The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K-$500K company loans.
All you need to start is your contact details (company name, your name, email or phone number) and the amount you’d like to borrow, and your monthly income.
In the course of the process and before settlement we will need confirmation of your identity, but not for starting:
In addition, once we have started in the process, for loans over $150,000 you’ll also need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
Apply to this Small Business Loan in under 10 minutes over the phone, receive a same day response and funds may be in your account within 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. This company loan is a cash-based loan therefore you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into either a daily or weekly payment amount.
The Small Business Loan can be used for nearly any company use, including managing cash flows, business remodels and marketing to purchase inventory, 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 loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to be trading for at least 3 years and have an annual turnover of $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 minimum 12 months of business.
A Business Loan of a larger size is a great option for almost all business reason, such as business renovations, to purchase new equipment or inventory for general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to access funding over $150,000. It’s as a result of an charge on assets and can include registration with the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is generally based rather than stating security over a particular asset. The person who is signing the guarantee is personally liable in the event that the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR allows the priority of personal property granted according to the date the security interest has been registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim on a property.
When you’re applying for larger business loans of $250,000 or more, we may offer a preliminary pre-approval to help simplify the process. We could be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial health questions. It is neither an offer nor a guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer you receive could have different terms.
You are eligible to apply for an business loan if you
The application process is quick and easy. Just fill out the online application within a couple minutes, and a dedicated business credit specialist will be in touch to guide you through the process.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details for application including credit consent twelve months of bank statements, IRD statement and the last two years’ finalised financial statements, in addition to interim financials from the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) we typically provide an answer within one hour if you submit your request at quality company timings and permit us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements we can provide a decision in just an business day.
For the Larger Business Loan ($100K to $500K) we could be capable of offer you with conditional pre-approval within about 6 hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however it could be faster based on the specifics of each application. Certain offers have been approved in 24 hours.
The fastest way is to ensure you apply during normal company hours, and allow us to use the advance bank verification to instantly verify your bank information online. If you opt to send us duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer within one hour if you make your application within normal business times and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to upload copies of your banking statements, we are able to provide the decision within one business day.
If you are applying for Larger Business Loans ($100K and up) we might be likely to provide you with conditional pre-approval in about six hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, it could be faster based on the circumstances of each application. Some offers have been approved within just 24 hours.
The most effective method is to make sure you apply during standard business hours. You can also allow us to use the advanced bank verification system link to confirm your bank details online. If you decide to send us the copies of bank statements, it may take a bit longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a specific amount we take into consideration a range of aspects in order to assess how much we can lend you health that is your company and the amount of repayments that your business can afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you make an application for a set amount, we will consider a number of elements to determine your well-being of your company as well as the amount of repayments your company can support. The total amount of the loan will be determined by the specific circumstances the company.
When you request our business credit, we’ll assess the risk assessment that you have for your business and provide you with a tailored proposal that includes the loan amount, the terms and the interest rates. This company loan is an upfront cost loan therefore you will be aware in advance of the total amount due, which includes any charges, interest rates or fees.
The interest rates on business loans rates depend on a variety of factors such as the amount that is borrowed, the business assets the money will be used for in addition to the industry that the business operates in, how long the company has been in operation and what percentage of the business has enough cash flow to support the loan, and the overall health or creditworthiness of the company.
There are no hidden costs for our business loans. You’ll be aware of the amount you’ll be required to pay and when, from the very first day. There’s no compounding and no extra fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You can get a cash loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan early at any time.
If you do decide to pursue this option, please call our helpful business credit experts. We will provide you with the details of your repayment and an early payment figure. It will be calculated using the total of the remaining principal amount and accrued interest to the time of the early payout, plus 1.5% of the principal balance and any fees that remain unpaid.
In order to help you avoid missing payments and to work with your cash flow standard, we offer repayments that are either daily or weekly. They are automatically deducted from your nominated company account.
The security of your personal information, as well as being clear about how we collect the information we collect, use, share and safeguard your data, is crucial and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system that allows you to immediately confirm your bank account information online to provide an immediate response.
Asset-based borrowing occurs when a business owner makes use of an asset they own to secure the loan. The asset may be an individual asset, such as the family home or an company property like a truck or other piece of machinery.
The vast majority of the lenders even the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan then your assets could be taken over by the lender. In essence it’s 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. require an individual guarantee. As long as you follow your loan commitments (as stipulated in your loan contract), asset security is not needed. For loans over $150,000 typically, you will need a personal ensure and security is provided in the form of a charge over assets.
