The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Check out the conditions of eligibility for our $100K to $500K company credit.
All you need to get started is your contact information (the name of your company and your name, as well as email or phone number) and the amount you’d like to borrow and your monthly earnings.
While in the process and before settlement we will need confirmation of your identity but not to get started:
Additionally after we get started in the process, for loans greater than $150,000 you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
Apply for your Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an instant response and funds may be available in just 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. This company loan is a loan that is priced upfront so you will be aware in advance of the total amount due, which includes any fees, charges or charges. This is then broken down into either a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for virtually any business purpose including managing cash flows, company remodeling, marketing to purchase inventory or new equipment, to fund general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are either weekly or fortnightly depending on the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
In order to be eligible for a loan that is this large, your company needs to have been operating for at least three years, and have an annual income of $700,000. You must be 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 business.
A Business Loan of a larger size can be used for nearly all company need, including company renovations, to purchase equipment or inventory as well as for general working capital and much more. The loan is not available for personal purposes.
Asset security is needed to access funding over $150,000. It is usually by taking a charge against assets, which could also be registered in the PPSR or filing as a caveat.
A director’s or personal ensure is a promise 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 ensure is personally accountable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR permits the priority of personal property granted according to the date a security interest that is registered.
A caveat is a legal form of document to provide the legal claim to property.
If you’re requesting larger business loans that exceeds $250,000 it’s possible to offer an initial pre-approval to ease the process. We could be able to make this decision without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment that includes answering a couple of financial health checks. It’s not an offer or guarantee of credit. A conditional approval is subject a full credit assessment and any offer you may receive may have different conditions.
You can apply for an company loan if you
The process for applying is fast and easy. Just complete the online application in few minutes and a dedicated business expert in lending will be in touch to help you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Information on the application including credit consent twelve months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim financial statements for the current year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we typically provide an answer within one hour – as long as you make your application at standard business hours and let us make use of the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank statements , we are able to offer the decision in as little as the span of one business day.
For Larger Business Loans ($100K up to $500,000) we may 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 about 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The quickest way to apply can be ensure you apply during normal company hours, and let us use the advanced bank verification system to verify your bank information online. If you send us duplicates of your banking statements it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide a response in one hour – provided you submit your request during standard business hours and let us use the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statement, we’ll provide a decision within 1 business day.
For Larger Business Loans ($100K or more) we could be able to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however it could be faster based upon the circumstances for each application. Certain agreements have been approved in 24 hours.
The fastest method would be to ensure you apply during standard business hours, and allow us to use our modern bank verification to instantly check your bank’s information online. If you choose to send us documents from your account statements it will take a little longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of elements for determining what is the well-being that is your company as well as the amount of repayments that your company can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a certain amount, we consider a variety of elements to determine your well-being of the company and the level of repayments your business will be able to support. The amount you receive from your loan will be determined by the particulars of your company.
If you decide to make an application for the company loans, we’ll assess the risk profile of your company and provide you with a customised offer that includes the loan amount, the terms and the interest rates. The business loan is an upfront priced loan and you’ll know in advance the total amount due, which includes any interest rates, fees or charges.
Interest rates for business loans rates depend on a variety of factors including the amount borrowed, the company assets the money will be used for as well as the field the company is operating in, how long the company has been in operation as well as whether the business has sufficient cash flow to support the loan, and also the general well-being or financial standing of the business.
There are no hidden fees for our company loans. You’ll know precisely what it is that you be required to pay, and when, starting from day one. There’s no compounding and no additional fees (as long as you make your payments in time).
We don’t charge an Application Fee. You can apply for a loan no cost upfront or the obligation to take action.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged 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 loan early at any time.
If you are deciding to pursue this option, please talk to one of our helpful company credit professionals. We will provide you with repayment details and an early payment figure. This is calculated as the total of the principal balance and accrued interest to the time of early payout in addition to 1.5 percent of the principal amount remaining as well as any outstanding fees.
To ensure that you don’t miss due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Making sure that your information is secure, and making it clear how we collect, use, exchange and safeguard your data, is crucial and an integral element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We make use of an advanced bank verification system that allows you to immediately confirm your bank account information online so we can provide a fast response.
An asset-based loan is when an business owner borrows from an asset that they own to get the funding. The asset can be either an individual asset, such as the family home, or it could be a business asset like a truck or piece of equipment.
The majority of banks, including the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan, your asset may be sold by the lender. In essence it is a way of securing new financing using the value of what you already own.
For loans up to $150,000 no asset security is required upfront to access the money, however we do need the personal guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract) the security of assets is not needed. If you take out loans in excess of $150,000 generally, there is personal guarantee and security in the form charges on assets.
