The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K to $500K company financing.
All that’s required to begin is your contact details (the name of your company, your name, email address and telephone) along with the amount you want to borrow, and your monthly revenue.
During the process and before settlement we will require confirmation of who you are, but not before we can begin:
Once we’ve started when it comes to loans greater than $150,000 you will also need basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes online or by phone. You will receive an instant response and funds may be available in just 24 hours. Traditional business loans reference an annual interest rate together with additional fees and charges. Our business loan is a loan that is priced upfront therefore you’ll know ahead of time the total amount to be paid, including any fees, charges or charges. Then, it is broken down into weekly or daily repayment figure.
It is a Small Business Loan can be used to fulfill almost every business need, such as the management of cash flow, company improvements, advertising, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
To be eligible for a loan of this size, your business needs to be in operation for at least 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A larger business loan can be used for almost any company use, including company renovations, to purchase equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. It is usually by taking a charge on assets and can include registration with the PPSR or registering as a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature rather than stipulating security over an asset. The person who signs the guarantee is personally liable in the event that the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be assigned depending on the date that a security interest was registered.
The caveat can be described as a formal form of document to offer the legal claim to property.
If you’re applying for larger business loans of $250K or more, we may offer an initial pre-approval to ease the process. We could be able to make this decision without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health questions. This is not an offer or guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you may receive may be based on different conditions.
You may apply for an business loan if you:
The process for applying is fast and easy. Complete the online form in just a few minutes, and a dedicated company expert in lending will be in touch to help you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence) and an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll also need:
$100K to $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details of the application, including credit consent as well as 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) we usually offer an answer within an hour, provided you apply during quality business times and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can provide a decision in as little as the span of one business day.
For the Larger Business Loan ($100K to $500K) we could be likely to provide you with conditional pre-approval within about 6 hours. After you’ve signed your pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this can be quicker based upon the circumstances for each application. Certain deals have been approved in the space of 24 hours.
The quickest way to apply would be to ensure you apply during standard company hours. You can also allow us to use our advanced bank verification system link to verify your bank account information online. If you choose to upload the copies of bank statements it takes a bit longer.
For the Small Business Loan ($5K and up) we usually offer a response in one hour if you submit your request during normal business time and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you opt to send us copies of your bank statements, we will be able to provide a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval in 24 hours.
The fastest way would be to ensure you apply during standard business hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank accounts, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. If you apply for a specific amount we consider a variety of aspects that determine your health of your company as well as the amount of repayments your business can support. The amount you receive from your loan will depend on the specific circumstances of your company.
When you submit an application for a specific amount we will consider a number of factors to determine your health of your business as well as the amount of repayments your company will be able to support. The amount you receive from your loan will be determined by the specific circumstances the business.
When you apply for the business financing, we will assess the risk profile for your business and provide an individualised offer that includes the amount of the loan, the duration and interest rates. This business loan is a loan that is priced upfront and you’ll know the exact amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what business assets the money are used to purchase and the sector the business is in, how long the company has been operating for, how long the business has sufficient cash flow to pay for the loan, and the general health as well as creditworthiness company.
There aren’t any hidden costs for our business 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 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 request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can choose to repay the entire amount of the loan early at any time.
If you do decide to take this route, please contact our helpful company lending experts. They’ll provide you with details for repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payout plus 1.5% of the principal balance as well as any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your company account.
Protecting your information, and knowing how we collect the information we collect, use, share and protect your information, is crucial and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to customer security and privacy. We make use of an advanced bank verification system that allows you to instantly verify the bank account details online. This allows us to provide a fast response.
The term "asset-based" refers to borrowing where an company owner makes use of assets they own to make the funds for a loan. The asset can be a personal asset like the family home, or a business property like a truck or other piece of machinery.
The majority of the lenders including the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan then your asset may be sold by the lender. In essence it’s the process of securing new financing by using the worth of the asset you already have.
Up to $150,000 in loans there is no requirement for asset security prior to the loan’s access but we require a personal guarantee. need an individual guarantee. As long as you follow your loan obligations (as detailed in your loan contract) Asset security is not needed. For loans over $150,000 typically, you will need an individual ensure and security in the form an asset charge.
