The requirements for getting an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Check out the guidelines for eligibility for our $100K-$500K company financing.
All that’s needed for starting is your contact information (company name, your name, email, phone) and the amount you’d like to borrow as well as your monthly income.
While in the process and before settlement we will need confirmation of who you are, but not for starting:
After we start, for loans that exceed $150,000, you’ll also require the following financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
The application for this Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and have the funds in your account in 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. Our company loan is an upfront priced loan therefore you’ll be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly repayment figure.
It is a Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, business improvements, advertising to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly to work with you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
To be eligible for a credit of this size, your company needs to be trading for at least 3 years with 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 company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Business Loan of a larger size is a great option for almost all business use, including company renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available for personal purposes.
Asset security is required to obtain funding above $150,000. This is as a result of an charge on assets, and could include registering this through the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than defining security over an asset. The person signing the guarantee is personally liable if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including the assets or goods). The PPSR allows priority over personal property to be assigned according to the date the registration of a security interest.
An affidavit is an official document that is filed to provide an official notice of a claim to a property.
When you’re applying for a Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval to make the process. We may be able to make this decision without a credit check, and within 6 hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial health checks. It’s in no way an offer, nor is it a guarantee of financing. A conditional approval is subject an exhaustive credit evaluation, and any offer that you may receive may be based on different conditions.
You are eligible to apply for a company loan if you:
The application process is fast and simple. Just complete the online application within a couple minutes, and an experienced company loan specialist 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) and a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent twelve months of bank records, IRD statements, last 2 years finalised financial statements, plus interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K or more) we can often offer an answer within one hour – as long as you submit your request at quality business times and you allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you decide to submit copies of your bank statement, we’ll offer a decision in as little as an company day.
For the Larger Business Loan ($100K or more) we might be able to offer you with pre-approval conditional to your application within about six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this can be quicker based upon the circumstances for each application. Certain offers have been approved within just 24 hours.
The quickest method can be make sure you apply during standard company hours and allow us to use the advance bank verification link to instantly verify your bank information online. If you decide to upload copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within one hour if you apply within normal business timings and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your banking statement, we’ll provide a decision in just one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be in a position to provide you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Certain transactions have received approval in the space of 24 hours.
The quickest method is to make sure you apply during standard business hours and allow us to use the advance bank verification to verify your bank account information online. If you decide to send us duplicates of your banking accounts, it will take a little longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a specific amount we look at a variety of factors to determine what is the well-being for your business and the level of repayments your business is able to afford. The total amount of the loan will be determined by the specifics that are unique to your company.
When you apply for a particular amount, we take into consideration a variety of factors to assess how much we can lend you such as health that is your company and the level of the repayments your company can afford. The total amount of the loan will be determined by the particulars for your business.
When you make an application for the company financing, we’ll assess the risk assessment for your company and provide you with a customised offer that includes the loan amount, the terms and the interest rates. This business loan is an upfront cost loan and you’ll know in advance the total amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates depend on a variety of factors like the amount of money that is borrowed, what company assets the money will be used for and the sector the business is operating in, how long the business has been operating as well as how long the company has enough cash flow to fund the loan, as well as the overall health or creditworthiness of the company.
There are no hidden costs for our company loans, and you’ll know precisely what you’ll be required to pay, and when, from day one. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can request a credit loan with with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with 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% of the amount of the loan.
You can choose to repay the entire amount of the advance loan at any time.
If you decide to take this route, please contact our helpful company loan specialists. They’ll offer you with the details of your repayment along with an early payout estimate. It will be calculated using the total of the principal balance and the accrued interest up to the time of early payout and 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To ensure you do not miss payments and to work with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically withdrawn from your designated business account.
Security of your data, and being upfront about how we collect the information we collect, use, share and safeguard your data, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We use an advanced bank verification system that allows you to immediately confirm your bank account information online so we can provide quick responses.
An asset-based loan is when the company owner makes use of assets they own to make the loan. The asset can be either an individual asset, such as the family home, or a business property like a truck or other piece of machinery.
The majority of banks, not just the big banks, tend to make loans secured by assets. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence, it’s a way of securing new financing by using the value of what you already have.
Up to $150,000 in loans no asset security is required in advance to gain access to the funds However, we require a personal guarantee. need an individual guarantee. So long as you comply with the loan terms (as stated in the loan contract) Asset security will never be needed. For loans that exceed $150,000, generally there is the option of a personal guarantee and security in the form an asset charge.
