The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Review the guidelines for eligibility for our $100K-$500K company financing.
All that’s needed to begin is your contact information (the name of your company and your name, as well as email and telephone), how much you’d like to lend, and your monthly revenue.
In the course of the process and before settlement we’ll require confirmation of who you are but not to get started:
Once we’ve started, for loans that exceed $150,000, you’ll 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, cash flow-friendly repayments which can be made daily or weekly.
You can apply to get the 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 business loans refer to an annual rate of interest together with additional fees and charges. This business loan is a loan that is priced upfront and you’ll be aware of the total amount due, which includes any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly every business reason, such as cash flow management, company improvements, advertising, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly to work with your situation.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
To qualify for a loan of this size 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 continuous trading.
A larger business loan can be used to fund almost any business purpose including business remodeling, buying new equipment or inventory, as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is needed to obtain funding above $150,000. This is as a result of an charge on assets and can include the registration of this in the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is generally in nature rather than stating security over a particular asset. The person who signs the ensure is personally liable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR grants 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 provide the legal claim to property.
If you’re requesting the Larger Business Loan that exceeds $250K it’s possible to offer an initial pre-approval that will help ease the process. We could be able to get this done without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering some financial well-being checks. It’s in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer you may receive may have different conditions.
You are eligible to apply for a company loan if you:
The application process is quick and easy. Just complete the online application in few minutes and an experienced business expert in lending will contact you to help you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence) and a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K-$250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent, 12 months of bank records, IRD statement and the last two years’ finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically offer a response in one hour, provided you submit your request within quality company times and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statements , we will be able to offer an answer within the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we may be likely to provide you with conditional pre-approval in around six hours. Once you have signed the pre-approval document, you will need to wait around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved within just 24 hours.
The fastest way is to make sure you apply during standard company hours. Also, let us use the modern bank verification to confirm your bank details online. If you choose to upload copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K or more) we usually provide a response in one hour if you apply in normal business times and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your bank statement, we’ll provide an answer in as little as the span of one business day.
For the Larger Business Loans ($100K to $500K) we could be capable of offer you with conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some offers have been approved in 24 hours.
The fastest method can be make sure you apply during normal business hours. You can also allow us to use the modern bank verification to verify your bank account information online. If you send us the copies of bank accounts, it will take a little longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a certain amount we will consider a number of variables to determine the health of the company and the extent of repayments your company can afford. The total amount of your loan will be contingent on the particular circumstances for your company.
When you apply for a particular amount, we take into consideration a variety of elements to determine your health that is your company and the level of the repayments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances the company.
If you decide to make an application for the business financing, we’ll assess the risk profile the business and offer you with a tailored proposal that includes the loan amount, the terms and the interest rates. This business loan is an upfront priced loan so you will know the exact amount to be paid, including any interest rates, fees or charges.
The interest rates on company loans rates depend on a variety of variables like the amount to be borrowed, what company assets the money are used to purchase, the industry the business operates in, how long the business has been operating for, whether the business has sufficient cash flow to cover the loan, and the overall well-being or creditworthiness of the company.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you’ll be required to pay and when, starting from day one. There’s no compounding interest, and no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the entire amount of your loan at any point in time.
If you choose to take this route, please contact our helpful company lending specialists. We will offer you with repayment details as well as an early payout amount. It will be calculated using the total of the remaining principal amount and the accrued interest up to the time of the early payout in addition to 1.5% of the principal remaining as well as any outstanding fees.
To make sure that you don’t miss repayments and to fit in your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from the nominated company account.
Security of your data, and making it clear the ways we gather, use, exchange and secure your information, is of paramount importance and a vital aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced bank verification system to immediately verify the bank account details online to provide an immediate response.
Asset-based borrowing occurs when an company owner makes use of an asset that they own to secure the funding. The asset may be an individual asset, such as the family home or an company asset such as a truck as well as a piece of machine.
The vast majority of the lenders even the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan then your asset may be taken over by the lender. In essence it is a way of securing new financing by making use of the value of what you already have.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds but we do need the personal guarantee. If you adhere to the loan terms (as detailed in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans over $150,000 generally there is the option of a personal guarantee and security in the form of the charge of assets.
