The requirements for getting an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Find out the conditions of eligibility for our $100K to $500K company loans.
All that’s required to begin is your contact information (company name, your name, email, phone) and the amount you’d like to lend, and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are but not before we can begin:
After we start in the process, for loans of more than $150,000 you will also require basic financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
You can apply for this Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. This business loan is an upfront priced loan so you will know in advance the total amount payable including any interest, fees or charges. This is then divided into weekly or daily installment amount.
It is a Small Business Loan can be used for almost every business reason, such as managing cash flows, company improvements, advertising, to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate you cashflow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the company needs to be trading for at least 3 years, and have an annual income of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for nearly every business purpose including business renovations, purchase of equipment or inventory for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is needed to obtain funding above $150,000. It’s by way of charge over assets, which could also include registering this on the PPSR or registering as a caveat.
A personal or director’s ensure is a commitment to pay back a loan that is general in nature rather than stating the security for a particular asset. The person who signs the ensure is personally accountable if the company creditor is unable 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 lists security interests that are that are registered for personal property (including objects or assets). The PPSR allows the priority of personal property assigned depending on the date that a registration of a security interest.
A caveat is a legal form of document to offer an official notice of a claim to a property.
When you’re applying for an enterprise loan of $250,000 or more we can offer an initial pre-approval to make the process. It is possible to apply for this without a credit check and within six hours of your initial application. This pre-approval is based on an initial assessment, which involves you answering a few financial health questions. It is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you might receive could be subject to different conditions.
You can apply for an business loan if you:
The application process is quick and easy. Just fill out the online application in just a few minutes, and a dedicated business lending specialist will contact you to guide you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence), a valid NZBN/IRD as well as at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, as well as interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) we typically provide an answer within one hour – as long as you make your application within standard company time and you allow us to use the advanced bank verification system link to instantly verify your bank information online. If you decide to upload copies of your banking statements , we’ll be able to provide the decision in as little as the span of one business day.
If you are applying for a Larger Business Loan ($100K and up) we may be in a position to provide you with pre-approval conditional to your application in about six hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the specifics of each application. Some transactions have received approval in less than 24 hours.
The fastest way is to make sure you apply during normal company hours, and allow us to use the modern bank verification to confirm your bank details online. If you choose to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer a response in one hour – provided you make your application in standard business hours and allow us to use the bank verification system link to instantly verify your bank details online. If you decide to submit copies of your bank statement, we’ll offer an answer within one business day.
If you are applying for Larger Business Loans ($100K or more) We may be in a position to offer you with pre-approval conditional to your application in about six hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Some deals have been approved within just 24 hours.
The quickest method is to make sure you apply during standard business hours and allow us to use the advance bank verification link to instantly check your bank’s information online. If you upload the copies of bank statement, it can take a bit longer.
We provide the loan amount between $5,000 and $500,000. If you apply for a certain amount, we will consider a number of factors to determine the health of the company and the amount of repayments your business can support. The total amount of the loan will be determined by the specifics the business.
If you apply for a certain amount, we will consider a number of factors to determine the well-being that is your company as well as the amount of payments your company will be able to support. The total amount of the loan will be determined by the particular circumstances of your business.
If you decide to make an application for the business loans, we’ll assess the risk profile for your business and offer you with a customised offer, including the amount of the loan, the duration and the interest rates. A company loan is an upfront-priced loan so you will know in advance the total amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates vary due to factors including the amount borrowed, what business assets the money will be used for and the sector the business is in, how long the business has been operating as well as in the event that the business has sufficient cash flow to pay for the loan, as well as the general well-being as well as creditworthiness business.
There are no hidden fees with our company loans, and you’ll be aware of the amount you’ll need to pay and when, from the first day. There’s not any compounding interest and no extra fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back the total amount of your loan at any point in time.
If you choose to pursue this option, please contact our helpful company credit experts. They will provide you with repayment details along with an early payout estimate. This will be calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payment and 1.5% of the principal balance as well as any outstanding fees.
To ensure that you don’t miss payment dates and to align your cash flow cycle we offer repayments either daily or weekly. They are automatically deducted from your designated business account.
Making sure that your information is secure, and making it clear how we collect data, process, exchange and secure your information, is crucial and is an essential part of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our clients and security. We make use of an advanced bank verification system that allows you to immediately verify the bank account details online to offer rapid response.
Asset-based borrowing occurs when a company owner borrows from the assets they have to obtain a loan. The asset could be an individual property, such as the family home, or a business asset such as a vehicle as well as a piece of machine.
The majority of lenders, even the major banks, prefer to secure loans against an asset. If you have trouble paying back the loan then the asset could be transferred to the lender. In essence, it is an opportunity to secure additional financing using the worth of the asset you already own.
For loans of up to $150K, there is no requirement for asset security prior to the loan’s access however, we do need an individual guarantee. If you adhere to the terms of your loan (as stated in your loan contract), asset security is not needed. If you take out loans in excess of $150,000 generally, you are able to get an individual guarantee and security is provided in the form of a charge over assets.
