The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you require more money? Take a look at the eligibility requirements for our $100K-$500K company financing.
All that is needed for starting is your contact details (company name, your name, email, phone) along with the amount you’d like to borrow and your monthly income.
During the process and before settlement we’ll require confirmation of who you are but not before we can begin:
Once we’ve started, for loans that exceed $150,000, you will also need the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
The application to your Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and have the funds available in just 24 hours. Traditional business loans are based on an interest rate per annum along with other charges and fees. This company loan is a pre-paid loan so you will be aware of the total amount to be paid, including any interest, fees or charges. This is then broken down into a daily or weekly repayment figure.
A Small Business Loan can be used for almost any company use, including the management of cash flow, business renovations, marketing, to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term that can last up to 36 months. Repayments are scheduled weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
To be eligible for a credit that is this large, your business needs to be trading for at least 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large company loan is a great option for almost any business purpose including business remodeling, buying new equipment or inventory as well as for general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. It is usually in the form of a charge over assets, which could also include registering this on the PPSR or registering a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than stating the security for a particular asset. The person who is signing the guarantee is personally liable in the event that the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including the assets or goods). The PPSR allows preference over private property granted according to the date the registration of a security interest.
A caveat is a legal document filed to offer the legal claim to a property.
If you’re applying for an enterprise loan of $250,000 or more, we may offer an initial pre-approval to simplify the process. It is possible to get this done without a credit check and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you are offered could be based on different conditions.
You can apply for an company loan if you;
The application process is simple and simple. Just fill out the online application in few minutes and a dedicated company loan specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence), a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Details of the application, including credit consent and 12 months bank statement, an IRD statements, last 2 years finalised financial statements, and interim current financial year financials such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K to $100K) we can often offer an answer within an hour if you make your application within quality company hours and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statement, we’ll offer an answer within one business day.
For Larger Business Loans ($100K up to $500,000) we could be capable of provide the conditional pre-approval within six hours. After you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this can be quicker based on the particular circumstances of each application. Certain offers have been approved in the space of 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours. Also, permit us to use the modern bank verification to instantly verify your bank information online. If you choose to upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer within one hour if you apply at normal business times and you allow us to use the bank verification system link to instantly verify your bank details online. If you want to upload copies of your bank statements, we are able to offer the decision within an business day.
For Larger Business Loans ($100K to $500K) we may be capable of offer you with a conditional pre-approval in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Some offers have been approved within 24 hours.
The most efficient method would be to make sure you apply during standard business hours and allow us to use our modern bank verification link to instantly confirm your bank details online. If you decide to send us documents from your account accounts, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of aspects in order to assess the well-being of the company as well as the amount of payments your business can support. The amount you receive from your loan will depend on the particular circumstances of your company.
When you submit an application for a specific amount we take into consideration a variety of aspects to assess your health that is your company and the level of repayments that your business can afford. The total amount of the loan will be determined by the specific circumstances that are unique to your company.
When you make an application for one of our business financing, we’ll assess the risk profile the business and offer an individualised offer that includes the amount of the loan, the duration and interest rates. A company loan is an upfront priced loan therefore you will know in advance the total amount to be paid, including any charges or interest.
Business loan interest rates depend on a variety of factors including the amount of money borrowed, the business assets the money will be used for in addition to the industry that the business is in, how long the company is in operation for, what percentage of the company has sufficient cash flow to cover the loan, and also the overall well-being as well as creditworthiness business.
There are no hidden fees for our business loans, and you’ll know precisely how much you’ll need to pay, and when, from the very first day. There’s no compounding 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 request a credit loan with without any upfront costs or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of your advance loan at any time.
If you are deciding to take this route, please speak to our friendly business loans professionals. They will provide you with repayment details along with an early payout estimate. The figure will be calculated as the total of the principal balance and accrued interest to the time of early payment plus 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide repayments either daily or weekly. These are automatically withdrawn from your business account.
Making sure that your information is secure, and making it clear the ways we gather, use, exchange and secure your information, is of paramount importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system to instantly verify the bank account details online so we can offer an immediate response.
An asset-based loan is when a company owner borrows from an asset that they own to get the loan. The asset may be an individual property, such as the family home, or an business asset such as a truck or other piece of machinery.
The vast majority of lenders, including the banks with the biggest size, prefer to make loans secured by assets. If you’re struggling to pay back the loan then your assets could be offered for sale by the lender. In essence, it is the process of securing new financing by using the worth of the asset you already have.
For loans up to $150,000 no asset security is required in advance to gain access to the funds however, we require a personal guarantee. require the personal guarantee. So long as you comply with your loan obligations (as stated in your loan contract document), asset security will never be needed. If you take out loans in excess of $150,000 generally, there is personal guarantee and security that is in the form the charge of assets.
