The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K to $500K business loans.
All that’s required to start is your contact details (company name, your name, email and phone) as well as the amount you’d like to borrow, and your monthly income.
Through the process and before settlement we will require confirmation of your identity, but not to get started:
In addition, once we have started when it comes to loans over $150,000 you will also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and have the funds in your account within 24 hours. Traditional business loans refer to an annual rate of interest together with additional fees and charges. We offer a business loan is a loan that is priced upfront therefore you’ll be aware of the total amount to be paid, including the interest, fees and charges. This is then broken down into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for almost any business reason, such as cash flow management, business remodels and marketing to purchase inventory, new equipment, for general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the loan amount.
In order to be eligible for a loan of this size, your business needs to be operating for a minimum of 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large business loan can be used for nearly every business need, including business renovations, purchase of new equipment or inventory for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is necessary for funding of more than $150,000. This can be done as a result of an charge over assets, and could include the registration of this in the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to pay off a credit line that is general in nature, rather than defining security over a particular asset. The person who signs the ensure is personally liable if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests granted to individuals who own personal property (including goods or assets). The PPSR gives priority over personal property to be granted according to the date a security interest has been registered.
An affidavit is an official form of document to provide the legal claim against a property.
If you’re requesting a Larger Business Loan that is greater than $250K, we may offer an initial pre-approval in order to make the process. We may be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial well-being checks. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you are offered could be based on different conditions.
You may apply for an business loan if you:
The process for applying is fast and simple. Complete the online form within a few minutes and a dedicated business credit specialist will contact you to assist you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K to $250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within an hour, provided you apply during standard business time and you allow us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements , we will be able to offer an answer within just one business day.
For the Larger Business Loan ($100K and up) we might be in a position to offer the conditional pre-approval in about 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Some deals have been approved within just 24 hours.
The quickest way to apply would be to ensure you apply during standard company hours. You can also allow us to use the modern bank verification link to instantly confirm your bank details online. If you send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within one hour – provided you apply within standard business timings and let us use the bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can provide the decision within 1 business day.
If you are applying for Larger Business Loans ($100K or more) we may be likely to provide you with conditional pre-approval in about 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be faster depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The fastest way would be to ensure you apply during standard business hours. Also, allow us to use the advance bank verification link to instantly confirm your bank details online. If you choose to send us copies of your bank statements it may take a bit longer.
We offer the loan amount between $5,000 to $500,000. If you apply for a specific amount we will consider a number of aspects to determine how much we can lend you health of your company as well as the amount of repayments that your business is able to afford. The total amount of your loan will be contingent on the particular circumstances that are unique to your business.
When you apply for a certain amount, we will consider a number of factors to assess the well-being for your company as well as the amount of the repayments your company is able to afford. The amount you receive from the loan will be determined by the specifics that are unique to your business.
When you apply for business loans with us business financing, we’ll assess the risk assessment for your company and offer an individualised proposal that includes loan amount, term and interest rates. This business loan is an upfront priced loan and you’ll be aware of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates vary due to factors such as the amount that is borrowed, what company assets the money will be used for, the industry the business operates in, the long the company is in operation for, whether the business has enough cash flow to cover the loan, as well as the general health or financial standing of the company.
There are no hidden costs for our company loans, and you’ll know precisely what you’ll need to pay and when, starting from day one. There’s no 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 can request a credit loan no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can decide to repay the entire amount of the loan at any point in time.
If you choose to do this please call our helpful company loan professionals. They will offer you with details on repayment and an early payout figure. This will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payment and 1.5 percent of the remaining principal as well as any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow general, we offer repayments that are either weekly or daily. They are automatically deducted from your nominated business account.
Protecting your information, and making it clear how we collect data, process, exchange and protect your information, is crucial and is an essential element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We make use of an advanced bank verification system to immediately verify the bank account details online to provide a fast response.
An asset-based loan is when the company owner makes use of an asset that they own to secure the funding. The asset can be either a personal asset like the family home, or an company asset like a truck or other piece of machinery.
The majority of lending institutions, including the big banks, tend to guarantee loans against assets. If you have trouble paying back the loan, then the asset could be transferred to the lender. In essence it’s a way of securing new financing by taking advantage of the value of what you already have.
Up to $150,000 in loans no asset security is required upfront to access the money however, we do require a personal guarantee. In the event that you fulfill the loan terms (as detailed in your loan contract), asset security will never be required. For loans over $150,000 generally, you are able to get a personal ensure and security is provided in the form of charges on assets.
