The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the conditions of eligibility for our $100K-$500K company loans.
All you need for starting is your contact details (company name, your name, email and phone) and the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we will require confirmation of your identity but not to get started:
Once we’ve started, for loans greater than $150,000 you’ll also need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
The application for this Small Business Loan in under 10 minutes over the phone, receive an instant response and have the funds in your account within 24 hours. Traditional company loans have an annual rate of interest along with other charges and fees. Our business loan is a cash-based loan therefore you’ll be aware in advance of the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily installment amount.
A Small Business Loan can be used for nearly any company use, including the management of cash flow, business remodels and marketing to purchase inventory, new equipment, for general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
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 company needs to be operating for at least three years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for nearly all business purpose including business improvements, purchasing inventory or new equipment or as general working capital, and much more. The loan is not available for personal use.
Asset security is needed for accessing funds over $150,000. This can be done in the form of a charge on assets, and may be registered in the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to pay off a credit line that is general in nature, rather than defining the security for a particular asset. The person who is signing the guarantee is personally accountable if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR permits the priority of personal property assigned according to the date the security interest that is registered.
An affidavit is an official document lodged to offer an official notice of a claim to a property.
If you’re requesting the Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval in order to ease the process. We could be able to get this done without credit checks and within 6 hours of the initial application. This pre-approval is made based on an initial evaluation that involves the answer to a series of financial well-being questions. It’s not an offer or guarantee of finance. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may be subject to different terms.
You are eligible to apply for a company loan if you
The process for applying is fast and easy. Complete the online form within a few minutes and a dedicated business lending specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent as well as 12 months bank statement, an IRD statement as well as the two most recent years’ financial statements, plus interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour – as long as you apply in quality business time and let us make use of the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your bank statements , we’ll be able to provide the decision in just an business day.
If you are applying for a Larger Business Loan ($100K or more) we might be capable of offer the conditional pre-approval in about six hours. Once you have signed the pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, it could be faster based on the particular circumstances of each application. Certain deals have been approved in less than 24 hours.
The quickest method can be ensure you apply during standard company hours. Also, permit us to use the modern bank verification link to verify your bank information online. If you opt to send us duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer within one hour if you apply at standard business timings and you allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to submit copies of your bank statements we can provide the decision in as little as the span of one business day.
For the Larger Business Loans ($100K or more) we might be capable of offer you with conditional pre-approval within six hours. After 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 specifics of each application. Some deals have been approved in 24 hours.
The fastest way is to make sure you apply during standard business hours. You can also allow us to use our sophisticated bank verification to verify your bank account information online. If you upload copies of your bank accounts, it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you submit an application for a particular amount, we look at a variety of factors in order to assess how much we can lend you health of the company as well as the amount of the repayments your company can afford. The amount you receive from your loan will depend on the specific circumstances the company.
If you apply for a certain amount, we will consider a number of factors to determine how much we can lend you such as well-being of the company and the extent of the repayments your company is able to afford. The total amount of your loan will depend on the particular circumstances that are unique to your business.
When you apply for our business credit, we’ll assess the risk assessment the company and offer you with a customised proposal that includes the amount of the loan, the duration and interest rates. A company loan is a loan that is priced upfront so you will know the exact amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates differ based on various factors including the amount borrowed, the business assets the funds are used to purchase as well as the field the company is in, how long the business has been running, in the event that the company has sufficient cash flow to pay for the loan, as well as the general health and creditworthiness of the company.
There are no hidden fees with our company loans. You’ll know exactly how much you’ll need to pay, and at what time, from the day you sign up. There’s no compounding and there are no additional charges (as as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with no upfront cost or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can decide to repay the entire amount of your loan in full at any time.
If you are deciding to pursue this option, please speak to our friendly company lending experts. We will provide you with details for repayment and an early payout figure. This is calculated as the sum of the principal balance and any accrued interest at the time of the early payout and 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow schedule, we provide repayments either daily or weekly. These are automatically deducted from your nominated business account.
The security of your personal information, as well as being clear about how we collect information, use it, and exchange it, as well as protect your information, is of huge importance and is an essential aspect of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We utilise a sophisticated bank verification system link to instantly confirm your bank account information online. This allows us to offer quick responses.
The term "asset-based" refers to borrowing where an business owner makes use of the assets they have to make the funds for a loan. The asset can be either a personal asset like the family home or an company property like a truck or piece of equipment.
The majority of lending institutions, even the major banks, prefer to secure loans against assets. If you’re having trouble paying back the loan, your asset may be offered for sale by the lender. In essence it is a way of securing new financing by making use of the value of what you already own.
For loans of up to $150,000, it is not necessary to secure assets upfront to access the money however, we require a personal guarantee. require a personal guarantee. In the event that you fulfill your loan obligations (as specified in the loan contract), asset security is not required. For loans that exceed $150,000, generally there is a personal ensure and security is provided in the form of charges on assets.
