The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K-$500K business loans.
All that is needed for starting is your contact information (company name, your name, email address and telephone) as well as the amount you’d like to borrow, as well as your monthly income.
During the process and before settlement we will require confirmation of your identity but not for starting:
Additionally after we get started when it comes to loans over $150,000 you’ll need fundamental financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
The application to this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and funds may be in your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. Our business loan is a loan that is priced upfront therefore you’ll be aware of the amount you will have to pay, including any interest, fees or charges. This is then broken down into a daily or weekly payment amount.
The Small Business Loan can be used for virtually any company reason, such as the management of cash flow, company remodels and marketing for purchasing inventory or new equipment, for general working capital, and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed with a maximum of 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee which is determined at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the company needs to be in operation for at least 3 years and have an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A larger company loan can be used for almost every business purpose including company improvements, purchasing new equipment or inventory or as general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is required for funding of more than $150,000. This can be done in the form of a charge on assets, and could be registered with the PPSR or registering a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is generally in nature rather than defining the security of a specific asset. The person who is signing the ensure is personally responsible if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are registered in respect of personal property (including the assets or goods). The PPSR gives the priority of personal property granted according to the date the security interest has been registered.
The caveat can be described as a formal document lodged to offer the public notice of a legal claim to property.
If you’re seeking a Larger Business Loan of more than $250,000 it is possible to offer a preliminary pre-approval to help smooth out the process. We may be able to get this done without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial health questions. It’s neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to an extensive credit evaluation and any offer you receive could have different terms.
You may be eligible for a business loan if you
The application process is quick and simple. Just complete the online application in few minutes and a dedicated business expert in lending will call you to guide you through the process.
To be eligible for up to $100,000 you’ll require ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, and interim financial statements for the current year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer in just one hour if you make your application within standard company hours and you allow us to utilise the bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements , we will be able to provide an answer in just the span of one company day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to offer you with pre-approval conditional to your application within about 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 upon the circumstances for each application. Some agreements have been approved in the space of 24 hours.
The quickest way to apply for you to apply is ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system to verify your bank account information online. If you upload documents from your account statements it can take a bit longer.
For the Small Business Loan ($5K or more) we can often offer a response in one hour – provided you make your application during standard business time and you allow us to use the bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements, we’ll be able to offer an answer within an business day.
For Larger Business Loans ($100K or more) we could be in a position to offer you with conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this could be shorter based on the specifics of each application. Some offers have been approved within 24 hours.
The quickest method can be ensure you apply during normal business hours, and let us use the advance bank verification link to instantly check your bank’s information online. If you choose to send us duplicates of your banking statement, it takes a bit longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of elements to determine the health of the company and the extent of payments your business can support. The total amount of your loan will depend on the particular circumstances of your business.
If you apply for a specific amount we consider a variety of variables to determine your health for your company and the level of repayments your company can support. The amount you receive from your loan will depend on the particular circumstances the business.
If you decide to request business loans with us company loan, we’ll assess the risk profile the business and provide you with a customised offer that includes the loan amount, the terms and interest rates. A company loan is an upfront cost loan therefore you will be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for company loans rates depend on several factors such as the amount that is that is borrowed, what business assets the funds will be used for in addition to the industry that the company operates in, the long the business has been operating and what percentage of the company has enough cash flow to support the loan, as well as the general well-being as well as creditworthiness business.
There are no hidden fees for our company loans. You’ll be aware of the amount you need to pay, and when, from day one. There’s no compounding interest and no extra fees (as as long as you pay your payments in time).
We do not charge an application fee. You can make an application for loans with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can decide to repay the entire amount of the advance loan at any time.
If you choose to pursue this option, please contact our helpful company credit professionals. The professionals will provide you with details on repayment and an early payout figure. This is calculated as the total of the remaining principal amount plus any accrued interest as of the time of the early payout and 1.5 percent of the principal amount remaining plus any outstanding fees.
To make sure that you don’t miss payment dates and to align with your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from your designated business account.
Security of your data, and being clear about how we collect information, use it, and exchange it, as well as ensure the security of your information is of paramount importance and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our clients and privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online so we can offer an immediate response.
The term "asset-based" refers to borrowing where a company owner utilises an asset that they own to get the funding. The asset can be either an asset belonging to the personal, like the family home or it could be a company property like a truck or other piece of machinery.
The majority of banks, not just the big banks, tend to secure 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 means of securing new funding using the value of what you already own.
For loans that exceed $150K, the requirement for asset security is not required before you can access the money but we do require an individual guarantee. So long as you comply with your loan commitments (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150,000 generally, you can get a personal ensure and security that is in the form a charge over assets.
