The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Do you require more money? Find out the conditions of eligibility for our $100K to $500K business financing.
All you need for starting is your contact details (the name of your company, your name, email, phone) along with the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we will require confirmation of who you are, but not before we can begin:
Additionally after we get started in the process, for loans over $150,000 you’ll require the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day response and the money could be in your account within 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. Our business loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including any fees, charges or charges. This is then broken down into either a daily or weekly installment amount.
A Small Business Loan can be used for nearly every company reason, such as control of cash flow business improvements, advertising to purchase inventory or new equipment, as 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. The loan ranges from $100,000 to $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly to work with you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To qualify for a loan that is this large the company needs to have been operating for at least three years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large business loan can be used for almost all business purpose including business renovations, to purchase inventory or new equipment for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required for accessing funds over $150,000. This is in the form of a charge against assets, and could include registration through the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally based rather than defining security over an asset. The person signing the ensure is personally liable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR grants preference over private property assigned depending on the date that a security interest has been registered.
A caveat is a legal document that is filed to offer an official notice of a claim on a property.
If you’re requesting a Larger Business Loan that exceeds $250K we can offer an initial pre-approval in order to make the process. We might be able to get this done without a credit check and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial well-being questions. It’s not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you receive could be subject to different conditions.
You may apply for an business loan if you:
The application process is quick and simple. Simply complete the online form in few minutes and a dedicated business credit specialist will contact you to guide you through the process.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License) and an active NZBN/IRD, and at least six months worth of bank statements.
If you’re looking for loans with larger 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 to $500K: Information on the application including credit consent, 12 months of bank records, IRD statement and the last two years’ finalised financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within an hour if you apply at standard company time and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements , we’ll be able to offer the decision in just 1 business day.
For the Larger Business Loan ($100K or more) we may be able to offer you with conditional pre-approval within six hours. After 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. Some offers have been approved in just 24 hours.
The quickest way to apply is to make sure you apply during normal company hours. Also, permit us to use the advanced bank verification system link to instantly confirm your bank details online. If you upload the copies of bank statements it takes a bit longer.
For the Small Business Loan ($5K and up) we usually offer an answer within one hour, provided you make your application within normal business timings and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements, we are able to provide the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K or more) We may be likely to offer the conditional pre-approval in around six hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however it could be faster based on the specifics of each application. Some agreements have been approved in just 24 hours.
The most effective method is to ensure you apply during normal business hours. You can also permit us to use the sophisticated bank verification to instantly check your bank’s information online. If you choose to upload the copies of bank statements it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount we consider a variety of factors that determine your health of your company and the amount of repayments that your company can afford. The total amount of the loan will be determined by the specifics of your company.
When you submit an application for a set amount, we take into consideration a variety of aspects to determine your health that is your business and the extent of repayments your business can afford. The total amount of your loan will depend on the particulars of your company.
When you request one of our company loans, we will assess the risk profile that you have for your company and provide you with a customised offer, including the amount of loan, the term and the interest rates. The business loan is an upfront cost loan and you’ll be aware in advance of the total amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates depend on a variety of factors including the amount borrowed, what company assets the funds will be used for, the industry the business is operating in, how long the company has been in operation, whether the business has sufficient cash flow to support the loan, and general health and creditworthiness of the business.
There aren’t any hidden costs with our business loans, and you’ll know precisely what it is that you be required to pay, and when, from the day you sign up. There’s no compounding interest and no additional fees (as long as you make your payments punctually).
We do not charge an Application Fee. You are able to request a credit loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can repay the entire amount of the advance loan at any time.
If you do decide to do this please talk to one of our helpful business lending professionals. They’ll offer you with details for repayment as well as an early payout amount. It will be calculated using the total of the principal balance and the accrued interest up to the time of early payment, plus 1.5 percent of the principal balance as well as any outstanding fees.
In order to help you avoid missing payments and to work your cash flow schedule, we provide payments that are either daily or weekly. These are automatically withdrawn from the nominated business account.
Security of your data, and being clear about how we collect data, process, exchange and protect your information, is of huge importance and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our customers and security. We use an advanced bank verification system to immediately verify the bank account details online. This allows us to provide quick responses.
Asset-based borrowing is when an company owner makes use of the assets they have to obtain the funds for a loan. The asset could be an asset belonging to the personal, like the family home, or an company asset like a truck or piece or equipment.
The vast majority of lenders, not just the largest banks, are inclined to guarantee loans against an asset. If you are having difficulty paying back the loan then your assets could be transferred to the lender. In essence, it is a way of securing additional financing taking advantage of the value of what you already own.
For loans that exceed $150,000, it is not necessary to secure assets in advance to gain access to the funds but we do need the personal guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract document) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150,000, generally, there is a personal guarantee and security in the form the charge of assets.
