The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K-$500K business loans.
All you need to begin is your contact details (company name, your name, email and phone), how much you’d like to borrow and your monthly earnings.
Through the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
After we start, for loans over $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
Apply to get your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and funds may be on your account within 24 hours. Traditional company loans refer to an interest rate per annum plus other fees and charges. Our business loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including the interest, fees and charges. This is then divided into weekly or daily installment amount.
The Small Business Loan can be used for nearly any business use, including managing cash flows, business remodeling, marketing to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the business needs to be operating for at least three years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A larger business loan can be used for nearly any company need, including business renovations, to purchase inventory or new equipment or as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to obtain funding above $150,000. This is by way of charge on assets and can include the registration of this in the PPSR or the registration of a caveat.
A director’s or personal ensure is a promise to pay back a loan that is generally based rather than specifying the security of a specific asset. The person who is signing the guarantee is personally liable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR gives the priority of personal property granted in accordance with the date on which a security interest has been registered.
Caveats are legal 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 $250,000 we can offer an initial pre-approval in order to ease the process. We could be able to do this without credit checks and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes answering a couple of financial health questions. It is neither an offer nor a guarantee of funds. A conditional approval is subject an extensive credit evaluation and any offer that you receive could be based on different terms.
You are eligible to apply for an business loan if you;
The application process is quick and simple. Complete the online form within a few minutes and a dedicated business loan specialist will be in touch to help you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD and at least six 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 bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim current financial year financials as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K or more) we usually offer an answer in just one hour – as long as you submit your request within standard company hours and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statement, we’ll offer a decision within one company day.
If you are applying for a Larger Business Loan ($100K and up) we may be capable of offer you with a conditional pre-approval in about 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The quickest method is to make sure you apply during standard business hours and permit us to use the advanced bank verification system link to instantly confirm your bank details online. If you choose to upload documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer within one hour, provided you submit your request at standard business hours and allow us to use the bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements, we’ll be able to provide an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) We may be in a position to offer the conditional pre-approval within about six hours. Once you’ve 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. Some deals have been approved within just 24 hours.
The quickest method is to ensure you apply during standard business hours. You can also let us use the modern bank verification link to check your bank’s information online. If you choose to send us duplicates of your banking statements, it can take a bit longer.
We offer loan amounts between $5,000 and $500,000. If you apply for a certain amount, we take into consideration a range of elements to determine how much we can lend you health that is your company and the extent of payments your business can afford. The total amount of your loan will depend on the specifics of your company.
When you make an application for a certain amount, we consider a variety of variables to assess how much we can lend you such as health of your company and the amount of the repayments your business can support. The amount you receive from your loan will depend on the particulars of your company.
If you decide to make an application for one of our company loans, we’ll assess the risk assessment the business and offer you with a tailored offer that includes loan amount, term and the interest rates. It is a business loan is an upfront priced loan and you’ll be aware of the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on company loans rates depend on several factors such as the amount that is borrowed, the business assets the money are used to purchase in addition to the industry that the business is in, how long the business has been operating for, in the event that the company has sufficient cash flow to support the loan, and the overall well-being or financial standing of the business.
There aren’t any hidden costs with our business loans, and you’ll know precisely how much you need to pay, and at what time, from the very first day. There’s not any compounding interest 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 apply for a loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can decide to repay the entire amount of your advance loan at any time.
If you decide to do this please talk to one of our helpful business lending specialists. The experts will offer you with the details of your repayment along with an early payout estimate. This will be calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout plus 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from the nominated company account.
Protecting your information, and knowing how we collect the information we collect, use, share and safeguard your data, is of huge importance and a vital part of our relationship you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We make use of an advanced bank verification system link to immediately confirm your bank account information online. This allows us to provide rapid response.
Asset-based borrowing occurs when the business owner borrows from an asset they own to secure the funds for a loan. The asset may be an individual asset, such as the family home, or an company property like a truck as well as a piece of machine.
The vast majority of lending institutions, even the major banks, prefer to guarantee loans against assets. If you’re having trouble paying back the loan then the asset could be offered for sale by the lender. In essence, it is a way of securing additional financing using the worth of the asset you already have.
For loans of up to $150K, there is no requirement for asset security in advance to gain access to the funds However, we require a personal guarantee. need an individual guarantee. In the event that you fulfill the loan terms (as stipulated in the loan contract) Asset security will never be required. For loans of over $150,000 typically, you will need personal ensure and security in the form of an asset charge.
