The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K to $500K business loans.
All that is needed to start is your contact information (the name of your company and your name, as well as email and telephone) along with the amount you want to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll need confirmation of your identity, but not for starting:
Additionally after we get started in the process, for loans of more than $150,000 you’ll require basic financial statements:
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Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to get this Small Business Loan in under 10 minutes online or over the phone. You’ll get an answer within the same day and have the funds on your account within 24 hours. Traditional company loans refer to an annual interest rate along with other charges and fees. Our company loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any interest, fees or charges. This is then divided into weekly or daily payment amount.
The Small Business Loan can be used for almost every company need, such as control of cash flow business improvements, advertising, to purchase inventory or new equipment, as general working capital and much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5% of the amount of the loan.
To qualify for a loan in this amount the business needs to have been in operation for at least 3 years with an annual turnover of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A large company loan can be used for almost every business need, including business improvements, purchasing new equipment or inventory as well as for general working capital and much more. The loan is not available for personal use.
Asset security is necessary to obtain funding above $150,000. It’s by taking a charge on assets, which could also include registration through the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to pay back a loan that is generally in nature rather than specifying the security of a specific asset. The person who signs the guarantee is personally liable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR grants the priority of personal property assigned according to the date a security interest has been registered.
The caveat can be described as a formal form of document to offer notice of a legal claim against a property.
When you’re applying for a Larger Business Loan of $250K or more it is possible to offer an initial pre-approval to make the process. We might be able to do this without credit checks and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial well-being checks. This is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an assessment of your creditworthiness and any offer you are offered could have different conditions.
You are eligible to apply for a business loan if you;
The application process is simple and simple. Just fill out the online application within a couple minutes, and a dedicated business credit specialist will contact you to guide you through the process.
To apply for up to $100,000, you’ll require 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 – $250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K-$500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements, last 2 years finalised financial statements, plus interim financial statements for the current year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually offer a response in one hour, provided you submit your request within standard company hours and allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to submit copies of your bank statement, we’ll provide a decision in just one business day.
For the Larger Business Loan ($100K or more) we may be likely to offer you with conditional pre-approval in about 6 hours. Once you have signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this could be shorter based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The quickest method can be make sure you apply during normal company hours. You can also allow us to use the advance bank verification link to instantly confirm your bank details online. If you opt to upload documents from your account accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) we can often provide a response in one hour – as long as you submit your request in standard business timings and permit us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements, we are able to offer a decision in as little as an business day.
For Larger Business Loans ($100K and up) we might be likely to offer you with a conditional pre-approval within 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 on the specifics of each application. Certain agreements have been approved in the space of 24 hours.
The most efficient method can be make sure you apply during standard business hours. You can also let us use the sophisticated bank verification link to instantly verify your bank account information online. If you opt to send us duplicates of your banking statements, it will take a little longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a particular amount, we consider a variety of variables to determine what is the health of your company and the level of the repayments your business will be able to support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your business.
When you apply for a set amount, we look at a range of aspects to determine how much we can lend you such as well-being for your company and the amount of the repayments your company can support. The total amount of your loan will be determined by the specific circumstances the business.
When you apply for the business financing, we’ll assess the risk assessment the business and offer you with a tailored offer, including the amount of the loan, the duration and interest rates. This business loan is an upfront priced loan which means you know in advance the total amount payable including any charges or interest.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what company assets the funds will be used for as well as the field the company operates in, the long the business has been in operation as well as how long the company has enough cash flow to fund the loan, as well as the general health or creditworthiness of the business.
There are no hidden costs for our company loans. You’ll know precisely what you’ll need to pay, and when, starting from the first day. There’s no compounding interest and no additional fees (as long as you are able to make your payments in time).
We don’t charge an Application Fee. You are able to make an application for loans with absolutely no upfront cost and no the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your loan in full at any time.
If you decide to do this please call our helpful company loans specialists. They’ll provide you with repayment details and an early payment figure. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the date of early payout in addition to 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in with your cash flow standard, we provide repayments either weekly or daily. These are automatically withdrawn from your nominated business account.
Security of your data, and knowing how we collect the information we collect, use, share and ensure the security of your information is of paramount importance and a vital part of our relationship with you.
Yes. We use industry recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our dedication to customer security and security. We utilise a sophisticated bank verification system link to instantly confirm your bank account information online. This allows us to offer rapid response.
An asset-based loan is when the business owner borrows from assets they own to secure the funds for a loan. The asset can be an asset belonging to the personal, like the family home or it could be a company asset such as a truck or piece of equipment.
The majority of the lenders not just the major banks, prefer to secure loans against assets. If you have trouble paying back the loan, the asset might be sold by the lender. In essence it is a way of securing new funding taking advantage of the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required before you are able to access the money but we do need the personal guarantee. As long as you follow the loan terms (as detailed in the loan contract) Asset security is not needed. For loans over $150K generally, you can get the option of a personal guarantee and security in the form charges on assets.
