The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K company credit.
All that’s needed to begin is your contact details (company name, your name, email address and phone) and the amount you want to borrow, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started, for loans over $150,000 you will also need basic financial statements:
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Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and have the funds available in just 24 hours. Traditional business loans refer to an annual interest rate plus other fees and charges. The business loan is a loan that is priced upfront therefore you’ll know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into a daily or weekly payment amount.
It is a Small Business Loan can be used for almost every business use, including managing cash flows, company renovations, marketing to purchase inventory or new equipment, or as 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 growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount the company needs to have been trading for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger business loan can be used for nearly every business use, including company renovations, to purchase inventory or new equipment as well as for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. It is usually as a result of an charge against assets, which could also be registered through the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally accountable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR grants priority over personal property to be granted according to the date the security interest has been registered.
An affidavit is an official document filed to provide notice of a legal claim to a property.
If you’re requesting larger company loans that exceeds $250,000, we may offer a preliminary pre-approval to help simplify the process. We could be able to get this done without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial well-being questions. This is neither an offer nor a guarantee of credit. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you might receive could be subject to different terms.
You can apply for an company loan if you
The process for applying is fast and easy. Just complete the online application within a few minutes and a dedicated company loan specialist will call you to guide you.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent twelve month bank accounts, the IRD statements and the last two years’ finalised financial statements, as well as interim financials from the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within an hour, provided you apply in quality business timings and permit us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll offer a decision in just one company day.
For the Larger Business Loan ($100K and up) we may be likely to provide you with pre-approval conditional to your application within 6 hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Some offers have been approved within less than 24 hours.
The fastest way is to ensure you apply during standard company hours. You can also permit us to use the advance bank verification to instantly verify your bank account information online. If you decide to upload the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within an hour, provided you make your application within normal business times and let us use the bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statements, we will be able to provide a decision in just 1 business day.
For the Larger Business Loans ($100K and up) we may be able to provide the conditional pre-approval within about six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this can be faster depending on the circumstances of each application. Certain agreements have been approved within 24 hours.
The quickest method for you to apply is ensure you apply during standard business hours, and allow us to use our sophisticated bank verification link to instantly verify your bank account information online. If you opt to upload documents from your account statements, it will take a little longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a certain amount, we take into consideration a range of aspects for determining your health for your business as well as the amount of payments your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances of your company.
When you apply for a certain amount, we consider a variety of factors to assess the well-being for your company as well as the amount of repayments that your business can support. The total amount of your loan will depend on the specifics that are unique to your company.
When you request our company loans, we’ll assess the risk profile for your business and offer you with a customised offer, including the amount of the loan, the duration and interest rates. A company loan is a loan that is priced upfront and you’ll be aware in advance of the total amount to be paid, including any interest rates, fees or charges.
Interest rates for business loans rates vary due to factors such as the amount that is borrowed, the business assets the money are used to purchase and the sector the company operates in, how long the company has been in operation, what percentage of the business has sufficient cash flow to cover the loan, and general well-being and creditworthiness of the business.
There aren’t any hidden charges with our business loans. You’ll know precisely what you be required to pay, and when, starting from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You are able to request a credit loan with absolutely no upfront cost and no obligation to proceed.
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. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back the total amount of your advance loan at any time.
If you are deciding to take this route, please speak to our friendly business lending specialists. They will offer you with the details of your repayment and an early payment figure. It will be calculated using the total of the principal remaining and the accrued interest up to the time of early payout and 1.5% of the remaining principal and any fees that remain unpaid.
To help you avoid missing payment dates and to align your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from your designated company account.
Making sure that your information is secure, and making it clear how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and an integral element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We use an advanced bank verification system to instantly verify your bank account details online so we can offer quick responses.
Asset-based borrowing is when the company owner makes use of the assets they have to get a loan. The asset may be an individual property, such as the family home or it could be a company asset such as a vehicle as well as a piece of machine.
The vast majority of lenders, including the largest banks, are inclined to secure loans against an asset. If you’re struggling to pay back the loan, your asset may be sold by the lender. In essence, it is a way of securing new financing by making use of the value of what you already have.
For loans up to $150K it is not necessary to secure assets in advance to gain access to the funds but we do require a personal guarantee. As long as you follow your loan obligations (as stated in the loan contract) Asset security is not required. If you take out loans in excess of $150K generally, you can get the option of a personal guarantee and security is provided in the form of a charge over assets.
