The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Review the guidelines for eligibility for our $100K-$500K business credit.
All you need to get started is your contact information (company name, your name, email or phone number) and the amount you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not before we can begin:
In addition, once we have started in the process, for loans over $150,000 you will also need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
You can apply for this Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and have the funds in your account within 24 hours. Traditional company loans refer to an annual interest rate along with other charges and fees. The business loan is an upfront priced loan which means you know ahead of time the total amount to be paid, including any fees, interest or charges. This is then broken down into either a daily or weekly repayment figure.
A Small Business Loan can be used for virtually every company use, including cash flow management, company improvements, advertising to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly depending on your situation.
The Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan that is this large, your company needs to be operating for a minimum of 3 years with an annual turnover of at least $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A larger business loan can be used for almost all company purpose including business remodeling, buying equipment or inventory for general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This can be done as a result of an charge on assets, and may include the registration of this in the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay a loan which is generally based rather than stating security over a particular asset. The person signing the ensure is personally responsible if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests registered in respect of personal property (including objects or assets). The PPSR allows the priority of personal property granted according to the date a security interest that is registered.
The caveat can be described as a formal form of document to offer the legal claim to property.
When you’re applying for the Larger Business Loan that exceeds $250,000 it’s possible to offer a preliminary pre-approval to help make the process. We could be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial evaluation that involves you answering some financial health checks. It’s neither an offer nor a guarantee of credit. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you are offered could have different terms.
You can apply for a business loan if you:
The application process is simple and easy. Just fill out the online application within a few minutes and a dedicated business loan specialist will contact you to assist you.
To apply for up $100,000, you’ll require identification details (valid Driver’s License) and 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 details including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Application details including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) we can often offer an answer in just one hour – as long as you make your application at quality business hours and let us make use of the advanced bank verification system to instantly verify your bank information online. If you opt to submit copies of your bank statements , we are able to provide the decision within just one business day.
For the Larger Business Loan ($100K to $500K) we may be able to provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some deals have been approved in just 24 hours.
The quickest way to apply can be ensure you apply during normal company hours and permit us to use the advanced bank verification system to instantly confirm your bank details online. If you opt to send us copies of your bank accounts, it will take a little longer.
For the Small Business Loan ($5K and up) We can usually provide a response in one hour, provided you apply in normal business time and let us use the bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements, we are able to offer a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be capable of provide the conditional pre-approval within about six hours. Once 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. Some deals have been approved in the space of 24 hours.
The most effective method is to make sure you apply during standard business hours and let us use the sophisticated bank verification link to instantly verify your bank account information online. If you send us documents from your account statement, it may take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a certain amount, we consider a variety of variables that determine the well-being that is your company and the extent of repayments your company can support. The amount you receive from your loan will depend on the specific circumstances of your business.
When you apply for a certain amount, we take into consideration a variety of factors to assess how much we can lend you such as health of your company and the extent of repayments your business will be able to support. The amount you receive from the loan will be determined by the specific circumstances for your company.
When you make an application for one of our business credit, we will assess the risk profile that you have for your business and offer you with a customised offer including the amount of loan, the term and interest rates. It is a company loan is a loan that is priced upfront so you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
The interest rates on business loans rates depend on several factors such as the amount that is that is borrowed, what business assets the funds are used to purchase, the industry the company is operating in, how long the company has been operating for, in the event that the business has sufficient cash flow to fund the loan, and general well-being and creditworthiness of the company.
There aren’t any hidden costs with our company loans. You’ll know exactly how much you’ll need to pay and when, right from the first day. There’s no compounding interest, and no additional fees (as as you make your payments on time).
We do not charge an Application Fee. You can make an application for loans no cost upfront or commitment to apply.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5% of the loan amount.
You may choose to pay back all of your loan early at any time.
If you choose to take this route, please call our helpful company loans experts. They will offer you with repayment details as well as an early payout amount. The figure will be calculated as the total of the principal balance plus any accrued interest as of the time of early payment plus 1.5% of the principal balance and any fees that remain unpaid.
To ensure that you don’t miss repayments and to fit in your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your company account.
Security of your data, and being transparent about how we collect, use, exchange and protect your information, is of huge importance and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We use an advanced banking verification system to immediately verify your bank account details online so we can offer an immediate response.
Asset-based borrowing occurs when a business owner borrows from assets they own to get a loan. The asset can be either an individual property, such as the family home or an company asset like a truck or piece or equipment.
The vast majority of lending institutions, even the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan then the asset could be offered for sale by the lender. In essence, it’s an opportunity to secure additional financing using the value of what you already own.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. require the personal guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract) Asset security is not needed. For loans of over $150K generally, you can get personal guarantee and security in the form an asset charge.
