The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K to $500K company financing.
All that’s required to begin is your contact details (company name, your name, email and phone) as well as the amount you’d like to borrow and your monthly revenue.
Through the process and before settlement we’ll require confirmation of your identity, but not to get started:
After we start with loans greater than $150,000 you will also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
It is imaginable to apply to get your Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and the money could be on your account within 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. This company loan is a loan that is priced upfront 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 weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every business use, including the management of cash flow, business remodeling, marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
To be eligible for a loan that is this large 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) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost all business reason, such as company improvements, purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
Asset security is required for accessing funds over $150,000. It is usually by way of charge over assets, and may include the registration of this in the PPSR or filing a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature, rather than defining the security of a specific asset. The person who signs the ensure is personally responsible if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR grants preference over private property assigned according to the date the security interest has been registered.
A caveat is a legal form of document to offer an official notice of a claim to property.
If you’re requesting a Larger Business Loan of more than $250K it’s possible to offer a preliminary pre-approval to help ease the process. We might be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial well-being checks. It is neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you might receive could be subject to different conditions.
You may apply for an company loan if you;
The application process is fast and simple. Complete the online form in few minutes and a dedicated company lending specialist will contact you to guide you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s License) and a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, as well as interim financial statements for the current year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually offer an answer within an hour – as long as you make your application in standard company time and allow us to utilise the bank verification system to instantly verify your bank details online. If you choose to upload copies of your banking statements , we will be able to provide a decision in as little as 1 business day.
For the Larger Business Loan ($100K to $500K) we may be likely to provide the conditional pre-approval within six hours. Once you’ve 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 particular circumstances of each application. Some agreements have been approved in the space of 24 hours.
The quickest method would be to ensure you apply during normal company hours. Also, allow us to use the advanced bank verification system to instantly confirm your bank details online. If you opt to upload documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour, provided you submit your request at normal business timings and let us use the bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statements we can offer the decision within 1 business day.
For Larger Business Loans ($100K to $500K) We may be capable of provide you with pre-approval conditional to your application in around six hours. Once you’ve signed your pre-approval document, you will require to wait around 2-3 days for final approval. However, this could be shorter based upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The most effective method would be to ensure you apply during standard business hours and allow us to use the advance bank verification link to instantly verify your bank account information online. If you decide to upload copies of your bank statements, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we look at a variety of aspects in order to assess what is the well-being of your business and the extent of repayments your company can afford. The total amount of your loan will depend on the specifics the business.
When you apply for a particular amount, we look at a range of factors to determine the health that is your business and the amount of the repayments your business will be able to support. The amount you receive from your loan will be determined by the specifics that are unique to your company.
When you apply for the business loan, we will assess the risk profile that you have for your business and offer you with a customised offer including loan amount, term and the interest rates. A company loan is a loan that is priced upfront and you’ll know the exact amount payable including any charges or interest.
The interest rates on company loans rates vary due to 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 company operates in, how long the company has been operating and how long the business has sufficient cash flow to fund the loan, as well as the general well-being or creditworthiness of the business.
There are no hidden fees for our business loans, and you’ll know exactly how much you’ll be required to pay and when, from the first day. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an application fee. You can get a cash loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee is the cost associated with establishing 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% of the loan amount.
You can decide to repay the entire amount of your loan early at any time.
If you decide to do this please call our helpful business credit professionals. They’ll provide you with repayment details and an early payment figure. The figure will be calculated as the total of the principal balance and the accrued interest up to the time of the early payout, plus 1.5 percent of the principal balance plus any outstanding fees.
To help you avoid missing payment dates and to align your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn from the nominated company account.
The security of your personal information, as well as being clear about how we collect data, process, exchange and protect your information, is of huge importance and a vital element of our relationship with you.
Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system that allows you to immediately confirm your bank account information online, allowing us to offer an immediate response.
Asset-based borrowing is when a company owner makes use of an asset that they own to obtain a loan. The asset may be an individual asset, such as the family home or an business asset such as a truck or piece of equipment.
The majority of lending institutions, including the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan then your asset may be taken over by the lender. In essence, it is an opportunity to secure additional financing making use of the value of what you already have.
For loans up to $150,000 the requirement for asset security is not required before you can access the money However, we do require an individual guarantee. If you adhere to the loan terms (as stipulated in the loan contract) the security of assets will never be needed. For loans of over $150K generally, there is personal guarantee and security that is in the form an asset charge.
