The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Take a look at the guidelines for eligibility for our $100K-$500K company credit.
All that is needed for starting is your contact information (the name of your company, your name, email address and phone) along with the amount you’d like to lend, and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are but not before we can begin:
Once we’ve started in the process, for loans greater than $150,000 you will also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 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 on the internet or by phone. You will receive an answer within the same day and funds may be in your account in 24 hours. Traditional company loans reference an annual rate of interest plus other fees and charges. We offer a business loan is a pre-paid loan which means you know in advance the total amount to be paid, including any interest, fees or charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used for almost any business purpose including managing cash flows, business remodels and marketing for purchasing inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a loan of this size, your company needs to be operating for a minimum of 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger business loan can be used for almost any company purpose including business renovations, to purchase inventory or new equipment for general working capital and so much more. The loan cannot be used for personal use.
Asset security is necessary to access funding over $150,000. This can be done by way of charge against assets, and could be registered through the PPSR or the registration of as a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature rather than stipulating security over an asset. The person who signs the guarantee is personally liable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including the assets or goods). The PPSR permits priority over personal property to be granted depending on the date that a security interest has been registered.
Caveats are legal document filed to offer an official notice of a claim on a property.
If you’re applying for the Larger Business Loan of more than $250K we may be able to provide a preliminary pre-approval to help make the process. It is possible to do this without credit checks and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial health questions. This is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer you are offered could be based on different terms.
You may be eligible for an business loan if you;
The process for applying is fast and simple. Just fill out the online application within a couple minutes, and an experienced company credit specialist will be in touch to guide you through the process.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $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 for the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour – as long as you submit your request at standard business times and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statement, we’ll offer an answer within the span of one company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of offer you with pre-approval conditional to your application in about 6 hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved in 24 hours.
The quickest method can be ensure you apply during standard company hours, and permit us to use the advanced bank verification system to verify your bank account information online. If you decide to upload copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within one hour – provided you make your application within normal business times and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you want to send us copies of your bank statements, we will be able to provide a decision in just an business day.
If you are applying for Larger Business Loans ($100K and up) We may be likely to provide the conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some agreements have been approved within just 24 hours.
The most efficient method is to make sure you apply during standard business hours, and permit us to use the modern bank verification link to check your bank’s information online. If you choose to upload the copies of bank accounts, it may take a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of factors that determine what is the well-being for your company as well as the amount of repayments that your business can afford. The total amount of the loan will be determined by the specifics that are unique to your company.
When you submit an application for a certain amount, we consider a variety of variables to determine your well-being that is your company as well as the amount of payments your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances the company.
If you decide to request business loans with us company loan, we will assess the risk assessment of your company and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. It is a business loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates depend on several factors like the amount of money borrowed, the company assets the funds will be used for, the industry the company is operating in, how long the company has been in operation for, whether the company has enough cash flow to cover the loan, and overall well-being and creditworthiness of the business.
There are no hidden costs with our company loans. You’ll know precisely how much you’ll be required to pay, and when, from the first day. There’s no compounding interest, and no extra fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to make an application for loans with with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can choose to repay the entire amount of your advance loan at any time.
If you choose to take this route, please contact our helpful company credit professionals. They’ll offer you with details on repayment and an early payout figure. This is calculated as the sum of the principal remaining plus any accrued interest as of the time of the early payout plus 1.5% of the remaining principal as well as any outstanding fees.
In order to help you avoid missing payments and to work with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your company account.
The security of your personal information, as well as knowing the ways we gather data, process, exchange and secure your information, is crucial and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to security for our clients and privacy. We employ a highly sophisticated banking verification system to immediately verify the bank account details online to offer quick responses.
Asset-based borrowing is when a business owner uses an asset they own to get the funds for a loan. The asset may be an individual property, such as the family home, or 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 make loans secured by assets. If you’re having trouble paying back the loan, then the asset might be transferred to the lender. In essence, it’s a way of securing new funding using the value of what you already have.
For loans up to $150,000 the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. need an individual guarantee. In the event that you fulfill your loan commitments (as specified in your loan contract), asset security will never be needed. If you take out loans in excess of $150,000 generally, there is personal ensure and security in the form charges on assets.
