The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K-$500K business loan.
All that is needed to start is your contact information (company name and your name, as well as email and telephone) and the amount you’d like to lend, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started in the process, for loans over $150,000 you’ll require 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 can be made daily or weekly.
Apply to the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and the funds could be on your account within 24 hours. Traditional company loans refer to an annual rate of interest together with additional fees and charges. We offer a company loan is a pre-paid loan therefore you’ll know in advance the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either weekly or daily payment amount.
A Small Business Loan can be used for virtually every company purpose including control of cash flow business improvements, advertising to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a loan that is this large, your business needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. Your business 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 of proving at minimum 12 months of continuous trading.
A larger company loan can be used for almost any business need, including business renovations, purchase of inventory or new equipment or as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to access funding over $150,000. This is in the form of a charge against assets, and could include registering this in the PPSR or registering as a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is generally in nature rather than stipulating security over a particular asset. The person who signs the guarantee is personally liable if the company borrower is unable to make the repayment.
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 registered in respect of personal property (including goods or assets). The PPSR allows the priority of personal property granted depending on the date that a security interest that is registered.
Caveats are legal form of document to offer the legal claim to a property.
If you’re seeking an enterprise loan that exceeds $250,000, we may offer an initial pre-approval to simplify the process. We could be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial health questions. This is neither an offer nor a guarantee of funds. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer that you may receive may be subject to different conditions.
You may apply for a company loan if you;
The application process is simple and simple. Complete the online form in few minutes and an experienced business credit specialist will contact you to help you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License), an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within one hour – as long as you make your application within quality company hours and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to submit copies of your bank statements we can offer an answer within an company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be likely to provide you with a conditional pre-approval within about six 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 particular circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours and let us use the modern bank verification to instantly verify your bank information online. If you decide to send us documents from your account statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer a response in one hour, provided you submit your request in normal business hours and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you choose to send us copies of your bank statement, we’ll provide the decision within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to provide the conditional pre-approval within six hours. Once you have signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this may be quicker depending on the particular circumstances of each application. Some deals have been approved in 24 hours.
The fastest way would be to make sure you apply during standard business hours. Also, let us use the modern bank verification to verify your bank information online. If you decide to send us copies of your bank statement, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of elements for determining what is the health for your business as well as the amount of payments your business will be able to support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you apply for a particular amount, we consider a variety of variables to assess how much we can lend you such as well-being for your company and the level of repayments your business can afford. The amount you receive from your loan will be contingent on the specifics for your business.
When you make an application for the company financing, we’ll assess the risk profile for your company and provide an individualised offer that includes the loan amount, the terms and the interest rates. It is a business loan is a loan that is priced upfront therefore you will be aware in advance of the total amount you will have to pay, including charges or interest.
Interest rates for business loans rates vary due to factors including the amount borrowed, the business assets the funds are used to purchase and the sector the company is operating in, how long the business has been running for, how long the business has enough cash flow to pay for the loan, and also the general well-being as well as creditworthiness company.
There aren’t any hidden costs for our business loans. You’ll know exactly how much it is that you be required to pay, and when, starting from the very first day. There’s no compounding and no extra fees (as as long as you pay your payments punctually).
We don’t charge an application fee. You are able to request a credit loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the loan amount.
You can decide to repay the entire amount of your loan early at any time.
If you are deciding to do this please contact our helpful company credit professionals. We will provide you with the details of your repayment and an early payout figure. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payout, plus 1.5 percent of the principal remaining plus any outstanding fees.
To ensure that you don’t miss payments and to work your cash flow schedule, we provide repayments either weekly or daily. They will be automatically deducted from the nominated business account.
Security of your data, and knowing the ways we gather the information we collect, use, share and safeguard your data, is vital and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our clients and security. We make use of an advanced bank verification system link to instantly verify the bank account details online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where an company owner borrows from assets they own to make a loan. The asset can be an individual property, such as the family home or a company asset such as a truck or piece of equipment.
The vast majority of lending institutions, including the largest banks, are inclined to make loans secured by an asset. If you are having difficulty paying back the loan then your asset may be transferred to the lender. In essence it is an opportunity to secure additional financing making use of the value of what you already have.
For loans that exceed $150,000, it is not necessary to secure assets prior to the loan’s access, however we do need an individual guarantee. If you adhere to your loan obligations (as stipulated in your loan contract document) the security of assets is not required. For loans over $150,000 generally, you can get the option of a personal guarantee and security in the form of an asset charge.
