The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Take a look at the conditions of eligibility for our $100K to $500K business financing.
All that is needed for starting is your contact details (the name of your company, your name, email and phone) as well as the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are but not for starting:
Additionally after we get started when it comes to loans of more than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
The application for the Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and funds may be in your account within 24 hours. Traditional company loans have an interest rate per annum plus other fees and charges. The business loan is an upfront priced loan and you’ll be aware of the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into either a daily or weekly installment amount.
A Small Business Loan can be used for nearly every company use, including managing cash flows, business renovations, marketing to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To qualify for a loan that is this large, your company needs to have been operating for a minimum of 3 years, and have an annual income of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A Larger Business Loan can be used for nearly all business purpose including company renovations, purchase of equipment or inventory for general working capital and so much more. The loan is not available for personal use.
Asset security is required for funding of more than $150,000. This can be done by taking a charge on assets and can include registration with the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is generally based rather than defining the security of a specific asset. The person who is signing the ensure is personally accountable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests which are registered with respect to personal property (including items or assets). The PPSR allows preference over private property assigned in accordance with the date on which a security interest that is registered.
A caveat is a legal form of document to offer notice of a legal claim on a property.
When you’re applying for larger business loans that exceeds $250K we may be able to provide a preliminary pre-approval to help ease the process. We could be able to do this without a credit verification and within 6 hours of the initial application. The pre-approval process is based on an initial evaluation that involves the answer to a series of financial well-being questions. It’s not an offer or guarantee of financing. A conditional approval is subject a full credit assessment and any offer you receive could be based on different terms.
You can apply for an business loan if you
The application process is simple and simple. Just complete the online application within a couple minutes, and an experienced company loan specialist will call you to guide you.
For a loan of up to $100,000 you’ll require ID details (valid Driver’s License), an active NZBN/IRD, and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 months of bank records, IRD statements and the last two years’ finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within one hour – as long as you make your application at standard business hours and let us utilise the bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements , we’ll be able to offer an answer in just one company day.
For Larger Business Loans ($100K or more) we may be likely to offer the conditional pre-approval in about 6 hours. After you’ve signed the pre-approval, the turnaround time is 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 the space of 24 hours.
The most effective method can be make sure you apply during normal company hours. You can also let us use the modern bank verification link to check your bank’s information online. If you send us the copies of bank accounts, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour – as long as you apply during standard business time and let us use the bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements, we are able to offer an answer in just an business day.
If you are applying for Larger Business Loans ($100K or more) We may be able to provide the conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, it could be faster based on the specifics of each application. Some agreements have been approved within 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 check your bank’s information online. If you send us documents from your account accounts, it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of variables in order to assess your well-being of your company as well as the amount of repayments your company is able to afford. The total amount of the loan will be determined by the particular circumstances the company.
When you submit an application for a set amount, we take into consideration a variety of variables to determine how much we can lend you such as health of the company as well as the amount of repayments your company can afford. The total amount of the loan will be determined by the particular circumstances for your business.
If you decide to make an application for business loans with us company financing, we will assess the risk profile that you have for your company and offer you with a customised offer that includes the loan amount, the terms and the interest rates. The company loan is an upfront priced loan therefore you will know in advance the total amount payable including any costs, fees, or interest rates.
Business loan interest rates vary due to variables like the amount to be borrowed, the business assets the money will be used for, the industry the business is operating in, how long the business is in operation, whether the business has sufficient cash flow to pay for the loan, as well as the overall well-being or financial standing of the company.
There aren’t any hidden costs for our business loans, and you’ll know precisely what you be required to pay, and at what time, from the day you sign up. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated with the setting up and management of the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can decide to repay the total amount of your loan early at any time.
If you choose to pursue this option, please contact our helpful company loans specialists. The specialists will offer you with details for repayment along with an early payout estimate. This will be calculated as the total of the principal remaining and any accrued interest at the time of early payout plus 1.5 percent of the principal balance and any fees that remain unpaid.
To ensure you do not miss due dates and also to be in line your cash flow schedule, we provide repayments either daily or weekly. They are automatically deducted from your designated business account.
Security of your data, and making it clear how we collect information, use it, and exchange it, as well as protect your information, is of paramount importance and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and security. We make use of an advanced bank verification system link to instantly verify your bank account information online to offer an immediate response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset that they own to make the loan. The asset can be either an individual asset, such as the family home, or an business property like a truck or other piece of machinery.
The vast majority of banks, including the big banks, tend to make loans secured by an asset. If you’re struggling to pay back the loan then the asset might be offered for sale by the lender. In essence, it’s the process of securing new financing taking advantage of the value of what you already own.
For loans of up to $150K, there is no requirement for asset security upfront to access the money, however we do require a personal guarantee. If you adhere to your loan commitments (as specified in the loan contract), asset security will never be required. If you take out loans in excess of $150K generally, you can get the option of a personal ensure and security in the form a charge over assets.
