The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Find out the guidelines for eligibility for our $100K to $500K company loan.
All you need to get started is your contact information (company name, your name, email address and telephone) as well as the amount you’d like to borrow, and your monthly earnings.
During the process and before settlement we will require confirmation of your identity, but not for starting:
Once we’ve started, for loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an instant response and the money could be on your account within 24 hours. Traditional company loans have an interest rate per annum along with other charges and fees. The business loan is a pre-paid loan which means you know in advance the total amount payable including the interest, fees and charges. This is then broken down into either weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually any business purpose including the management of cash flow, company improvements, advertising, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of with a maximum of 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the company needs to be trading for at least 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A large company loan can be used for almost every business reason, such as company renovations, purchase of new equipment or inventory or as general working capital, and much more. The loan is not available for personal purposes.
Asset security is needed to obtain funding above $150,000. This can be done by taking a charge on assets and can be registered on the PPSR or filing a caveat.
A director’s or personal ensure is a promise to pay off a credit line that is generally in nature rather than specifying security over an asset. The person who is signing the ensure is personally responsible if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR permits priority over personal property to be assigned according to the date a registration of a security interest.
A caveat is a legal document filed to offer notice of a legal claim on a property.
When you’re applying for larger business loans of more than $250K, we may offer an initial pre-approval that will help make the process. It is possible to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health checks. It is neither an offer nor a guarantee of credit. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may be on different conditions.
You may apply for an company loan if you:
The process for applying is fast and simple. Complete the online form within a couple minutes, and an experienced business lending specialist will be in touch to assist you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence) and 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 need:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour, provided you apply in standard business time and you allow us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to upload copies of your banking statements , we are able to offer a decision in just the span of one company day.
For Larger Business Loans ($100K or more) we may be in a position to provide you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The quickest method would be to make sure you apply during standard business hours. Also, allow us to use the advanced bank verification system to instantly verify your bank information online. If you upload duplicates of your banking statements it will take a little longer.
For the Small Business Loan ($5K or more) we usually provide an answer in just one hour – as long as you make your application in standard business time and permit us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to send us copies of your bank statement, we’ll provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the particular circumstances of each application. Some agreements have been approved in just 24 hours.
The fastest method is to ensure you apply during standard business hours and allow us to use the advanced bank verification system to confirm your bank details online. If you decide to upload documents from your account statements it can take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you make an application for a certain amount we look at a variety of variables to determine the health of your company as well as the amount of the repayments your business can support. The total amount of your loan will depend on the particular circumstances of your business.
When you apply for a particular amount, we take into consideration a variety of elements to assess how much we can lend you such as health that is your business and the amount of the repayments your company can afford. The total amount of your loan will depend on the particular circumstances the company.
If you decide to request business loans with us business loan, we’ll assess the risk assessment that you have for your company and provide you with a customised offer, including loan amount, term and the interest rates. The company loan is a loan that is priced upfront therefore you will know in advance the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors such as the amount that is of money borrowed, the company assets the funds will be used for as well as the field the company is operating in, how long the business is in operation as well as in the event that the company has enough cash flow to pay for the loan, and the general health or financial standing of the company.
There aren’t any hidden costs for our business loans, and you’ll know precisely what you’ll be required to pay and when, from the first day. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We do not charge an Application Fee. You are able to request a credit loan with no cost upfront or commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can repay all of your advance loan at any time.
If you do decide to do this please talk to one of our helpful business credit experts. They will provide you with the details of your repayment and an early payout figure. The figure will be calculated as the total of the principal remaining and any accrued interest at the date of early payout, plus 1.5 percent of the principal remaining and any fees that remain unpaid.
To ensure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Protecting your information, and knowing the ways we gather the information we collect, use, share and secure your information, is vital and is a crucial part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We use an advanced banking verification system to instantly confirm your bank account information online so we can provide rapid response.
An asset-based loan is when an business owner uses an asset that they own to obtain the funds for a loan. The asset could be an asset belonging to the personal, like the family home, or a company asset like a truck as well as a piece of machine.
The majority of the lenders including the banks with the biggest size, prefer to guarantee loans against an asset. If you have trouble paying back the loan, then the asset might be offered for sale by the lender. In essence, it’s the process of securing new financing by making use of the value of what you already own.
For loans of up to $150K, the requirement for asset security is not required prior to the loan’s access but we require a personal guarantee. need a personal guarantee. If you adhere to the loan terms (as detailed in your loan contract document) the security of assets will never be needed. For loans over $150,000 generally, there is personal guarantee and security that is in the form a charge over assets.
