The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K to $500K company loan.
All that’s required to start is your contact details (company name and your name, as well as email or phone number) along with the amount you’d like to borrow and your monthly earnings.
While in the process and before settlement we’ll require confirmation of your identity but not to get started:
In addition, once we have started, for loans greater than $150,000 you will also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
It is possible to apply to this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and have the funds in your account within 24 hours. Traditional business loans are based on an interest rate per annum together with additional fees and charges. We offer a company loan is a cash-based loan which means you be aware of the total amount due, which includes any fees, interest or charges. This is then broken down into either weekly or daily amount to be paid back.
It is a Small Business Loan can be used for virtually any business need, such as managing cash flows, business improvements, advertising to purchase inventory, new equipment, to fund general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To be eligible for a loan that is this large, your company needs to have been operating for at least three years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan can be used to fund almost all business use, including company remodeling, buying equipment or inventory, as general working capital, and much more. The loan is not available for personal purposes.
Asset security is necessary to access funding over $150,000. It is usually by way of charge on assets, and may include the registration of this in the PPSR or filing as a caveat.
A director’s or personal ensure is a promise to repay credit that is generally in nature rather than specifying security over a particular asset. The person who is signing the guarantee is personally responsible if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be assigned according to the date the registration of a security interest.
The caveat can be described as a formal document filed to offer an official notice of a claim to property.
If you’re applying for a Larger Business Loan of more than $250K we can offer an initial pre-approval to ease the process. We may be able to make this decision without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes the answer to a series of financial health checks. It is neither an offer nor a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you might receive could be subject to different conditions.
You are eligible to apply for an business loan if you
The process for applying is fast and simple. Complete the online form in just a few minutes, and an experienced company loan specialist will be in touch to assist you.
To be eligible for up to $100,000 you’ll require proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K or more) we typically offer an answer in just one hour – as long as you make your application during standard company times and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to send us copies of your bank statement, we’ll offer a decision in as little as an company day.
For the Larger Business Loan ($100K to $500K) we could be in a position to provide the conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Certain deals have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. Also, allow us to use the advance bank verification link to verify your bank information online. If you opt to send us the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K and up) We can usually provide an answer within one hour if you apply during standard business hours and permit us to use the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statements, we are able to offer the decision within 1 business day.
If you are applying for Larger Business Loans ($100K and up) we could be able to offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval document, you will require to wait around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain deals have been approved in just 24 hours.
The fastest method can be make sure you apply during normal business hours and let us use the advance bank verification to instantly check your bank’s information online. If you opt to upload documents from your account statements, it will take a little longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of variables that determine the well-being of your business and the level of repayments that your business can afford. The amount you receive from the loan will be determined by the particular circumstances for your business.
If you apply for a set amount, we look at a range of aspects to assess your health for your business and the level of the repayments your company will be able to support. The amount you receive from the loan will be determined by the particulars that are unique to your business.
When you make an application for the business financing, we’ll assess the risk profile for your business and offer you with a tailored proposal that includes the amount of the loan, the duration and the interest rates. It is a business loan is an upfront priced loan so you will be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates depend on several factors such as the amount that is borrowed, what business assets the funds will be used for, the industry the company is in, how long the company has been running for, how long the business has enough cash flow to cover the loan, and the overall health as well as creditworthiness business.
There aren’t any hidden charges for our business loans, and you’ll know precisely how much it is that you be required to pay and when, right from the day you sign up. There’s no compounding interest, and no additional fees (as as you make your payments on time).
We don’t charge an Application Fee. You are able to request a credit loan with with no upfront cost or any obligation to sign up.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the entire amount of your loan at any point in time.
If you do decide to pursue this option, please speak to our friendly company loan experts. They’ll provide you with the details of your repayment and an early payment figure. It will be calculated using the sum of the principal remaining and any accrued interest at the time of early payment plus 1.5% of the principal amount remaining and any fees that remain unpaid.
In order to help you avoid missing due dates and also to be in line with your cash flow routine, we offer repayments that are either weekly or daily. These are automatically deducted from your designated company account.
Security of your data, and making it clear the ways we gather, use, exchange and protect your information, is of huge importance and is an essential part of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to the security of our clients as well as their security. We use an advanced banking verification system to immediately confirm your bank account information online, allowing us to provide a fast response.
An asset-based loan is when a business owner uses the assets they have to make a loan. The asset may be an individual property, such as the family home, or it could be a business asset like a truck or piece or equipment.
The majority of lenders, not just the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan then the asset might be taken over by the lender. In essence it is the process of securing new financing by using the worth of the asset you already have.
For loans up to $150,000 the requirement for asset security is not required in advance to gain access to the funds, however we require a personal guarantee. need a personal guarantee. As long as you follow the terms of your loan (as stated in the loan contract) the security of assets is not needed. For loans over $150K generally, you are able to get a personal ensure and security in the form an asset charge.
