The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K business loan.
All you need to get started is your contact details (the name of your company, your name, email address and telephone) as well as the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are but not for starting:
After we start, for loans greater than $150,000 you’ll require the following 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. They also offer cash flow friendly repayments that are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes on the internet or over the phone, receive a same day response and the funds could be available in just 24 hours. Traditional company loans are based on an annual rate of interest as well as other fees and charges. We offer a business loan is a pre-paid loan which means you know in advance the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for nearly any business reason, such as the management of cash flow, business improvements, advertising to purchase inventory or new equipment, as general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent 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) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A larger business loan can be used for almost all business reason, such as company remodeling, buying equipment or inventory as well as for general working capital and so much more. The loan cannot be used for personal use.
Asset security is needed to obtain funding above $150,000. It is usually in the form of a charge on assets and can include registering this with the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally based rather than defining the security of a specific asset. The person who is signing the ensure is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including objects or assets). The PPSR gives priority over personal property to be granted according to the date a security interest was registered.
Caveats are legal document that is filed to offer the legal claim against a property.
If you’re seeking an enterprise loan that exceeds $250,000 it’s possible to offer an initial pre-approval in order to make the process. We could be able to get this done without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being checks. This is not an offer of credit or guarantee of finance. Acceptance without condition is subject to an extensive credit evaluation and any offer you might receive could be based on different terms.
You are eligible to apply for an business loan if you
The application process is quick and easy. Complete the online form in few minutes and an experienced company expert in lending will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s License) and a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application details 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 statements, IRD statements as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) we typically offer an answer within an hour if you make your application during standard business time and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements we can offer a decision within just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to offer the conditional pre-approval within about six hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain offers have been approved in the space of 24 hours.
The fastest way for you to apply is ensure you apply during normal company hours. Also, let us use the advanced bank verification system link to confirm your bank details online. If you send us duplicates of your banking statements it takes a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer within one hour – provided you make your application at standard business times and permit us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you want to upload copies of your bank statement, we’ll offer the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K and up) we might be in a position to provide you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval, however this can be faster depending upon the circumstances for each application. Certain transactions have received approval in the space of 24 hours.
The fastest method would be to make sure you apply during normal business hours, and permit us to use the advance bank verification to verify your bank account information online. If you choose to upload copies of your bank statements, it can take a bit longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a specific amount we take into consideration a range of elements to determine the well-being of the business and the extent of payments your business can support. The amount you receive from the loan will be determined by the particular circumstances of your company.
If you apply for a specific amount we take into consideration a variety of aspects to assess how much we can lend you such as health that is your business and the amount of repayments that your business is able to afford. The amount you receive from your loan will be contingent on the particulars for your company.
When you request our business credit, we’ll assess the risk assessment the business and provide you with a customised offer, including loan amount, term and interest rates. A business loan is an upfront cost loan and you’ll be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Interest rates for company loans rates vary due to factors such as the amount that is of money borrowed, the company assets the money are used to purchase as well as the field the business is operating in, how long the company has been in operation as well as in the event that the company has enough cash flow to fund the loan, as well as the general health as well as creditworthiness business.
There are no hidden fees for our business loans. You’ll know exactly how much you be required to pay and when, starting from the day you sign up. There’s no compounding and no extra fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can get a cash loan with without any upfront costs or the obligation to take action.
The Origination Fee includes the expenses associated with the setting up and management of the loan. It is only charged for this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the entire amount of the loan at any point in time.
If you decide to take this route, please contact our helpful company lending professionals. The experts will provide you with details for repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payout plus 1.5% of the principal amount remaining as well as any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow cycle we provide repayments either weekly or daily. These are automatically deducted from your company account.
Making sure that your information is secure, and knowing the ways we gather data, process, exchange and secure your information, is of huge importance and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to customer security and privacy. We employ a highly sophisticated bank verification system to immediately verify your bank account details online to provide quick responses.
The term "asset-based" refers to borrowing where a company owner makes use of assets they own to get a loan. The asset could be a personal asset like the family home or it could be a company asset like a truck or piece of equipment.
The vast majority of lenders, not just the largest banks, are inclined to make loans secured by assets. If you are having difficulty paying back the loan, your asset may be offered for sale by the lender. In essence it is means of securing additional financing using the value of what you already own.
For loans up to $150K the requirement for asset security is not required prior to the loan’s access, however we do require a personal guarantee. As long as you follow your loan obligations (as stipulated in the loan contract) Asset security will never be needed. For loans of over $150K typically, you will need the option of a personal guarantee and security is provided in the form of the charge of assets.
