The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the eligibility requirements for our $100K-$500K business financing.
All you need to get started is your contact information (company name, your name, email and telephone), how much you’d like to borrow, and your monthly income.
While in the process and before settlement we’ll need confirmation of who you are but not before we can begin:
Once we’ve started with loans greater than $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments, which are either daily or weekly.
It is possible to apply to get your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and funds may be on your account within 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. This company loan is a loan that is priced upfront therefore you’ll be aware of the total amount to be paid, including any fees, interest or charges. Then, it is divided into a daily or weekly installment amount.
The Small Business Loan can be used for almost every business purpose including the management of cash flow, company renovations, marketing for purchasing inventory or new equipment, 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 business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term for up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit that is this large the company needs to be operating for a minimum of 3 years and have an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A Larger Business Loan can be used to fund almost any company use, including company renovations, to purchase inventory or new equipment as well as for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. This is by way of charge over assets, and may include registering this with the PPSR or making as a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally based rather than stipulating the security of a specific 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 a central, national online register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including items or assets). The PPSR allows preference over private property granted according to the date the security interest that is registered.
An affidavit is an official document lodged to provide an official notice of a claim to a property.
If you’re seeking larger business loans that is greater than $250K we may be able to provide a preliminary pre-approval to help ease the process. We might be able to get this done without a credit check and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes you answering a few financial health checks. It is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you are offered could be subject to different terms.
You can apply for a company loan if you:
The application process is fast and simple. Just fill out the online application in just a few minutes, and a dedicated company lending specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Details for application including credit consent and 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually provide an answer in just one hour – as long as you apply within standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements , we’ll be able to offer a decision within just the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of provide you with conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain agreements have been approved within 24 hours.
The quickest method for you to apply is ensure you apply during standard company hours. You can also allow us to use our advance bank verification to verify your bank account information online. If you decide to send us copies of your bank statements , it will take a little longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within one hour if you make your application during standard business time and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to send us copies of your bank statements, we will be able to provide an answer in just one business day.
For Larger Business Loans ($100K to $500K) we could be able to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The most effective method would be to ensure you apply during normal business hours, and allow us to use the advance bank verification link to verify your bank information online. If you upload duplicates of your banking accounts, it will take a little longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we will consider a number of elements in order to assess your well-being that is your company and the extent of the repayments your company can support. The amount you receive from the loan will be determined by the specific circumstances for your company.
If you apply for a specific amount we will consider a number of variables to assess the health of your business as well as the amount of repayments that your company can support. The total amount of the loan will be determined by the specific circumstances for your company.
If you decide to apply for the business financing, we’ll assess the risk assessment the company and provide you with a customised proposal that includes the amount of loan, the term and interest rates. It is a business loan is an upfront cost loan and you’ll be aware of the total amount due, which includes any interest rates, fees or charges.
The interest rates on company loans rates differ based on various factors such as the amount that is of money borrowed, the business assets the money are used to purchase as well as the field the business is in, how long the company has been in operation, how long the business has enough cash flow to cover the loan, as well as the overall well-being or financial standing of the company.
There aren’t any hidden costs with our company loans. You’ll know exactly how much it is that you need to pay, and when, starting from the very first day. There’s no compounding interest and the loan comes with no additional fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can apply for a loan no cost upfront or commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can choose to repay the entire amount of the advance loan at any time.
If you choose to pursue this option, please contact our helpful business loans experts. They will provide you with details on repayment as well as an early payout amount. The figure will be calculated as the total of the principal amount remaining and accrued interest to the time of the early payout and 1.5% of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow standard, we offer repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
The security of your personal information, as well as making it clear how we collect data, process, exchange and ensure the security of your information is of huge importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to customer security and security. We utilise a sophisticated bank verification system to instantly verify your bank account details online. This allows us to provide a fast response.
Asset-based borrowing is when an company owner uses an asset that they own to get the loan. The asset could be an asset belonging to the personal, like the family home or it could be a business property like a truck or other piece of machinery.
The vast majority of lending institutions, including the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan, then your assets could be offered for sale by the lender. In essence, it’s means of securing additional financing using the value of what you already have.
For loans that exceed $150K, no asset security is required upfront to access the money However, we do need the personal guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract) Asset security will never be required. For loans over $150,000 generally, there is the option of a personal ensure and security is provided in the form of charges on assets.
