bank statements, it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a particular amount, we look at a variety of elements to determine what is the health that is your company and the level of payments your business can afford. The amount you receive from the loan will be determined by the specific circumstances the company.
If you apply for a set amount, we look at a range of aspects to assess your well-being that is your business as well as the amount of repayments your business is able to afford. The total amount of your loan will be determined by the particular circumstances the business.
If you decide to request business loans with us business financing, we’ll assess the risk profile for your business and provide you with a customised offer, including the amount of loan, the term and interest rates. It is a company loan is an upfront cost loan and you’ll know in advance the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates vary due to factors like the amount of money of money borrowed, the company assets the funds are used to purchase in addition to the industry that the company is in, how long the company has been operating, whether the company has enough cash flow to pay for the loan, and the general well-being and creditworthiness of the company.
There are no hidden costs with our company loans, and you’ll know exactly how much you’ll be required to pay, and when, from day one. There’s no compounding interest, and no extra fees (as as you make your payments punctually).
We don’t charge an application fee. You are able to get a cash loan with no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the loan amount.
You may choose to pay back the entire amount of your advance loan at any time.
If you are deciding to pursue this option, please speak to our friendly company loans professionals. They’ll provide you with the details of your repayment along with an early payout estimate. This will be calculated as the total of the principal balance and any accrued interest at the date of early payout and 1.5% of the principal balance and any fees that remain unpaid.
To help you avoid missing payments and to work with your cash flow standard, we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Security of your data, and being clear about the ways we gather data, process, exchange and ensure the security of your information is vital and is a crucial part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to customer security and security. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account information online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where the business owner borrows from the assets they have to obtain the funds for a loan. The asset could be an asset belonging to the personal, like the family home, or it could be a company asset such as a vehicle or piece or equipment.
The vast majority of the lenders not just the largest banks, are inclined to guarantee loans against an asset. If you’re struggling to pay back the loan, the asset could be transferred to the lender. In essence, it’s means of securing new financing by using the value of what you already have.
Up to $150,000 in loans it is not necessary to secure assets in advance to gain access to the funds However, we require a personal guarantee. require the personal guarantee. In the event that you fulfill your loan obligations (as specified in your loan contract) Asset security will never be required. For loans over $150K generally, you can get the option of a personal guarantee and security that is in the form an asset charge.
