The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the guidelines for eligibility for our $100K to $500K business financing.
All that is needed to get started is your contact details (company name, your name, email address and phone), how much you’d like to lend, and your monthly revenue.
During the process and before settlement we’ll need confirmation of who you are but not to get started:
Once we’ve started when it comes to loans over $150,000 you’ll also need fundamental 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. They also offer cash flow-friendly repayments, which are either daily or weekly.
Apply to your Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and the funds could be in your account in 24 hours. Traditional company loans have an annual rate of interest together with additional fees and charges. Our company loan is a pre-paid loan therefore you’ll be aware in advance of the amount you will have to pay, including any interest, fees or charges. This is then broken down into weekly or daily payment amount.
A Small Business Loan can be used for nearly any company purpose including control of cash flow business improvements, advertising to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan that is this large, your company needs to be in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large company loan can be used to fund almost every business use, including business renovations, to purchase new equipment or inventory as well as for general working capital and so much more. The loan is not available for personal purposes.
Asset security is necessary to access funding over $150,000. This is as a result of an charge on assets, which could also include registering this through the PPSR or filing a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally based rather than specifying the security for a particular asset. The person who signs the ensure is personally responsible if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR grants the priority of personal property assigned depending on the date that a security interest was registered.
An affidavit is an official document that is filed to offer the public notice of a legal claim to property.
If you’re applying for larger company loans of more than $250,000, we may offer a preliminary pre-approval to help ease the process. We might be able to apply for this without a credit check, and within 6 hours of the initial application. This pre-approval is based on an initial assessment that includes you answering a few financial health checks. It is not an offer of credit or guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer you receive could be subject to different conditions.
You may be eligible for a business loan if you
The process for applying is fast and easy. Simply complete the online form within a couple minutes, and a dedicated business loan specialist will contact you to guide you through the process.
To apply 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 six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent twelve months of bank statements, IRD statement as well as the two most recent years’ financial statements, plus interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K to $100K) we usually offer a response in one hour if you apply at quality company time and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements , we are able to provide an answer within just 1 company day.
For the Larger Business Loan ($100K to $500K) we could be in a position to offer you with pre-approval conditional to your application in around six hours. Once 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 agreements have been approved within less than 24 hours.
The fastest way would be to ensure you apply during normal company hours. You can also allow us to use our modern bank verification link to instantly check your bank’s information online. If you decide to send us documents from your account statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer within an hour – provided you submit your request at normal business hours and permit us to use the bank verification system to instantly verify your bank’s information online. If you choose to submit copies of your bank statements, we will be able to offer a decision in just one business day.
For Larger Business Loans ($100K or more) we might be in a position to provide the conditional pre-approval within about 6 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 on the particular circumstances of each application. Certain transactions have received approval within the space of 24 hours.
The fastest way is to ensure you apply during normal business hours, and permit us to use the advance bank verification to confirm your bank details online. If you choose to upload duplicates of your banking accounts, it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we will consider a number of aspects that determine what is the well-being for your business and the amount of payments your company will be able to support. The amount you receive from your loan will depend on the specifics of your company.
When you apply for a set amount, we will consider a number of aspects to determine how much we can lend you such as health of your company and the level of payments your company is able to afford. The amount you receive from your loan will be determined by the specific circumstances of your company.
If you decide to request the company credit, we will assess the risk profile the company and provide an individualised offer, including the amount of loan, the term and the interest rates. The company loan is an upfront priced loan therefore you will know the exact amount due, which includes any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors including the amount borrowed, the business assets the funds are used to purchase as well as the field the business operates in, the long the business has been in operation for, how long the company has enough cash flow to cover the loan, and overall well-being and creditworthiness of the business.
There are no hidden fees for our business loans, and you’ll be aware of the amount you need to pay, and when, right from the day you sign up. There’s no compounding and no additional fees (as as you make your payments on time).
We do not charge an Application Fee. You can request a credit loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can decide to repay the total amount of your loan at any point in time.
If you choose to take this route, please speak to our friendly business loans professionals. We will provide you with repayment details and an early payment figure. The figure will be calculated as the total of the remaining principal amount plus any accrued interest as of the date of early payout plus 1.5% of the principal balance and any fees that remain unpaid.
To ensure that you don’t miss 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.
The security of your personal information, as well as knowing the ways we gather, use, exchange and protect your information, is of paramount importance and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system link to instantly verify your bank account information online to offer quick responses.
Asset-based borrowing is when the business owner utilises the assets they have to get the loan. The asset could be a personal asset like the family home or an company asset such as a vehicle or piece or equipment.
The majority of lenders, not just the big banks, tend to secure loans against an asset. If you’re struggling to pay back the loan then the asset might be transferred to the lender. In essence it is the process of securing additional financing using the worth of the asset you already own.
For loans that exceed $150,000, it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need a personal guarantee. If you adhere to your loan commitments (as specified in your loan contract document), asset security is not required. For loans of over $150K typically, you will need personal guarantee and security in the form charges on assets.
