The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the eligibility requirements for our $100K to $500K business loans.
All that is needed for starting is your contact information (the name of your company, your name, email and telephone) as well as the amount you’d like to lend, and your monthly income.
While in the process and before settlement we’ll need confirmation of who you are however, not in order to begin:
After we start, for loans over $150,000 you will also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts 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.
The application for your Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and funds may be in your account in 24 hours. Traditional company loans refer to an annual rate of interest plus other fees and charges. The company loan is an upfront priced loan and you’ll know ahead of time the total amount to be paid, including any fees, interest or charges. Then, it is broken down into weekly or daily installment amount.
The Small Business Loan can be used for nearly every company purpose including cash flow management, company renovations, marketing, to purchase inventory or new equipment, as general working capital and so 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 company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the amount of the loan.
To be eligible for a credit that is this large, your business needs to have been operating for a minimum of 3 years and generate an annual revenue of $700,000. It is necessary to 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 demonstrate at least 12 months of trading.
A larger company loan is a great option for almost any business purpose including business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. This is as a result of an charge over assets, and may include the registration of this with the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to repay a loan which is general in nature rather than stating security over a particular asset. The person who signs the ensure is personally accountable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR gives preference over private property granted depending on the date that a security interest has been registered.
An affidavit is an official document that is filed to provide the legal claim on a property.
If you’re requesting a Larger Business Loan that exceeds $250,000 we can offer an initial pre-approval to make the process. We might be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves you answering a few financial well-being questions. This is not an offer of credit or guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you are offered could be subject to different terms.
You are eligible to apply for an company loan if you
The process for applying is fast and simple. Just complete the online application within a few minutes and a dedicated business expert in lending will call you to help you.
To be eligible for up to $100,000 you’ll require proof of identity (valid Driver’s License) along with a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank records, IRD statement, last 2 years finalised financial statements, plus interim financial statements for the current year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer within an hour – as long as you submit your request in quality business time and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your bank statements we can offer an answer within 1 company day.
For the Larger Business Loan ($100K to $500K) we could be likely to provide you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain agreements have been approved within 24 hours.
The fastest way would be to ensure you apply during normal company hours. Also, permit us to use the advance bank verification to instantly verify your bank account information online. If you choose to send us the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K to $100K) we typically offer an answer within one hour – provided you submit your request at standard business time and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements we can provide the decision in just 1 business day.
For the Larger Business Loans ($100K or more) We may be likely to offer you with a conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this may be quicker depending upon the circumstances for each application. Certain offers have been approved in the space of 24 hours.
The fastest method would be to make sure you apply during standard business hours, and allow us to use the advanced bank verification system link to check your bank’s information online. If you upload copies of your bank accounts, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a particular amount, we will consider a number of factors for determining your well-being of your company as well as the amount of payments your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances that are unique to your company.
When you apply for a particular amount, we take into consideration a variety of variables to assess your health of your business and the level of repayments your company can afford. The amount you receive from your loan will be determined by the particulars for your business.
When you request business loans with us company financing, we’ll assess the risk profile that you have for your company and provide you with a customised offer, including the amount of loan, the term and interest rates. A business loan is a loan that is priced upfront which means you know the exact amount due, which includes any interest rates, fees or charges.
Business loan interest rates differ based on various variables like the amount to be borrowed, what business assets the funds will be used for, the industry the business operates in, the long the business is in operation and whether the business has enough cash flow to fund the loan, as well as the general health or financial standing of the business.
There aren’t any hidden charges for our company loans. You’ll know exactly how much it is that you need to pay, and when, from the very first day. There’s no compounding interest, and there are no additional charges (as long as you are able to make your payments on time).
We do not charge an application fee. You can make an application for loans absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can repay the entire amount of your loan in full at any time.
If you decide to pursue this option, please talk to one of our helpful business credit experts. They will provide you with repayment details as well as an early payout amount. This will be calculated as the sum of the remaining principal amount and accrued interest to the time of early payment plus 1.5% of the principal amount remaining plus any outstanding fees.
To ensure that you don’t miss payment dates and to align your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from your designated business account.
Making sure that your information is secure, and being upfront about the ways we gather data, process, exchange and protect your information, is of paramount importance and a vital aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to customer security and security. We use an advanced banking verification system to immediately verify the bank account details online. This allows us to provide rapid response.
Asset-based borrowing occurs when the business owner borrows from an asset that they own to get the funding. The asset may be an individual property, such as the family home, or an business property like a truck or other piece of machinery.
The majority of the lenders not just the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence, it’s an opportunity to secure new funding making use of the value of what you already have.
For loans up to $150K the requirement for asset security is not required in advance to gain access to the funds However, we do require the personal guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract) and you are able to meet your obligations, asset security is not needed. For loans over $150,000 typically, you will need an individual ensure and security in the form a charge over assets.
