The requirements for getting 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 credit.
All that’s needed to get started is your contact information (company name, your name, email and telephone) as well as the amount you’d like to lend, and your monthly income.
During the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
After we start in the process, for loans over $150,000 you’ll need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
You can apply to the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be in your account within 24 hours. Traditional business loans have an annual rate of interest together with additional fees and charges. We offer a business loan is a pre-paid loan which means you know ahead of time the total amount to be paid, including the interest, fees and charges. This is then broken down into either a daily or weekly amount to be paid back.
A Small Business Loan can be used for virtually any business use, including the management of cash flow, business improvements, advertising for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 with a term fixed up to 36 months. The repayments are made weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
To qualify for a loan in this amount, your business needs to be in operation for at least 3 years and generate an annual revenue of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A large business loan can be used to fund almost all company use, including company renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to access funding over $150,000. This can be done by way of charge over assets, which could also include registering this with the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to repay a loan which is generally in nature rather than specifying security over a particular asset. The person signing the guarantee is personally responsible if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests that are registered for personal property (including items or assets). The PPSR permits prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
The caveat can be described as a formal document filed to offer an official notice of a claim to a property.
If you’re requesting a Larger Business Loan that is greater than $250,000 it is possible to offer an initial pre-approval that will help ease the process. It is possible to get this done without credit checks and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health checks. It’s not an offer of credit or guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer that you are offered could be subject to different terms.
You may apply for a business loan if you:
The application process is fast and simple. Just fill out the online application within a few minutes and a dedicated business credit specialist will call you to assist you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent twelve months bank statement, an IRD statements as well as the two most recent years’ financial statements, in addition to interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K to $100K) We can usually offer an answer within an hour, provided you make your application during standard company time and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statement, we’ll provide an answer in just an company day.
For Larger Business Loans ($100K or more) we could be likely to provide you with a conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain agreements have been approved within the space of 24 hours.
The quickest method would be to make sure you apply during normal company hours. You can also permit us to use the modern bank verification to verify your bank account information online. If you choose to upload documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we usually offer a response in one hour – provided you submit your request within normal business timings and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to send us copies of your bank statements, we are able to offer a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) 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 approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved within less than 24 hours.
The fastest method can be make sure you apply during normal business hours. Also, allow us to use our advanced bank verification system to instantly verify your bank account information online. If you decide to upload duplicates of your banking accounts, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a particular amount, we consider a variety of factors in order to assess your health that is your company and the extent of payments your business can afford. The total amount of the loan will be determined by the specific circumstances of your business.
When you make an application for a specific amount we take into consideration a variety of elements to assess your health for your business and the level of repayments that your business will be able to support. The amount you receive from your loan will depend on the specific circumstances for your company.
If you decide to request business loans with us business loans, we’ll assess the risk assessment the company and provide an individualised offer including the amount of the loan, the duration and the interest rates. The business loan is a loan that is priced upfront so you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for business loans rates depend on several factors such as the amount that is of money borrowed, the business assets the money are used to purchase and the sector the business is operating in, how long the business has been in operation and how long the company has sufficient cash flow to fund the loan, and overall health or creditworthiness of the company.
There aren’t any hidden charges for our company loans. You’ll know precisely what it is that you be required to pay, and at what time, from day one. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You can apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5% of the loan amount.
You can choose to repay the total amount of your loan in full at any time.
If you choose to pursue this option, please talk to one of our helpful company loan professionals. We will provide you with details on repayment along with an early payout estimate. It will be calculated using the total of the remaining principal amount and the accrued interest up to the time of early payment plus 1.5 percent of the principal remaining plus any outstanding fees.
To make sure that you don’t miss due dates and also to be in line with your cash flow routine, we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
Security of your data, and being clear about how we collect the information we collect, use, share and protect your information, is vital and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We use an advanced bank verification system link to instantly confirm your bank account information online to offer quick responses.
The term "asset-based" refers to borrowing where an business owner borrows from an asset they own to obtain the funding. The asset can be an individual property, such as the family home, or an company asset such as a truck or other piece of machinery.
The vast majority of lending institutions, including the big banks, tend to guarantee loans against assets. If you’re having trouble paying back the loan, then your assets could be offered for sale by the lender. In essence, it’s the process of securing new financing using the worth of the asset you already have.
For loans of up to $150K, there is no requirement for asset security in advance to gain access to the funds, however we do need the personal guarantee. In the event that you fulfill the loan terms (as specified in the loan contract) Asset security will never be needed. If you take out loans in excess of $150,000 generally there is the option of a personal guarantee and security is provided in the form of charges on assets.
