The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the conditions of eligibility for our $100K to $500K business credit.
All you need to start is your contact details (the name of your company, your name, email and phone), how much you want to borrow, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity, but not to get started:
Once we’ve started with loans greater than $150,000 you’ll also require basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
The application to get the Small Business Loan in under 10 minutes on the internet or by phone. You will receive an answer within the same day and have the funds on your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. Our business loan is a loan that is priced upfront which means you be aware in advance of the total amount to be paid, including any interest, fees or charges. This is then broken down into either a daily or weekly payment amount.
The Small Business Loan can be used to fulfill almost every business reason, such as cash flow management, business renovations, marketing to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 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 loan amount.
To be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years and generate an annual revenue 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 to demonstrate at minimum 12 months of business.
A Business Loan of a larger size is a great option for almost all business need, including business renovations, purchase of new equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal purposes.
Asset security is needed for funding of more than $150,000. It’s in the form of a charge against assets, and may include registration with the PPSR or filing a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally in nature rather than defining the security of a specific asset. The person who is signing the ensure is personally liable in the event that the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR gives the priority of personal property assigned according to the date the security interest that is registered.
The caveat can be described as a formal document filed to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan of more than $250K, we may offer an initial pre-approval in order to smooth out the process. We might be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves the answer to a series of financial well-being checks. This is not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer you are offered could be subject to different terms.
You are eligible to apply for a business loan if you;
The application process is quick and simple. Complete the online form within a few minutes and a dedicated business credit specialist will call you to assist you.
To apply for up $100,000, you’ll need identification details (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we can often provide an answer within one hour if you submit your request in standard business time and permit us to utilise the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements , we are able to offer an answer in just one company day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved in 24 hours.
The quickest way to apply would be to make sure you apply during normal business hours. Also, let us use the advanced bank verification system to instantly check your bank’s information online. If you choose to upload duplicates of your banking statements , it takes a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer within one hour if you submit your request at standard business timings and let us utilise the advanced bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements, we will be able to offer the decision in just one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be likely to offer you with conditional pre-approval within about six hours. Once you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval within just 24 hours.
The quickest method would be to make sure you apply during standard business hours, and allow us to use our modern bank verification to confirm your bank details online. If you decide to upload documents from your account statements it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a specific amount we look at a variety of variables that determine the well-being of your company as well as the amount of repayments that your business can support. The total amount of the loan will be determined by the specifics for your business.
When you make an application for a certain amount, we consider a variety of elements to determine the health of your business and the extent of repayments that your business can afford. The total amount of your loan will be contingent on the particulars of your business.
When you apply for one of our business loan, we’ll assess the risk assessment of your business and provide you with a customised offer including the amount of loan, the term and interest rates. It is a company loan is an upfront priced loan so you will be aware of the total amount you will have to pay, including charges or interest.
Interest rates for company loans rates depend on several factors like the amount of money of money borrowed, the business assets the money are used to purchase and the sector the company operates in, how long the company has been running for, whether the company has enough cash flow to pay for the loan, as well as the overall health or creditworthiness of the business.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount you’ll be required to pay, and when, from day one. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You can get a cash loan with without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay the total amount of your advance loan at any time.
If you do decide to pursue this option, please talk to one of our helpful business credit professionals. We will offer you with the details of your repayment along with an early payout estimate. This will be calculated as the sum of the remaining principal amount and accrued interest to the time of early payment plus 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow standard, we offer repayments that are either daily or weekly. These are automatically withdrawn from the nominated business account.
Security of your data, and being upfront about the ways we gather, use, exchange and protect your information, is of huge importance and is a crucial aspect of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We employ an exceptionally sophisticated bank verification system link to instantly verify the bank account details online to provide a fast response.
An asset-based loan is when an company owner borrows from assets they own to get the loan. The asset can be an asset belonging to the personal, like the family home or a company asset like a truck or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to make loans secured by assets. If you’re struggling to pay back the loan then the asset could be sold by the lender. In essence it is an opportunity to secure new funding taking advantage of the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money however, we require a personal guarantee. require the personal guarantee. In the event that you fulfill the loan terms (as detailed in your loan contract), asset security will never be required. For loans of over $150K generally there is personal ensure and security in the form an asset charge.
