The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the guidelines for eligibility for our $100K-$500K company credit.
All that’s needed for starting is your contact details (the name of your company, your name, email or phone number) and the amount you’d like to borrow, and your monthly income.
During the process and before settlement we will need confirmation of your identity, but not for starting:
After we start with loans over $150,000 you’ll require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes by phone. You will receive an immediate response, and the funds could be in your account within 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. The company loan is a pre-paid loan therefore you’ll know in advance the total amount due, which includes any fees, interest or charges. This is then divided into a daily or weekly amount to be paid back.
A Small Business Loan can be used to fulfill almost any company reason, such as control of cash flow business remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in business growth 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 your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To qualify for a loan of this size, your company needs to have been operating for a minimum of 3 years and generate an annual revenue 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 to prove at least 12 months of trading.
A larger company loan can be used for almost any company purpose 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 reasons.
Asset security is required to access funding over $150,000. It’s in the form of a charge on assets, and could include the registration of this through the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally based rather than defining security over an asset. The person who signs the guarantee is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register 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 preference over private property assigned according to the date a registration of a security interest.
The caveat can be described as a formal document filed to offer an official notice of a claim to property.
If you’re applying for larger business loans that exceeds $250,000 it’s possible to offer an initial pre-approval to simplify the process. We may be able to apply for this without a credit check and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial well-being questions. This is not an offer of credit or guarantee of financing. A conditional approval is subject an extensive credit evaluation and any offer that you may receive may be subject to different conditions.
You can apply for an business loan if you
The application process is simple and simple. Simply complete the online form within a couple minutes, and a dedicated business loan specialist will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll need the right identification documents (valid Driver’s Licence) and an active NZBN/IRD, and at least six months of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details for application including credit consent as well as 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we typically provide an answer within an hour – as long as you submit your request during standard company timings and let us utilise the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements we can offer a decision in as little as one business day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be capable of provide you with conditional pre-approval in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based on the particular circumstances of each application. Certain offers have been approved in just 24 hours.
The most effective method for you to apply is ensure you apply during normal company hours. Also, allow us to use the modern bank verification to instantly confirm your bank details online. If you decide to send us the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K and up) we typically provide an answer within one hour, provided you apply within standard business times and let us make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to submit copies of your bank statements, we’ll be able to offer the decision in just one business day.
For the Larger Business Loans ($100K up to $500,000) we might be in a position to offer you with conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval form, it will take between 2 and 3 days for the final approval. However, this can be faster depending upon the circumstances for each application. Certain offers have been approved in the space of 24 hours.
The fastest way can be make sure you apply during normal business hours, and allow us to use our sophisticated bank verification to instantly verify your bank account information online. If you opt to send us copies of your bank statement, it may take a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a particular amount, we consider a variety of aspects to determine your health of your business as well as the amount of repayments your business will be able to support. The total amount of the loan will be determined by the specific circumstances for your company.
When you apply for a certain amount, we consider a variety of factors to assess the well-being of the business as well as the amount of repayments your company will be able to support. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you apply for the company credit, we will assess the risk profile that you have for your company and provide you with a customised offer that includes the loan amount, the terms and the interest rates. The business loan is an upfront cost loan which means you be aware of the total amount due, which includes any charges or interest.
Interest rates for business loans rates depend on a variety of factors like the amount of money of money borrowed, the business assets the money will be used for in addition to the industry that the company operates in, how long the company is in operation as well as how long the company has sufficient cash flow to support the loan, and overall well-being as well as creditworthiness company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you’ll be required to pay and when, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments on time).
We do not charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with setting up and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can decide to repay the total amount of your loan at any point in time.
If you are deciding to do this please talk to one of our helpful business loans specialists. They will provide you with the details of your repayment and an early payment figure. The figure will be calculated as the total of the principal balance and any accrued interest at the time of the early payout, plus 1.5% of the remaining principal and any outstanding fees.
In order to help you avoid missing payments and to work with your cash flow general, we offer repayments either weekly or daily. These are automatically deducted from your nominated business account.
Protecting your information, and being transparent about how we collect the information we collect, use, share and secure your information, is crucial and an integral part of our relationship you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We utilise a sophisticated banking verification system to instantly verify your bank account information online so we can offer rapid response.
Asset-based borrowing occurs when a company owner uses an asset they own to obtain the loan. The asset may be a personal asset like the family home or an business asset such as a vehicle or other piece of machinery.
The vast majority of lenders, even the major banks, prefer to guarantee loans against assets. If you are having difficulty paying back the loan then the asset could be sold 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 prior to the loan’s access however, we require a personal guarantee. need the personal guarantee. So long as you comply with your loan commitments (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans of over $150K generally, you are able to get a personal guarantee and security is provided in the form of an asset charge.
