The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K business financing.
All that’s required for starting is your contact details (the name of your company, your name, email, phone) as well as the amount you’d like to borrow, and your monthly earnings.
During the process and before settlement we will require confirmation of your identity, but not to get started:
In addition, once we have started, for loans that exceed $150,000, you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
The application to your Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and the funds could be available in just 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. Our company loan is a pre-paid loan which means you know ahead of time the amount you will have to pay, including the interest, fees and charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used for nearly every business use, including the management of cash flow, business improvements, advertising for purchasing inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size the company needs to have been in operation for at least 3 years with an annual turnover of $700K. Your company must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A larger business loan can be used for nearly all company need, including company improvements, purchasing new equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge against assets, and could be registered on the PPSR or filing as a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is general in nature, rather than stating the security of a specific asset. The person who is signing the guarantee is personally liable if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR grants preference over private property granted according to the date the security interest has been registered.
A caveat is a legal document that is filed to offer the legal claim against a property.
If you’re seeking the Larger Business Loan of more than $250,000 we may be able to provide an initial pre-approval to ease the process. It is possible to get this done without credit checks and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial well-being questions. It is not an offer of credit or guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer that you might receive could have different terms.
You are eligible to apply for a company loan if you:
The application process is quick and easy. Complete the online form in just a few minutes, and a dedicated business credit specialist will contact you to help you.
To apply for up to $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.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K and up) We can usually provide an answer within one hour – as long as you make your application during quality company times and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we’ll be able to provide a decision in just an company day.
For the Larger Business Loan ($100K or more) we may be capable of offer you with conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain deals have been approved within the space of 24 hours.
The quickest way to apply would be to make sure you apply during standard business hours. You can also let us use the modern bank verification link to verify your bank information online. If you opt to send us duplicates of your banking accounts, it may take a bit longer.
For the Small Business Loan ($5K and up) We can usually offer a response in one hour if you apply during normal business times and let us use the bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll offer the decision within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be able to offer the conditional pre-approval within six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Some agreements have been approved within the space of 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours. You can also allow us to use our advanced bank verification system to instantly verify your bank account information online. If you decide to upload documents from your account statements, it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we take into consideration a range of variables for determining your health of the business and the amount of repayments that your business can support. The total amount of the loan will be determined by the specifics for your company.
If you apply for a certain amount, we will consider a number of elements to determine how much we can lend you such as health of the company and the level of the repayments your company can support. The total amount of your loan will be contingent on the particular circumstances for your company.
If you decide to apply for one of our business financing, we’ll assess the risk assessment of your business and provide you with a customised offer that includes the loan amount, the terms and interest rates. The company loan is a loan that is priced upfront therefore you will be aware of the total amount payable including any charges or interest.
Interest rates for company loans rates depend on a variety of factors including the amount that is borrowed, what business assets the money will be used for and the sector the business is in, how long the company has been in operation for, in the event that the company has sufficient cash flow to pay for the loan, and the overall well-being or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you’ll need to pay, and when, from the very first day. There’s not any compounding interest and no extra fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You are able to request a credit loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You can repay all of your loan early at any time.
If you are deciding to pursue this option, please call our helpful company credit experts. They will provide you with the details of your repayment along with an early payout estimate. This is calculated as the total of the principal balance and any accrued interest at the date of early payout plus 1.5 percent of the principal balance as well as any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your designated company account.
Protecting your information, and knowing the ways we gather, use, exchange and secure your information, is vital and is an essential aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and privacy. We utilise a sophisticated banking verification system to immediately confirm your bank account information online. This allows us to offer an immediate response.
Asset-based borrowing is when a business owner borrows from an asset they own to get the loan. The asset can be either an individual asset, such as the family home, or it could be a company property like a truck or other piece of machinery.
The vast majority of lenders, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset might be offered for sale by the lender. In essence, it is an opportunity to secure new financing by using the worth of the asset you already have.
For loans of up to $150K, it is not necessary to secure assets before you can access the money However, we do require an individual guarantee. So long as you comply with the loan terms (as specified in your loan contract document), asset security will never be needed. For loans of over $150K generally, there is personal ensure and security that is in the form charges on assets.
