The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you require more money? Find out the eligibility requirements for our $100K to $500K business financing.
All that’s required to start is your contact information (company name, your name, email and telephone), how much you’d like to borrow, as well as your monthly income.
During the process and before settlement we will need confirmation of who you are but not for starting:
Additionally after we get started with loans that exceed $150,000, you’ll need basic financial statements.
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Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either daily or weekly.
You can apply to the Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and have the funds in your account within 24 hours. Traditional business loans reference an interest rate per annum as well as other fees and charges. Our business loan is an upfront priced loan which means you be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then broken down into weekly or daily installment amount.
A Small Business Loan can be used for almost every company reason, such as cash flow management, company renovations, 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 size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
To be eligible for a credit in this amount the business needs to be in operation for at least 3 years and have an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, 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 to fund almost any company use, including business renovations, purchase of new equipment or inventory as well as for general working capital, and much more. The loan is not available for personal purposes.
Asset security is required to obtain funding above $150,000. This can be done as a result of an charge on assets, and could include the registration of this with the PPSR or filing as a caveat.
A director’s or personal ensure is a guarantee to repay credit that is generally based rather than defining the security of a specific asset. The person who signs the ensure is personally accountable if the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including goods or assets). The PPSR grants the priority of personal property assigned according to the date the security interest was registered.
A caveat is a legal document that is filed to offer the public notice of a legal claim to a property.
If you’re applying for the Larger Business Loan that exceeds $250K we may be able to provide a preliminary pre-approval to help simplify the process. We might be able to apply for this without credit checks 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 questions. It is not an offer or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer you may receive may be on different conditions.
You may be eligible for a company loan if you;
The application process is quick and simple. Just fill out the online application within a few minutes and a dedicated company lending specialist will call you to guide you through the process.
To be eligible for up to $100,000 you’ll require proof of identity (valid Driver’s License) and a valid NZBN/IRD as well as at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Information on the application including credit consent, 12 months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer within one hour – as long as you apply at standard company time and let us use the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements we can provide the decision within just one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be capable of offer the conditional pre-approval within six hours. After you’ve signed your 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 within the space of 24 hours.
The quickest method for you to apply is ensure you apply during standard company hours and let us use the modern bank verification to verify your bank information online. If you upload documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer an answer within an hour, provided you apply during normal business hours and permit us to use the bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statements, we’ll be able to provide a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be likely to offer you with conditional pre-approval within about six hours. Once you’ve signed your pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this can be faster depending upon the circumstances for each application. Some transactions have received approval within just 24 hours.
The fastest way would be to make sure you apply during standard business hours and allow us to use the advance bank verification link to check your bank’s information online. If you upload duplicates of your banking statements it may 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 look at a variety of factors to determine your health of your business as well as the amount of repayments that your business will be able to support. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you submit an application for a set amount, we look at a range of factors to determine how much we can lend you such as health that is your company as well as the amount of repayments that your business can support. The amount you receive from your loan will be determined by the particulars of your business.
When you request one of our company financing, we’ll assess the risk profile for your company and provide you with a customised offer, including the amount of the loan, the duration and interest rates. It is a business loan is a loan that is priced upfront which means you be aware of the total amount you will have to pay, including costs, fees, or interest rates.
Interest rates for company loans rates differ based on various factors like the amount of money borrowed, the business assets the money are used to purchase in addition to the industry that the business is operating in, how long the business has been in operation, what percentage of the business has enough cash flow to pay for the loan, and the overall health as well as creditworthiness company.
There aren’t any hidden charges for our company loans. You’ll know exactly how much you’ll be required to pay, and when, from day one. There’s no compounding interest, and the loan comes with no additional fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You are able to make an application for loans with absolutely no upfront cost and no commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can choose to repay the total amount of your loan in full at any time.
If you choose to pursue this option, please call our helpful company loan specialists. The specialists will provide you with repayment details along with an early payout estimate. The figure will be calculated as the total of the principal amount remaining and accrued interest to the time of early payout in addition to 1.5 percent of the principal amount remaining plus any outstanding fees.
In order to help you avoid missing payments and to work your cash flow schedule, we provide repayments either weekly or daily. These are automatically withdrawn from your company account.
Security of your data, and knowing how we collect the information we collect, use, share and ensure the security of your information is of paramount importance and is a crucial part of our relationship you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We employ a highly sophisticated banking verification system to immediately verify the bank account details online. This allows us to provide an immediate response.
Asset-based borrowing occurs when the company owner makes use of assets they own to get the funding. The asset can be either a personal asset like the family home, or a company asset such as a truck or other piece of machinery.
The vast majority of banks, including the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan, then your asset may be sold by the lender. In essence it’s a way of securing new financing by using the value of what you already have.
For loans of up to $150K, there is no requirement for asset security prior to the loan’s access However, we require a personal guarantee. need the personal guarantee. As long as you follow your loan commitments (as stipulated in the loan contract), asset security is not required. For loans that exceed $150,000, typically, you will need an individual guarantee and security is provided in the form of the charge of assets.
