The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the conditions of eligibility for our $100K to $500K company financing.
All that’s needed to get started is your contact information (company name and your name, as well as email and telephone), how much you’d like to borrow and your monthly income.
In the course of the process and before settlement we will require confirmation of who you are but not to get started:
After we start, for loans over $150,000 you’ll also need basic financial statements:
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Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
Apply for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and have the funds in your account within 24 hours. Traditional company loans refer to an interest rate per annum together with additional fees and charges. Our business loan is an upfront priced loan and you’ll know ahead of time the total amount due, which includes any interest, fees or charges. Then, it is broken down into either weekly or daily installment amount.
A Small Business Loan can be used for almost every company use, including managing cash flows, business remodeling, marketing to purchase inventory or new equipment, to fund general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
A Larger Business Loan has an Origination Fee, which is determined at 2.5 percentage of the amount of the loan.
To be eligible for a credit of this size, your business needs to be trading for at least 3 years and generate an annual revenue of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size is a great option for almost any business need, including business improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan is not available for personal purposes.
Asset security is required for funding of more than $150,000. It’s by taking a charge over assets and can include registration through the PPSR or registering as a caveat.
A director’s or personal guarantee is a guarantee to repay a loan which is generally based rather than defining the security for a particular asset. The person signing the ensure is personally responsible if the company borrower is unable to make the repayment.
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 the assets or goods). The PPSR allows preference over private property assigned depending on the date that a registration of a security interest.
An affidavit is an official form of document to provide the public notice of a legal claim against a property.
If you’re applying for the Larger Business Loan of more than $250K it is possible to offer an initial pre-approval to smooth out the process. We might be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves you answering some financial health checks. This is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could have different terms.
You can apply for a company loan if you:
The application process is quick and simple. Simply complete the online form within a few minutes and a dedicated business loan specialist will be in touch to assist you.
To be eligible for up to $100,000, you’ll need ID details (valid Driver’s License) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Application requirements, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent, 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, plus interim current financial year financials as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K or more) we can often provide an answer within an hour, provided you apply at standard company times 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 will be able to provide the decision within just the span of one business day.
For Larger Business Loans ($100K or more) we might be able to provide you with a conditional pre-approval within 6 hours. After you’ve signed the pre-approval document, you will need to wait 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 within less than 24 hours.
The most efficient method for you to apply is ensure you apply during normal company hours and let us use the advanced bank verification system to verify your bank account information online. If you send us documents from your account statements it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within an hour, provided you make your application during normal business times and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements, we are able to offer an answer in as little as the span of one business day.
For Larger Business Loans ($100K or more) we could be in a position to offer you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some offers have been approved within just 24 hours.
The fastest method would be to ensure you apply during standard business hours, and allow us to use the modern bank verification link to instantly verify your bank information online. If you send us copies of your bank statements it takes a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a certain amount we consider a variety of aspects that determine what is the well-being of your business and the extent of payments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances of your company.
When you apply for a certain amount, we consider a variety of aspects to determine your health for your company and the amount of repayments that your company is able to afford. The amount you receive from your loan will be determined by the particulars that are unique to your business.
When you make an application for the business financing, we will assess the risk assessment that you have for your company and offer you with a customised offer that includes the amount of the loan, the duration and the interest rates. This business loan is an upfront priced loan so you will be aware in advance of the total amount to be paid, including any costs, fees, or interest rates.
Business loan interest rates vary due to factors including the amount that is borrowed, what company assets the money are used to purchase as well as the field the business operates in, the long the business is in operation and whether the company has sufficient cash flow to support the loan, and overall well-being or financial standing of the business.
There aren’t any hidden costs for our business loans, and you’ll know precisely how much you be required to pay, and when, from the very first day. There’s no compounding interest and no extra fees (as long as you are able to make your payments on time).
We don’t charge an Application Fee. You can make an application for loans no cost upfront or commitment to apply.
The Origination Fee is the cost associated with the setting up and management of the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay all of your loan early at any time.
If you do decide to pursue this option, please contact our helpful company credit professionals. They will provide you with repayment details as well as an early payout amount. The figure will be calculated as the total of the remaining principal amount and accrued interest to the time of early payout plus 1.5% of the remaining principal as well as any outstanding fees.
To help you avoid missing payments and to work with your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from the nominated company account.
Protecting your information, and making it clear the ways we gather the information we collect, use, share and secure your information, is vital and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We make use of an advanced bank verification system that allows you to immediately verify your bank account information online, allowing us to provide quick responses.
The term "asset-based" refers to borrowing where the company owner makes use of assets they own to obtain a loan. The asset can be an asset belonging to the personal, like the family home or a company asset such as a truck or piece of equipment.
The vast majority of lenders, even the big banks, tend to secure loans against an asset. If you’re struggling to pay back the loan, your asset may be offered for sale by the lender. In essence, it’s a way of securing additional financing using the value of what you already have.
For loans up to $150,000 no asset security is required prior to the loan’s access, however we require a personal guarantee. require the personal guarantee. As long as you follow your loan obligations (as stated in the loan contract) and you are able to meet your obligations, asset security is not required. For loans that exceed $150,000, generally, there is the option of a personal guarantee and security that is in the form an asset charge.
