The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Check out the conditions of eligibility for our $100K-$500K business loans.
All that’s required for starting is your contact information (company name, your name, email and phone) along with the amount you’d like to borrow, and your monthly income.
During the process and before settlement we will require confirmation of who you are but not before we can begin:
Additionally after we get started in the process, for loans greater than $150,000 you’ll need basic 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, which are either daily or weekly.
Apply to get this Small Business Loan in under 10 minutes on the internet or over the phone, receive a same day response and the funds could be available in just 24 hours. Traditional company loans reference an interest rate per annum plus other fees and charges. Our company loan is a loan that is priced upfront so you will be aware in advance of the total amount payable including any fees, charges or charges. This is then divided into weekly or daily repayment figure.
It is a Small Business Loan can be used for almost any business use, including the management of cash flow, business renovations, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To qualify for a loan of this size, your business needs to have been in operation for at least 3 years with an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for almost any company need, including business renovations, to purchase equipment or inventory as well as for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is needed for accessing funds over $150,000. This is by taking a charge over assets, which could also include registration on the PPSR or registering as a caveat.
A director’s or personal ensure is a promise to pay back a loan that is general in nature rather than defining the security for a particular asset. The person who signs the ensure is personally liable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR allows prioritisation over property that is personal to be assigned according to the date a security interest has been registered.
The caveat can be described as a formal document lodged to provide notice of a legal claim on a property.
If you’re applying for larger company loans of more than $250K it is possible to offer a preliminary pre-approval to help smooth out the process. We may be able to apply for this without a credit verification and within 6 hours of the initial application. This pre-approval is based on a preliminary assessment which includes the answer to a series of financial health checks. It’s not an offer or guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you receive could be on different conditions.
You may apply for an company loan if you
The application process is fast and easy. Just fill out the online application in few minutes and a dedicated company lending specialist will call you to guide you through the process.
To be eligible for up to $100,000, you’ll require the right identification documents (valid Driver’s License), a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Information on the application including credit consent twelve months bank statement, an IRD statements Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) we usually provide an answer within one hour, provided you submit your request within standard business hours and you allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statement, we’ll provide the decision in just an business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we could be able to offer you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved within the space of 24 hours.
The quickest way to apply can be ensure you apply during normal business hours, and allow us to use our advanced bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we usually provide an answer within an hour – provided you apply in normal business time and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we are able to provide an answer in as little as one business day.
For Larger Business Loans ($100K up to $500,000) we could be able to offer you with a conditional pre-approval within about 6 hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Some deals have been approved in just 24 hours.
The fastest way is to ensure you apply during normal business hours. You can also let us use the advance bank verification to confirm your bank details online. If you choose to upload documents from your account accounts, it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a certain amount, we will consider a number of aspects to determine your health for your company and the amount of payments your company is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your company.
When you make an application for a set amount, we consider a variety of factors to assess the well-being of the business as well as the amount of repayments your company is able to afford. The amount you receive from your loan will depend on the particular circumstances the company.
When you apply for the business credit, we’ll assess the risk assessment of your company and provide you with a customised offer, including the amount of the loan, the duration and interest rates. A company loan is an upfront cost loan and you’ll be aware of the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors like the amount of money borrowed, the business assets the funds are used to purchase, the industry the business is in, how long the company has been in operation and in the event that the company has enough cash flow to cover the loan, and the overall health and creditworthiness of the business.
There aren’t any hidden charges with our business loans, and you’ll be aware of the amount you need to pay, and when, from the day you sign up. There’s not any compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an Application Fee. You are able to apply for a loan without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with setting up 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 percentage of the amount of loan.
You can decide to repay all of your loan in full at any time.
If you are deciding to pursue this option, please call our helpful company credit specialists. They will provide you with repayment details along with an early payout estimate. This is calculated as the sum of the principal remaining and accrued interest to the time of the early payout in addition to 1.5 percent of the remaining principal and any fees that remain unpaid.
To make sure you do not miss payments and to work your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your company account.
The security of your personal information, as well as making it clear how we collect data, process, exchange and ensure the security of your information is vital and is a crucial part of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to protecting the security of customers and security. We make use of an advanced bank verification system link to immediately verify the bank account details online. This allows us to provide quick responses.
Asset-based borrowing is when the company owner utilises an asset that they own to get a loan. The asset may be an individual asset, such as the family home or a business asset such as a truck or piece or equipment.
The vast majority of lenders, not just the major banks, prefer to secure loans against assets. If you have trouble paying back the loan, the asset might be sold by the lender. In essence, it is means of securing additional financing making use of the value of what you already have.
For loans that exceed $150K, there is no requirement for asset security prior to the loan’s access However, we do need an individual guarantee. In the event that you fulfill your loan commitments (as stipulated in the loan contract) Asset security is not 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.
