The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Take a look at the conditions of eligibility for our $100K-$500K company loan.
All that is needed for starting is your contact information (company name and your name, as well as email, phone), how much you’d like to borrow, and your monthly earnings.
During the process and before settlement we will need confirmation of your identity but not before we can begin:
Once we’ve started in the process, for loans over $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
You can apply to get this Small Business Loan in under 10 minutes online or over the phone. You’ll get an instant response and have the funds in your account in 24 hours. Traditional company loans reference an annual interest rate as well as other fees and charges. We offer a company loan is a loan that is priced upfront which means you be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly installment amount.
The Small Business Loan can be used for nearly every company use, including the management of cash flow, company renovations, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly, depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the loan amount.
To be eligible for a loan in this amount the business needs to be operating for at least three years, and have an annual income of at least $700K. It is necessary to 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 to demonstrate at minimum 12 months of business.
A large business loan can be used to fund almost any company reason, such as company improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. This can be done by taking a charge against assets, which could also include registration on the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is general in nature, rather than stipulating security over an asset. The person who is signing the ensure is personally accountable if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including items or assets). The PPSR permits the priority of personal property granted depending on the date that a security interest was registered.
A caveat is a legal document filed to provide the legal claim to a property.
If you’re seeking larger company loans that exceeds $250,000 we can offer an initial pre-approval to smooth out the process. We could be able to do this without a credit verification 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 checks. This is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could have different terms.
You may be eligible for an company loan if you:
The application process is quick and simple. Just complete the online application within a couple minutes, and a dedicated company lending specialist will call you to assist you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K-$250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Information on the application including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim financial statements for the current year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually offer a response in one hour if you apply at standard business times and let us utilise the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your bank statements we can offer an answer within just 1 company day.
For the Larger Business Loan ($100K to $500K) we may be in a position to offer the conditional pre-approval in about six hours. Once you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Certain agreements have been approved in less than 24 hours.
The most effective method for you to apply is ensure you apply during normal company hours. You can also let us use the modern bank verification link to check your bank’s information online. If you opt to send us copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K or more) we usually provide an answer within an hour, provided you make your application at normal business times and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your banking statements we can offer an answer in just one business day.
For Larger Business Loans ($100K and up) We may be likely to offer you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this can be faster depending upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The fastest way would be to ensure you apply during normal business hours, and let us use the modern bank verification link to verify your bank information online. If you opt to send us copies of your bank statements it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a specific amount we consider a variety of variables in order to assess the health for your business and the level of the repayments your company is able to afford. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
When you submit an application for a particular amount, we consider a variety of variables to determine the well-being of the company as well as the amount of repayments your company can support. The total amount of your loan will depend on the specifics that are unique to your company.
When you request our business credit, we will assess the risk assessment for your business and offer you with a customised offer, including loan amount, term and the interest rates. The business loan is a loan that is priced upfront which means you know in advance the total amount payable including any costs, fees, or interest rates.
Business loan interest rates depend on several factors including the amount of money borrowed, the business assets the funds are used to purchase, the industry the business is in, how long the company has been in operation, how long the business has sufficient cash flow to support the loan, and the general well-being as well as creditworthiness business.
There are no hidden fees with our company loans, and you’ll know exactly how much you need to pay and when, from the day you sign up. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You can make an application for loans with without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of loan.
You can decide to repay the total amount of your loan early at any time.
If you do decide to do this please speak to our friendly business loan professionals. They will provide you with repayment details and an early payout figure. This will be calculated as the sum of the principal remaining plus any accrued interest as of the date of early payout, plus 1.5% of the principal amount remaining as well as any outstanding fees.
To ensure that you don’t miss repayments and to fit in with your cash flow standard, we provide repayments either weekly or daily. These are automatically deducted from the nominated company account.
Making sure that your information is secure, and being upfront about how we collect data, process, exchange and secure your information, is vital and an integral aspect of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their privacy. We use an advanced banking verification system to immediately verify the bank account details online. This allows us to offer quick responses.
The term "asset-based" refers to borrowing where an business owner makes use of the assets they have to get a loan. The asset could be an individual property, such as the family home, or it could be a company asset like a truck or other piece of machinery.
The majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan then the asset might be transferred to the lender. In essence, it’s an opportunity to secure new financing by making use of the value of what you already own.
For loans up to $150K it is not necessary to secure assets in advance to gain access to the funds but we do require a personal guarantee. If you adhere to your loan commitments (as stated in your loan contract) the security of assets will never be needed. For loans that exceed $150,000, generally, there is a personal guarantee and security in the form of a charge over assets.
