The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Review the conditions of eligibility for our $100K-$500K company loan.
All that’s needed for starting is your contact information (the name of your company and your name, as well as email or phone number), how much you’d like to borrow, as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are, but not for starting:
In addition, once we have started with loans of more than $150,000 you’ll also need the following 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 months. They also offer cash flow-friendly repayments that are either per day or weekly.
Apply for the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and the money could be available in just 24 hours. Traditional company loans refer to an interest rate per annum together with additional fees and charges. This business 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. This is then divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used for almost every business use, including control of cash flow company remodels and marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
To be eligible for a credit of this size the business needs to be operating for at least three years and generate an annual revenue of at least $700K. You must 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 of proving at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost all company purpose including company renovations, to purchase new equipment or inventory for general working capital and so much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. It’s by way of charge on assets and can include registration with the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is generally in nature rather than defining the security for a particular 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 an online, central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR gives preference over private property granted according to the date the security interest that is registered.
Caveats are legal document lodged to offer the legal claim to property.
If you’re requesting larger company loans that exceeds $250,000 we can offer an initial pre-approval in order to simplify the process. We may be able to do this 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 a few financial health checks. This is neither an offer nor a guarantee of funds. A conditional approval is subject an exhaustive credit evaluation, and any offer that you may receive may have different conditions.
You may apply for an business loan if you:
The application process is quick and easy. Just complete the online application within a few minutes and an experienced business credit specialist will call you to guide you through the process.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Application details including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, plus interim current financial year financials such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K and up) we typically provide an answer in just one hour – as long as you apply at quality business timings and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll provide the decision within just 1 business day.
For the Larger Business Loan ($100K to $500K) we may be capable of offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest method would be to ensure you apply during standard business hours. You can also permit us to use the advance bank verification link to confirm your bank details online. If you send us the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide a response in one hour if you submit your request in standard business time and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statements, we’ll be able to offer a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K or more) we could be able to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval document, you will require to wait around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Some agreements have been approved within just 24 hours.
The quickest method is to make sure you apply during normal business hours. Also, let us use the modern bank verification link to confirm your bank details online. If you opt to upload copies of your bank statements it will take a little longer.
We provide loans that range from $5,000 and $500,000. If you apply for a certain amount we consider a variety of aspects to determine what is the well-being of the business and the amount of repayments that your company can support. The total amount of the loan will be determined by the specific circumstances of your business.
If you apply for a certain amount, we will consider a number of factors to assess your well-being that is your company and the extent of the repayments your company can afford. The total amount of the loan will be determined by the particulars that are unique to your company.
When you make an application for business loans with us company loan, we’ll assess the risk assessment that you have for your business and offer an individualised offer including the amount of loan, the term and the interest rates. The business loan is a loan that is priced upfront so you will know the exact amount you will have to pay, including charges or interest.
Interest rates for company loans rates vary due to factors including the amount borrowed, the company assets the money will be used for and the sector the business is in, how long the company has been running, in the event that the company has enough cash flow to support the loan, and also the overall health or creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll be aware of the amount you be required to pay, and when, right from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments punctually).
We don’t charge an application fee. You are able to request a credit loan with no upfront cost or obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can decide to repay the entire amount of your loan early at any time.
If you do decide to do this please call our helpful business lending professionals. They will provide you with the details of your repayment and an early payout figure. The figure will be calculated as the sum of the principal balance and the accrued interest up to the time of early payment in addition to 1.5% of the principal balance and any fees that remain unpaid.
To make sure that you don’t miss repayments and to fit in your cash flow schedule, we provide payments that are either weekly or daily. These are automatically deducted from your company account.
Making sure that your information is secure, and being upfront about the ways we gather data, process, exchange and safeguard your data, is crucial and is an essential part of our relationship you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account information online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where the company owner utilises assets they own to obtain a loan. The asset can be a personal asset like the family home or a company asset such as a vehicle as well as a piece of machine.
The majority of the lenders including the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan then the asset could be taken over by the lender. In essence it’s the process of securing additional financing using the worth of the asset you already have.
For loans that exceed $150K, there is no requirement for asset security in advance to gain access to the funds, however we require a personal guarantee. require a personal guarantee. As long as you follow your loan commitments (as detailed in your loan contract) Asset security will never be needed. For loans over $150,000 generally, you can get a personal ensure and security that is in the form charges on assets.
