The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K company credit.
All that’s required to get started is your contact information (the name of your company, your name, email address and telephone) along with the amount you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we will require confirmation of who you are however, not in order to begin:
Once we’ve started in the process, for loans over $150,000 you’ll need basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive a same day response and the funds could be in your account in 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. The company loan is a pre-paid loan and you’ll be aware in advance of the total amount payable including any fees, interest or charges. Then, it is broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for nearly every company reason, such as control of cash flow business renovations, marketing, to purchase inventory or new equipment, or as 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 business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate your situation.
The Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan in this amount, your company needs to have been in operation for at least 3 years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Larger Business Loan can be used for nearly every company use, including company renovations, purchase of new equipment or inventory as well as for general working capital, and much more. The loan is not available for personal use.
Asset security is needed for funding of more than $150,000. It is usually as a result of an charge on assets, and could include registering this on the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature, rather than defining security over a particular asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including items or assets). The PPSR gives priority over personal property to be assigned according to the date the registration of a security interest.
An affidavit is an official document that is filed to provide notice of a legal claim to a property.
If you’re requesting larger business loans that is greater than $250,000 we can offer a preliminary pre-approval to help smooth out the process. It is possible to do this without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves answering a couple of financial health checks. This is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you are offered could have different terms.
You may be eligible for a business loan if you:
The application process is fast and easy. Just complete the online application in few minutes and a dedicated business credit specialist will call you to help you.
To apply for up $100,000 you’ll require proof of identity (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months of bank statements.
In addition, 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: Application details including credit consent twelve months of bank records, IRD statement Last 2 years’ finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we usually provide a response in one hour – as long as you submit your request at quality business hours and let us make use of the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statements , we will be able to offer the decision in just 1 company day.
For the Larger Business Loan ($100K and up) we may be capable of offer the conditional pre-approval in around six hours. After you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Some deals have been approved in just 24 hours.
The fastest way is to make sure you apply during normal business hours and allow us to use our advance bank verification link to instantly confirm your bank details online. If you opt to send us the copies of bank statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide a response in one hour, provided you make your application at standard business timings and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your bank statements, we will be able to offer the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be able to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval document, you will need to wait around 2-3 days for final approval, however this can be faster depending on the particular circumstances of each application. Certain transactions have received approval within 24 hours.
The most efficient method would be to make sure you apply during normal business hours. Also, let us use the sophisticated bank verification to check your bank’s information online. If you opt to upload copies of your bank statements it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of variables in order to assess how much we can lend you well-being for your company and the amount of the repayments your business can support. The total amount of the loan will be determined by the particular circumstances the business.
If you apply for a particular amount, we look at a range of elements to assess how much we can lend you such as health of your business and the extent of the repayments your business can afford. The total amount of your loan will be determined by the particulars the business.
If you decide to apply for our company loan, we will assess the risk profile of your company and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. A business loan is a loan that is priced upfront therefore you will be aware of the total amount to be paid, including any interest rates, fees or charges.
The interest rates on business loans rates depend on a variety of factors like the amount of money borrowed, what business assets the funds will be used for as well as the field the company operates in, the long the company has been operating, whether the company has enough cash flow to cover the loan, and the general well-being or creditworthiness of the company.
There aren’t any hidden costs for our business loans, and you’ll know exactly how much you need to pay and at what time, from the day you sign up. There’s not any 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 apply for a loan absolutely no upfront cost and no the obligation to take action.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can repay the entire amount of your loan at any point in time.
If you do decide to take this route, please call our helpful business loan specialists. They’ll provide you with repayment details and an early payment figure. It will be calculated using the total of the principal balance and accrued interest to the time of early payout, plus 1.5 percent of the principal remaining plus any outstanding fees.
To make sure you do not miss payment dates and to align with your cash flow standard, we provide repayments either weekly or daily. They will be automatically deducted from the nominated company account.
The security of your personal information, as well as making it clear how we collect the information we collect, use, share and secure your information, is of paramount importance and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We make use of an advanced bank verification system that allows you to immediately verify your bank account details online to offer an immediate response.
Asset-based borrowing is when a business owner borrows from assets they own to obtain the loan. The asset can be either a personal asset like the family home, or a company asset such as a vehicle or other piece of machinery.
The majority of lending institutions, even the big banks, tend to make loans secured by assets. If you’re having trouble paying back the loan, the asset could be transferred to the lender. In essence it is a way of securing additional financing using the worth of the asset you already own.
For loans up to $150,000 there is no requirement for asset security prior to the loan’s access However, we do need the personal guarantee. If you adhere to the loan terms (as stated in your loan contract document), asset security is not required. If you take out loans in excess of $150,000 typically, you will need an individual ensure and security that is in the form an asset charge.
