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 eligibility requirements for our $100K to $500K business loans.
All that’s needed for starting is your contact details (the name of your company, your name, email address or phone number), how much you’d like to borrow and your monthly earnings.
During the process and before settlement we will require confirmation of your identity but not to get started:
Additionally after we get started in the process, for loans that exceed $150,000, you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000 with terms between 3 and 24 months, cash flow-friendly repayments which can be made daily or weekly.
The application for the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and the funds could be available in just 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. Our company loan is a loan that is priced upfront which means you know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used for nearly any company reason, such as control of cash flow company remodeling, marketing for purchasing inventory or new equipment, for general working capital and 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 expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large, your company needs to be in operation for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have 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 can be used to fund almost any business reason, such as company renovations, purchase of new equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is necessary for accessing funds over $150,000. It’s by taking a charge on assets, which could also be registered in the PPSR or making a caveat.
A personal or director’s guarantee is a guarantee to pay off a credit line that is general in nature, rather than defining the security of a specific asset. The person who is signing the guarantee is personally responsible if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR permits prioritisation over property that is personal to be granted according to the date a security interest that is registered.
Caveats are legal document lodged to offer the public notice of a legal claim to a property.
When you’re applying for larger company loans that is greater than $250K we may be able to provide a preliminary pre-approval to help simplify the process. We may be able 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 well-being questions. It is not an offer of credit or guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer that you may receive may be subject to different conditions.
You may apply for a business loan if you;
The application process is fast and simple. Complete the online form within a couple minutes, and an experienced business loan specialist will be in touch to guide you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s License) as well as an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Application details including credit consent, 12 months of bank records, IRD statements as well as the two most recent years’ financial statements, and interim current financial year financials, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) We can usually offer a response in one hour – as long as you apply during quality business times and allow us to utilise the bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statement, we’ll offer a decision within an business day.
If you are applying for a Larger Business Loan ($100K and up) we may be likely to provide you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Some offers have been approved in less than 24 hours.
The quickest method is to ensure you apply during normal company hours and allow us to use the advanced bank verification system to instantly verify your bank information online. If you send us the copies of bank accounts, it takes a bit longer.
For the Small Business Loan ($5K or more) we usually provide an answer in just one hour, provided you make your application at standard business time and permit us to make use of the advanced bank verification system link to immediately verify your bank account information online. If you choose to upload copies of your bank statements, we are able to provide a decision in just the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be in a position to offer you with conditional pre-approval in about six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some offers have been approved within the space of 24 hours.
The fastest method for you to apply is ensure you apply during standard business hours, and allow us to use our advance bank verification to check your bank’s information online. If you choose to send us duplicates of your banking statements it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. If you apply for a certain amount we will consider a number of factors to determine the well-being that is your business as well as the amount of the repayments your business will be able to support. The total amount of your loan will be contingent on the specific circumstances the company.
When you submit an application for a certain amount, we take into consideration a variety of aspects to determine the well-being of the company and the level of the repayments your company will be able to support. The amount you receive from the loan will be determined by the specific circumstances the company.
When you make an application for our business credit, we will assess the risk assessment of your company and provide you with a customised proposal that includes the amount of loan, the term and interest rates. It is a company loan is an upfront-priced loan so you will know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates vary due to variables like the amount to be of money borrowed, the company assets the money will be used for, the industry the company is operating in, how long the business has been running, how long the company has sufficient cash flow to cover the loan, as well as the overall health and creditworthiness of the business.
There aren’t any hidden charges with our business loans, and you’ll know exactly how much you’ll need to pay, and when, from the first day. There’s not any compounding interest and the loan comes with no additional fees (as as you 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 setting up and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can repay all of your advance loan at any time.
If you are deciding to pursue this option, please contact our helpful business loans professionals. We will provide you with repayment details as well as an early payout amount. The figure will be calculated as the total of the principal remaining and the accrued interest up to the time of early payout plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To make sure you do not miss payments and to work your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from your company account.
The security of your personal information, as well as making it clear the ways we gather data, process, exchange and protect your information, is crucial and is an essential part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to customer security and privacy. We employ a highly sophisticated bank verification system that allows you to immediately verify your bank account details online. This allows us to provide an immediate response.
Asset-based borrowing occurs when an company owner borrows from assets they own to obtain the loan. The asset can be an asset belonging to the personal, like the family home or it could be a company asset like a truck or piece or equipment.
The majority of lenders, including the largest banks, are inclined to guarantee loans against assets. If you have trouble paying back the loan, your asset may be sold by the lender. In essence it is means of securing additional financing using the worth of the asset you already have.
Up to $150,000 in loans there is no requirement for asset security upfront to access the money, however we do require the personal guarantee. If you adhere to the loan terms (as stipulated in your loan contract document), asset security is not needed. For loans over $150,000 generally there is a personal guarantee and security in the form an asset charge.
