The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K to $500K business credit.
All that’s required to start is your contact details (the name of your company, your name, email address, phone) as well as the amount you want to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll require confirmation of your identity but not for starting:
Once we’ve started, for loans greater than $150,000 you’ll also require basic financial statements:
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Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and the money could be in your account within 24 hours. Traditional company loans reference an interest rate per annum along with other charges and fees. This company loan is a pre-paid loan therefore you’ll be aware of the amount you will have to pay, including any interest, fees or charges. This is then divided into a daily or weekly payment amount.
It is a Small Business Loan can be used for almost any business use, including the management of cash flow, company renovations, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5% of the amount of the loan.
In order to be eligible for a loan that is this large, your company needs to be in operation for at least 3 years with an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large business loan can be used for almost all business purpose including company renovations, purchase of equipment or inventory or as general working capital and much more. The loan cannot be used for personal use.
Asset security is required to obtain funding above $150,000. It’s in the form of a charge on assets, and may be registered on the PPSR or filing a caveat.
A personal or director’s ensure is a guarantee to pay off a credit line that is general in nature rather than stipulating security over a particular asset. The person signing the ensure is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including objects or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest was registered.
A caveat is a legal document lodged to offer the legal claim to a property.
If you’re requesting an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval to make the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves you answering some financial health checks. This is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may be based on different terms.
You may apply for an business loan if you:
The application process is fast and easy. Just complete the online application in just a few minutes, and an experienced company credit specialist will call you to guide you through the process.
For a loan of up to $100,000, you’ll need proof of identity (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details for application including credit consent, 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, and interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we typically offer an answer within one hour – as long as you make your application within quality business hours and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statements we can provide an answer in as little as an business day.
For the Larger Business Loan ($100K and up) we could be likely to offer you with a conditional pre-approval within 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved within just 24 hours.
The fastest way would be to ensure you apply during normal company hours. Also, allow us to use the advanced bank verification system link to verify your bank information online. If you opt to upload the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer in just one hour, provided you make your application during normal business hours and let us utilise the advanced bank verification system to instantly verify your bank details online. If you choose to upload copies of your banking statements we can provide the decision within one business day.
For Larger Business Loans ($100K and up) we could be in a position to offer you with a conditional pre-approval in about 6 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 specifics of each application. Some agreements have been approved in the space of 24 hours.
The quickest method is to make sure you apply during standard business hours, and allow us to use our advance bank verification to check your bank’s information online. If you opt to upload the copies of bank statements, it can take a bit longer.
We offer loans that range from $5,000 to $500,000. When you make an application for a certain amount, we will consider a number of aspects to determine the well-being for your business and the extent of repayments your company is able to afford. The total amount of your loan will be contingent on the specifics of your business.
If you apply for a particular amount, we look at a range of elements to determine the health of your business and the amount of repayments your company can support. The amount you receive from the loan will be determined by the specific circumstances that are unique to your business.
If you decide to apply for business loans with us company financing, we’ll assess the risk profile of your business and offer you with a customised offer including the amount of the loan, the duration and the interest rates. It is a company loan is an upfront priced loan and you’ll know in advance the total amount payable including any costs, fees, or interest rates.
Interest rates for business loans rates depend on several factors such as the amount that is borrowed, what company assets the funds are used to purchase in addition to the industry that the company is in, how long the business has been running and whether the business has enough cash flow to cover the loan, and general health as well as creditworthiness business.
There are no hidden fees with our company loans. You’ll know precisely how much you’ll be required to pay, and when, from the very first day. There’s not any compounding interest and there are no additional charges (as long as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the total amount of your loan in full at any time.
If you do decide to pursue this option, please call our helpful company loans specialists. They’ll provide you with the details of your repayment and an early payout figure. This is calculated as the sum of the principal remaining and accrued interest to the time of early payment, plus 1.5% of the principal balance and any fees that remain unpaid.
In order to help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
The security of your personal information, as well as being transparent about the ways we gather, use, exchange and protect your information, is of huge importance and a vital part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their privacy. We employ a highly sophisticated bank verification system that allows you to immediately verify your bank account information online. This allows us to provide a fast response.
Asset-based borrowing occurs when an business owner borrows from the assets they have to make the loan. The asset can be either a personal asset like the family home or a business asset like a truck or piece or equipment.
The majority of lending institutions, not just the big banks, tend to guarantee loans against an asset. If you’re struggling to pay back the loan, then your asset may be transferred to the lender. In essence, it’s the process of securing new financing by using the worth of the asset you already own.
Up to $150K in loans it is not necessary to secure assets upfront to access the money however, we do need a personal guarantee. So long as you comply with the terms of your loan (as stated in the loan contract) and you are able to meet your obligations, asset security will never be needed. For loans over $150,000 generally, there is a personal ensure and security is provided in the form of an asset charge.
