The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K company credit.
All that’s required to get started is your contact information (company name and your name, as well as email, phone) as well as the amount you’d like to borrow, and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are, however, not in order to begin:
In addition, once we have started with loans that exceed $150,000, you’ll also need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
The application to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and have the funds available in just 24 hours. Traditional business loans have an annual rate of interest together with additional fees and charges. The company loan is a loan that is priced upfront and you’ll know ahead of time the total amount payable including any fees, interest or charges. Then, it is divided into weekly or daily payment amount.
A Small Business Loan can be used to fulfill almost every company purpose including the management of cash flow, business remodeling, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan of this size the company needs to be operating for at least three years and have an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A large business loan is a great option for almost any company use, including company remodeling, buying new equipment or inventory for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is necessary to access funding over $150,000. This is in the form of a charge over assets, and may include registration on the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally based rather than stating the security for a particular asset. The person who is signing the guarantee is personally accountable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including goods or assets). The PPSR allows the priority of personal property granted in accordance with the date on which a registration of a security interest.
An affidavit is an official form of document to offer the public notice of a legal claim on a property.
If you’re requesting larger company loans of $250,000 or more we can offer a preliminary pre-approval to help smooth out the process. We could 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 evaluation that involves you answering some financial health questions. This is in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you may receive may be based on different conditions.
You may apply for a company loan if you:
The application process is fast and simple. Just complete the online application in just a few minutes, and a dedicated company lending specialist will contact you to assist you.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K – $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim current financial year financials such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we typically offer an answer within an hour – as long as you submit your request in quality company timings and allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements , we are able to provide the decision within just one company day.
For the Larger Business Loan ($100K or more) we may be likely to provide you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Some agreements have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. You can also allow us to use our advance bank verification to confirm your bank details online. If you decide to upload documents from your account accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) we can often provide an answer within an hour – as long as you make your application during standard business time and you allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you decide to send us copies of your bank statements we can provide an answer in just 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be in a position to provide you with conditional pre-approval within about 6 hours. After you’ve signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain agreements have been approved within just 24 hours.
The most efficient method is to make sure you apply during standard business hours. You can also allow us to use the advanced bank verification system to confirm your bank details online. If you opt to send us duplicates of your banking statements, it can take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a certain amount we will consider a number of aspects for determining your health for your company and the extent of repayments your business will be able to support. The total amount of the loan will be determined by the specifics of your business.
When you apply for a set amount, we take into consideration a variety of aspects to determine how much we can lend you such as health for your business and the level of payments your business is able to afford. The amount you receive from your loan will be contingent on the specific circumstances the company.
When you apply for our business loan, we’ll assess the risk assessment of your company and provide you with a customised offer that includes the loan amount, the terms and interest rates. A business loan is a loan that is priced upfront and you’ll be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates vary due to factors like the amount of money borrowed, what business assets the funds are used to purchase in addition to the industry that the company operates in, how long the business has been operating, what percentage of the business has enough cash flow to pay for the loan, and also the overall well-being as well as creditworthiness company.
There are no hidden costs for our company loans, and you’ll know exactly how much you need to pay and when, right from the very first day. There’s no compounding interest and no extra fees (as long as you are able to make your payments on time).
We do not charge an application fee. You are able to apply for a loan with no upfront cost or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You may choose to pay back all of your loan early at any time.
If you decide to take this route, please speak to our friendly company loan professionals. They’ll offer you with repayment details along with an early payout estimate. This is calculated as the sum of the principal balance and accrued interest to the time of early payout and 1.5% of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from your designated company account.
The security of your personal information, as well as knowing how we collect data, process, exchange and ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We use an advanced bank verification system link to instantly verify your bank account details online to provide rapid response.
The term "asset-based" refers to borrowing where an company owner borrows from the assets they have to make the loan. The asset could be a personal asset like the family home, or a company property like a truck as well as a piece of machine.
The majority of lending institutions, even the largest banks, are inclined to make loans secured by an asset. If you have trouble paying back the loan then your asset may be transferred to the lender. In essence it’s a way of securing additional financing using the value of what you already own.
For loans up to $150K the requirement for asset security is not required before you can access the money, however we do need an individual guarantee. So long as you comply with the terms of your loan (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans over $150,000 generally, you are able to get the option of a personal guarantee and security in the form of an asset charge.
