The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K business loan.
All that is needed to begin is your contact details (the name of your company, your name, email or phone number) and the amount you’d like to borrow and your monthly income.
Through the process and before settlement we’ll need confirmation of who you are, but not before we can begin:
After we start in the process, for loans of more than $150,000 you’ll need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments that are either per day or weekly.
You can apply for the Small Business Loan in under 10 minutes via the internet or by phone. You will receive an instant response and have the funds available in just 24 hours. Traditional business loans have an annual interest rate together with additional fees and charges. We offer a company loan is a cash-based loan so you will know ahead of time the total amount to be paid, including any interest, fees or charges. Then, it is divided into a daily or weekly payment amount.
It is a Small Business Loan can be used for virtually any company need, such as control of cash flow company improvements, advertising, to purchase inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan of this size, your company needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large business loan can be used to fund almost every company purpose including company renovations, purchase of equipment or inventory, as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for funding of more than $150,000. It’s in the form of a charge on assets, which could also include registration in the PPSR or making a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is generally based rather than stating the security for a particular asset. The person signing the ensure is personally liable in the event that the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including items or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
An affidavit is an official document that is filed to offer notice of a legal claim to property.
If you’re seeking larger company loans of more than $250,000 we may be able to provide an initial pre-approval in order to make the process. We might be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves answering a couple of financial well-being questions. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you receive could have different terms.
You may be eligible for an company loan if you;
The application process is simple and easy. Just complete the online application within a few minutes and a dedicated business credit specialist will contact you to assist you.
To be eligible for up to $100,000 you’ll require proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank statements, IRD statement, last 2 years finalised financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) we typically offer an answer in just one hour if you submit your request within standard company timings and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements we can provide a decision in just the span of one company day.
For the Larger Business Loan ($100K or more) we might be likely to provide you with conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The most efficient method would be to make sure you apply during normal business hours, and permit us to use the modern bank verification to verify your bank information online. If you opt to upload copies of your bank accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer within an hour – provided you submit your request during normal business times and let us utilise the advanced bank verification system link to immediately verify your bank account information online. If you choose to send us copies of your bank statement, we’ll offer the decision in just 1 business day.
For the Larger Business Loans ($100K and up) we could be able to provide the conditional pre-approval in around six hours. Once you’ve signed your pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Certain offers have been approved in 24 hours.
The fastest method can be ensure you apply during normal business hours, and let us use the advanced bank verification system link to verify your bank account information online. If you opt to send us duplicates of your banking statement, it can take a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount we look at a variety of aspects to determine how much we can lend you well-being of your company and the extent of repayments that your business can afford. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you apply for a particular amount, we consider a variety of variables to determine the health of your company and the level of the repayments your company can afford. The total amount of your loan will depend on the specifics the business.
If you decide to make an application for the company loan, we will assess the risk profile that you have for your company and offer an individualised proposal that includes the amount of the loan, the duration and the interest rates. A business loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any interest rates, fees or charges.
The interest rates on company loans rates depend on a variety of variables like the amount to be borrowed, the business assets the funds are used to purchase and the sector the company operates in, the long the company has been running as well as what percentage of the business has enough cash flow to support the loan, as well as the general well-being or financial standing of the company.
There are no hidden fees for our business loans. You’ll know precisely how much it is that you be required to pay, and when, right from the first day. There’s no compounding and the loan comes with no additional fees (as as you make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the total amount of your loan at any point in time.
If you do decide to take this route, please contact our helpful company credit specialists. The experts will offer you with the details of your repayment and an early payment figure. This will be calculated as the sum of the principal remaining and accrued interest to the date of early payout in addition to 1.5% of the remaining principal plus any outstanding fees.
In order to help you avoid missing due dates and also to be in line with your cash flow routine, we provide repayments either daily or weekly. They are automatically deducted from your business account.
Protecting your information, and being clear about the ways we gather the information we collect, use, share and secure your information, is of paramount importance and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We employ an exceptionally sophisticated bank verification system to instantly verify the bank account details online so we can provide an immediate response.
Asset-based borrowing occurs when an business owner uses the assets they have to get the funds for a loan. The asset can be either an individual property, such as the family home, or a company property like a truck as well as a piece of machine.
The majority of the lenders even the big banks, tend to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset could be sold by the lender. In essence it’s the process of securing new financing by taking advantage of the value of what you already have.
For loans up to $150K there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. require a personal guarantee. So long as you comply with your loan obligations (as specified in your loan contract document) the security of assets is not required. For loans of over $150,000 typically, you will need an individual guarantee and security that is in the form the charge of assets.
