The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K to $500K business credit.
All that’s needed to get started is your contact information (company name, your name, email or phone number), how much you want to borrow, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of who you are, but not to get started:
Once we’ve started with loans greater than $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. The terms range between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an answer within the same day and funds may be available in just 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. We offer a company loan is a pre-paid loan therefore you’ll know in advance the total amount to be paid, including any fees, interest or charges. Then, it is broken down into either weekly or daily amount to be paid back.
The Small Business Loan can be used for virtually every business need, such as managing cash flows, business renovations, marketing, to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
In order to be eligible for a loan in this amount, your company needs to be operating for at least three years and have an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A Larger Business Loan can be used for nearly all company use, including business remodeling, buying new equipment or inventory for general working capital, and much more. The loan is not available for personal use.
Asset security is required for funding of more than $150,000. This can be done by way of charge on assets, and may be registered with the PPSR or filing a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is general in nature rather than stating security over an asset. The person who is signing the ensure is personally liable in the event that the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including objects or assets). The PPSR grants prioritisation over property that is personal to be granted depending on the date that a security interest that is registered.
A caveat is a legal form of document to provide the public notice of a legal claim to property.
If you’re requesting the Larger Business Loan that exceeds $250K we can offer a preliminary pre-approval to help make the process. We could be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being checks. It is not an offer or guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer that you might receive could be on different conditions.
You may be eligible for an business loan if you;
The application process is simple and simple. Complete the online form in just a few minutes, and an experienced business loan specialist will call you to assist you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent as well as 12 months of bank records, IRD statement, last 2 years finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within one hour, provided you submit your request at quality company time and permit us to utilise the bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your banking statements , we’ll be able to provide the decision in as little as the span of one company day.
For the Larger Business Loan ($100K to $500K) we may be able to offer the conditional pre-approval in around six hours. After you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this can be quicker based on the specifics of each application. Some offers have been approved in less than 24 hours.
The quickest method would be to make sure you apply during normal business hours. Also, allow us to use our advanced bank verification system to check your bank’s information online. If you send us the copies of bank accounts, it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer in just one hour – as long as you make your application within normal business hours and permit us to use 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 the decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be in a position to offer you with conditional pre-approval within about 6 hours. Once you have signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some agreements have been approved in the space of 24 hours.
The most efficient method for you to apply is make sure you apply during normal business hours, and permit us to use the sophisticated bank verification link to verify your bank information online. If you send us documents from your account statements it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a specific amount we consider a variety of elements in order to assess what is the health of the business and the level of repayments your business can support. The total amount of your loan will depend on the particular circumstances of your business.
When you apply for a certain amount, we look at a range of elements to determine your well-being that is your business and the level of repayments that your company will be able to support. The total amount of your loan will be determined by the specifics that are unique to your company.
If you decide to apply for business loans with us company loan, we will assess the risk assessment the business and provide an individualised offer including loan amount, term and the interest rates. It is a business loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including charges or interest.
Interest rates for business loans rates depend on several variables like the amount to be borrowed, what business assets the funds are used to purchase, the industry the company is in, how long the business is in operation for, how long the company has enough cash flow to pay for the loan, and general health or creditworthiness of the business.
There are no hidden fees with our company loans, and you’ll be aware of the amount it is that you be required to pay and at what time, from the day you sign up. There’s not any compounding interest and no extra fees (as as you make your payments in time).
We do not charge an application fee. You are able to make an application for loans with without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the amount of loan.
You can choose to repay the entire amount of your loan early at any time.
If you do decide to take this route, please talk to one of our helpful company loan professionals. We will provide you with repayment details along with an early payout estimate. It will be calculated using the sum of the remaining principal amount and any accrued interest at the time of early payment in addition to 1.5% of the principal amount remaining plus any outstanding fees.
To make sure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments that are either weekly or daily. They will be automatically deducted from your company account.
Making sure that your information is secure, and being clear about how we collect the information we collect, use, share and secure your information, is of paramount importance and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive 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 to instantly verify your bank account details online. This allows us to offer a fast response.
An asset-based loan is when an company owner uses the assets they have to obtain the funds for a loan. The asset can be an individual asset, such as the family home or it could be a company asset such as a truck or piece or equipment.
The vast majority of banks, including the big banks, tend to secure loans against assets. If you have trouble paying back the loan, the asset might be taken over by the lender. In essence, it’s means of securing new financing using the value of what you already have.
For loans of up to $150K, no asset security is required before you can access the money however, we do need an individual guarantee. If you adhere to the loan terms (as stipulated in your loan contract), asset security is not required. If you take out loans in excess of $150K generally, there is a personal ensure and security that is in the form a charge over assets.
