The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the eligibility requirements for our $100K to $500K business loan.
All you need for starting is your contact details (the name of your company, your name, email and phone) and the amount you want to borrow, and your monthly revenue.
While in the process and before settlement we will require confirmation of your identity, however, not in order to begin:
In addition, once we have started with loans of more than $150,000 you’ll require basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
You can apply for this Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and the money could be available in just 24 hours. Traditional business loans are based on an annual rate of interest along with other charges and fees. The business loan is a pre-paid loan so you will be aware in advance of the total amount due, which includes any interest, fees or charges. Then, it is broken down into either weekly or daily installment amount.
The Small Business Loan can be used for virtually every company need, such as the management of cash flow, company renovations, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the loan amount.
To qualify for a loan that is this large, your company needs to be trading for at least 3 years, and have an annual income of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used for nearly every company reason, such as company remodeling, buying equipment or inventory or as general working capital and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. It’s by taking a charge on assets and can include the registration of this with the PPSR or the registration of a caveat.
A director’s or personal ensure is a guarantee to repay a loan which is general in nature, rather than specifying the security of a specific asset. The person who signs the guarantee is personally liable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR permits prioritisation over property that is personal to be assigned according to the date the registration of a security interest.
An affidavit is an official form of document to provide an official notice of a claim on a property.
If you’re applying for larger company loans of $250K or more, we may offer an initial pre-approval that will help ease the process. We may be able to make this decision without a credit check and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial well-being questions. This is not an offer or guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you may receive may be subject to different conditions.
You can apply for a business loan if you
The application process is fast and easy. Simply complete the online form within a few minutes and an experienced company loan specialist will contact you to assist you.
To be eligible for up to $100,000, you’ll require ID details (valid Driver’s License), a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent as well as 12 months bank statement, an IRD statement Last 2 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 or more) We can usually offer a response in one hour if you make your application in standard company times and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements , we are able to offer a decision in just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Some transactions have received approval in the space of 24 hours.
The fastest way can be ensure you apply during normal company hours. You can also permit us to use the modern bank verification link to instantly confirm your bank details online. If you decide to send us copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K and up) we typically provide a response in one hour – provided you apply at normal business timings and allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your bank statement, we’ll provide a decision within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be likely to provide you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval within the space of 24 hours.
The fastest method would be to ensure you apply during normal business hours. You can also allow us to use our modern bank verification to instantly verify your bank account information online. If you choose to send us copies of your bank accounts, it takes a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of factors that determine your health for your business and the extent of repayments your company can afford. The total amount of your loan will be contingent on the specific circumstances for your company.
When you make an application for a certain amount, we consider a variety of elements to determine how much we can lend you such as health that is your company and the extent of payments your company is able to afford. The amount you receive from your loan will be contingent on the specific circumstances for your business.
If you decide to apply for one of our business loans, we’ll assess the risk profile of your company and offer you with a customised offer, including the amount of the loan, the duration and the interest rates. It is a company loan is an upfront priced loan therefore you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates vary due to factors like the amount of money borrowed, what business assets the money are used to purchase, the industry the company operates in, how long the company has been running, whether the company has enough cash flow to pay for the loan, as well as the general health and creditworthiness of the company.
There aren’t any hidden costs with our business loans. You’ll be aware of the amount it is that you need to pay, and at what time, from the day you sign up. There’s not any compounding interest and no extra fees (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You are able to apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee is the cost associated with establishing and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5% of the amount of loan.
You can decide to repay the total amount of your loan early at any time.
If you choose to take this route, please call our helpful business loan specialists. They’ll provide you with details for repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of the early payout and 1.5 percent of the principal amount remaining plus any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow standard, we provide payments that are either daily or weekly. They will be automatically deducted from your business account.
Security of your data, and being clear about how we collect the information we collect, use, share and ensure the security of your information is crucial and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We use an advanced bank verification system to instantly verify your bank account details online to provide an immediate response.
Asset-based borrowing is when a company owner uses assets they own to obtain the funds for a loan. The asset may be an individual asset, such as the family home or an company asset such as a vehicle or piece of equipment.
The majority of banks, including the banks with the biggest size, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan, then your assets could be transferred to the lender. In essence it is an opportunity to secure new funding making use of the value of what you already own.
For loans up to $150K there is no requirement for asset security before you are able to access the money but we do need a personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150K generally, there is an individual ensure and security in the form a charge over assets.
