The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the conditions of eligibility for our $100K to $500K business loans.
All that is needed for starting is your contact details (company name, your name, email or phone number) along with the amount you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we will require confirmation of your identity but not for starting:
In addition, once we have started with loans of more than $150,000 you will also require the following financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
You can apply to this Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and the money could be in your account within 24 hours. Traditional business loans refer to an annual rate of interest as well as other fees and charges. We offer a business loan is a cash-based loan therefore you’ll know ahead of time the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used for almost every company reason, such as the management of cash flow, company improvements, advertising to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly, depending on the flow of cash.
A Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
To be eligible for a loan that is this large, your business needs to be operating for at least three years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as 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 almost every company use, including company improvements, purchasing equipment or inventory for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. This can be done by way of charge over assets, and could be registered with the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is general in nature rather than stipulating the security for a particular asset. The person who signs the guarantee is personally responsible if the company creditor is unable to repay 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 the assets or goods). The PPSR permits preference over private property assigned according to the date a security interest was registered.
Caveats are legal document that is filed to offer the public notice of a legal claim to property.
When you’re applying for a Larger Business Loan that is greater than $250,000 we can offer an initial pre-approval in order to make the process. It is possible to apply for this without credit checks and within six hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial health questions. This is not an offer of credit or guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you are offered could be on different terms.
You may be eligible for a company loan if you:
The process for applying is fast and easy. Complete the online form in just a few minutes, and an experienced company expert in lending will contact you to help you.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent, 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, in addition to interim financials from the current financial year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K to $100K) we usually offer an answer in just one hour if you make your application in standard company time and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements , we are able to offer an answer in just one company day.
For the Larger Business Loan ($100K and up) we might be capable of provide you with pre-approval conditional to your application within 6 hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved in 24 hours.
The fastest way would be to ensure you apply during standard business hours. You can also allow us to use our advance bank verification to instantly confirm your bank details online. If you send us documents from your account statements it may take a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer within one hour – provided you make your application during standard business time and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we will be able to offer a decision in just an business day.
For Larger Business Loans ($100K up to $500,000) we could be in a position to offer you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Certain transactions have received approval within 24 hours.
The fastest way can be make sure you apply during standard business hours. You can also permit us to use the modern bank verification link to instantly verify your bank information online. If you upload documents from your account statements it may take a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a specific amount we look at a variety of variables that determine how much we can lend you well-being for your company and the level of repayments your business can afford. The total amount of your loan will depend on the particular circumstances that are unique to your company.
When you make an application for a set amount, we consider a variety of elements to determine how much we can lend you such as health that is your business as well as the amount of repayments that your business will be able to support. The amount you receive from your loan will be contingent on the particulars for your company.
If you decide to apply for business loans with us company loans, we will assess the risk assessment the company and provide an individualised offer including loan amount, term and interest rates. A business loan is an upfront-priced loan which means you know in advance the total amount payable including any costs, fees, or interest rates.
The interest rates on company loans rates depend on several factors like the amount of money of money borrowed, the company assets the funds will be used for, the industry the company operates in, how long the business is in operation as well as in the event that the company has enough cash flow to support the loan, and overall well-being or creditworthiness of the business.
There aren’t any hidden costs for our business loans, and you’ll be aware of the amount you need to pay and when, right from day one. There’s no compounding interest, and no additional fees (as long as you make your payments in time).
We don’t charge an Application Fee. You can make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can decide to repay the entire amount of the loan early at any time.
If you decide to pursue this option, please talk to one of our helpful business loan specialists. The professionals will provide you with repayment details and an early payout figure. This is calculated as the sum of the remaining principal amount and any accrued interest at the time of early payout plus 1.5% of the principal balance plus any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow routine, we provide payments that are either weekly or daily. They are automatically deducted from the nominated business account.
Protecting your information, and knowing how we collect, use, exchange and ensure the security of your information is of paramount importance and is an essential aspect of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to protecting the security of customers and privacy. We utilise a sophisticated bank verification system that allows you to immediately verify the bank account details online to offer quick responses.
An asset-based loan is when the company owner uses an asset they own to obtain the loan. The asset can be an individual asset, such as the family home or a company asset such as a truck or piece or equipment.
The majority of lending institutions, including the big banks, tend to make loans secured by assets. If you have trouble paying back the loan, the asset could be offered for sale by the lender. In essence it is the process of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required prior to the loan’s access, however we do need a personal guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract) Asset security is not required. For loans over $150K generally, there is the option of a personal guarantee and security in the form an asset charge.
