The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you require more money? Find out the guidelines for eligibility for our $100K-$500K business credit.
All you need for starting is your contact information (the name of your company and your name, as well as email and telephone) as well as the amount you’d like to lend, as well as your monthly income.
In the course of the process and before settlement we’ll require confirmation of your identity however, not in order to begin:
In addition, once we have started in the process, for loans of more than $150,000 you’ll need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of 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.
Apply to get the Small Business Loan in under 10 minutes on the internet or by phone. You will receive an instant response and the funds could be in your account in 24 hours. Traditional company loans refer to an annual interest rate plus other fees and charges. This business 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 installment amount.
A Small Business Loan can be used for almost every business use, including control of cash flow company remodeling, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed up to 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
To be eligible for a loan in this amount the company needs to be operating for at least three years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 as well as own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size is a great option for almost any company use, including company renovations, purchase of equipment or inventory for general working capital and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This is by way of charge over assets, and could include registration with the PPSR or the registration of as a caveat.
A director’s or personal ensure is a commitment to repay credit that is generally in nature rather than specifying the security of a specific asset. The person signing the guarantee is personally liable if the business the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR grants the priority of personal property assigned depending on the date that a security interest was registered.
A caveat is a legal document lodged to offer the legal claim to property.
If you’re seeking the Larger Business Loan of $250,000 or more it’s possible to offer an initial pre-approval to ease the process. We may be able to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering some financial well-being questions. It’s in no way an offer, nor is it a guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could have different terms.
You are eligible to apply for a business loan if you
The application process is quick and simple. Complete the online form within a few minutes and a dedicated business loan specialist will be in touch to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statement as well as the two most recent years’ financial statements, as well as interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K to $100K) we typically offer an answer within one hour – as long as you apply within standard business hours and you allow us to utilise the bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statement, we’ll provide an answer within just an business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be capable of provide the conditional pre-approval within about 6 hours. After you’ve signed your pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in 24 hours.
The fastest way can be make sure you apply during normal company hours and let us use the advanced bank verification system link to instantly verify your bank information online. If you upload the copies of bank statements it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer in just one hour – provided you apply within normal business timings and permit us to use the bank verification system to instantly verify your bank’s information online. If you opt to send us copies of your bank statements, we’ll be able to provide an answer in just an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be able to offer the conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Some agreements have been approved in just 24 hours.
The fastest method is to ensure you apply during normal business hours. You can also let us use the advanced bank verification system link to verify your bank account information online. If you decide to send us duplicates of your banking statements it will take a little longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we look at a variety of aspects in order to assess your well-being of the company and the amount of repayments your company will be able to support. The total amount of the loan will be determined by the particular circumstances of your company.
When you make an application for a specific amount we look at a range of factors to assess how much we can lend you such as health of the company as well as the amount of payments your company will be able to support. The amount you receive from your loan will depend on the specific circumstances for your company.
When you request our company loan, we’ll assess the risk profile of your business and provide an individualised offer that includes the amount of the loan, the duration and interest rates. The business loan is an upfront cost loan therefore you will be aware in advance of the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, what business assets the money are used to purchase and the sector the business operates in, how long the company is in operation for, whether the business has sufficient cash flow to pay for the loan, and general health and creditworthiness of the business.
There are no hidden fees with our company loans. You’ll be aware of the amount you’ll need to pay, and when, starting from day one. There’s no compounding interest and no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans no cost upfront or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can decide to repay all of your loan at any point in time.
If you are deciding to take this route, please talk to one of our helpful business loans professionals. They’ll offer you with details on repayment as well as an early payout amount. It will be calculated using the total of the principal amount remaining and accrued interest to the time of early payout in addition to 1.5% of the principal amount remaining plus any outstanding fees.
To help you avoid missing payments and to work your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and being transparent about how we collect, use, exchange and protect your information, is crucial and an integral element of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We utilise a sophisticated banking verification system to immediately confirm your bank account information online to offer quick responses.
Asset-based borrowing is when the business owner borrows from assets they own to make the funds for a loan. The asset can be an individual property, such as the family home or a business asset like a truck as well as a piece of machine.
The majority of banks, even the largest banks, are inclined to make loans secured by an asset. If you have trouble paying back the loan, your asset may be offered for sale by the lender. In essence, it’s means of securing new funding using the value of what you already have.
For loans that exceed $150K, it is not necessary to secure assets in advance to gain access to the funds However, we do need an individual guarantee. In the event that you fulfill your loan obligations (as stated in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans that exceed $150,000, generally, there is an individual ensure and security that is in the form the charge of assets.
