The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K business loans.
All that is needed for starting is your contact details (the name of your company, your name, email or phone number) and the amount you want to borrow, and your monthly revenue.
In the course of the process and before settlement we will need confirmation of who you are, but not to get started:
In addition, once we have started with loans of more than $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow-friendly repayments that are either per day or weekly.
You can apply for the Small Business Loan in under 10 minutes online or over the phone, receive an instant response and the funds could be available in just 24 hours. Traditional business loans reference an annual interest rate plus other fees and charges. Our company loan is a loan that is priced upfront which means you be aware of the total amount payable including the interest, fees and charges. Then, it is broken down into either weekly or daily repayment figure.
The Small Business Loan can be used to fulfill almost every business use, including managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the loan amount.
To qualify for a loan of this size, your business needs to have been operating for a minimum of 3 years, and have an annual income of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Business Loan of a larger size is a great option for almost every business use, including business remodeling, buying equipment or inventory, as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. This is as a result of an charge over assets, and could include registration on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a guarantee to repay credit that is general in nature rather than stating the security of a specific asset. The person signing the guarantee is personally liable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be assigned in accordance with the date on which a security interest that is registered.
A caveat is a legal form of document to provide the legal claim on a property.
If you’re applying for the Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval to make the process. It is possible to do this without a credit verification and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being checks. It is in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer you are offered could be on different conditions.
You can apply for a company loan if you
The application process is quick and easy. Just fill out the online application in few minutes and a dedicated business lending specialist will call you to guide you.
To apply for up $100,000, you’ll require ID details (valid Driver’s License) and an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K – $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent and 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, in addition to interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) we can often provide a response in one hour if you make your application within standard company times and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your banking statement, we’ll provide an answer in as little as 1 company day.
For the Larger Business Loan ($100K or more) we might be able to offer the conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval within less than 24 hours.
The most efficient method is to make sure you apply during normal company hours. Also, allow us to use the advanced bank verification system link to instantly verify your bank information online. If you send us documents from your account statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer a response in one hour, provided you make your application within standard business hours and allow us to use the bank verification system link to instantly verify your bank information online. If you opt to upload copies of your banking statements we can offer a decision in just an business day.
For the Larger Business Loans ($100K and up) we could be in a position to provide the conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however this can be faster depending on the circumstances of each application. Certain deals have been approved within less than 24 hours.
The most effective method can be make sure you apply during normal business hours. You can also allow us to use the modern bank verification to instantly check your bank’s information online. If you decide to upload copies of your bank accounts, it may take a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount we look at a variety of aspects for determining how much we can lend you well-being of your company as well as the amount of repayments that your company can support. The total amount of the loan will be determined by the specific circumstances for your business.
When you submit an application for a set amount, we look at a range of variables to assess your health of your business as well as the amount of the repayments your company can afford. The amount you receive from the loan will be determined by the particular circumstances for your business.
If you decide to apply for business loans with us company credit, we’ll assess the risk assessment that you have for your business and offer you with a customised offer including loan amount, term and interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount due, which includes any charges, interest rates or fees.
Interest rates for company loans rates vary due to variables like the amount to be that is borrowed, what business assets the funds are used to purchase and the sector the company operates in, the long the business is in operation and whether the business has sufficient cash flow to pay for the loan, and overall well-being or financial standing of the company.
There are no hidden fees with our company loans. You’ll know exactly how much you’ll be required to pay, and when, starting from the first day. There’s no compounding interest and the loan comes with 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 with without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated 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 percentage of the amount of loan.
You can decide to repay the entire amount of the loan early at any time.
If you are deciding to do this please talk to one of our helpful business loans professionals. They will provide you with the details of your repayment and an early payout figure. This will be calculated as the total of the principal balance and the accrued interest up to the time of the early payout in addition to 1.5 percent of the remaining principal plus any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your business account.
Protecting your information, and making it clear the ways we gather data, process, exchange and secure your information, is crucial and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our clients as well as their security. We utilise a sophisticated bank verification system that allows you to instantly verify the bank account details online to offer quick responses.
Asset-based borrowing is when the business owner uses the assets they have to get the loan. The asset may be an individual asset, such as the family home, or it could be a business asset like a truck or other piece of machinery.
The majority of banks, not just the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, then the asset might be transferred to the lender. In essence it’s means of securing new financing using the worth of the asset you already have.
For loans that exceed $150,000, there is no requirement for asset security prior to the loan’s access However, we do require a personal guarantee. In the event that you fulfill your loan commitments (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be needed. For loans that exceed $150,000, generally, you can get an individual guarantee and security in the form of charges on assets.
