The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K business credit.
All you need to get started is your contact information (company name, your name, email, phone) as well as the amount you’d like to borrow and your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are, but not for starting:
After we start when it comes to loans of more than $150,000 you will also require the following financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
You can apply for your Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and have the funds on your account within 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. Our company loan is an upfront priced loan which means you be aware in advance of the total amount payable including the interest, fees and charges. This is then divided into a daily or weekly payment amount.
The Small Business Loan can be used for almost any business purpose including cash flow management, company remodeling, marketing for purchasing inventory or new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term for up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To qualify for a loan that is this large the company needs to be operating for a minimum of 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years or have 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 to fund almost any business purpose including business renovations, to purchase new equipment or inventory for general working capital and so much more. The loan is not available for personal purposes.
Asset security is necessary to access funding over $150,000. This is by taking a charge against assets, which could also be registered with the PPSR or the registration of a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is general in nature rather than stipulating the security of a specific asset. The person who signs the guarantee is personally responsible if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are that are registered for personal property (including the assets or goods). The PPSR gives the priority of personal property granted according to the date the security interest was registered.
A caveat is a legal document filed to offer an official notice of a claim to a property.
If you’re applying for larger business loans of more than $250,000 we can offer an initial pre-approval to make the process. We may be able to do this without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment, which involves you answering a few financial health checks. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you receive could be subject to different terms.
You can apply for an company 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 call you to guide you.
For a loan of up to $100,000, you’ll require identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
In addition, for larger loan sizes, you’ll need:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the IRD statement, last 2 years finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K or more) We can usually provide an answer in just one hour – as long as you make your application at quality company hours and permit us to utilise the bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statements we can offer a decision in as little as 1 company day.
For the Larger Business Loan ($100K to $500K) we might be capable of provide you with pre-approval conditional to your application in about 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based upon the circumstances for each application. Some offers have been approved in just 24 hours.
The quickest method can be make sure you apply during normal company hours, and allow us to use our advanced bank verification system to instantly verify your bank account information online. If you opt to upload copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer in just one hour, provided you make your application during standard business times and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we will be able to offer a decision within the span of one business day.
For the Larger Business Loans ($100K and up) we might be able to offer you with pre-approval conditional to your application within about six hours. After you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval within 24 hours.
The fastest way can be ensure you apply during standard business hours. You can also allow us to use our sophisticated bank verification link to verify your bank account information online. If you send us copies of your bank statements it takes a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a specific amount we look at a variety of elements to determine your health of the company as well as the amount of the repayments your business can support. The total amount of your loan will depend on the particular circumstances that are unique to your company.
If you apply for a specific amount we will consider a number of elements to assess how much we can lend you such as well-being of your company and the amount of payments your company can afford. The total amount of your loan will be contingent on the particulars the company.
When you make an application for one of our company credit, we’ll assess the risk profile for your company and provide you with a tailored offer, including loan amount, term 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 factors like the amount of money borrowed, what business assets the funds are used to purchase in addition to the industry that the business operates in, the long the business has been operating for, how long the business has enough cash flow to fund the loan, and overall well-being as well as creditworthiness company.
There are no hidden fees for our business loans, and you’ll know exactly how much it is that you be required to pay and when, starting from day one. There’s no compounding interest and the loan comes with no additional fees (as as you make your payments on time).
We do not charge an application fee. You can get a cash loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the costs associated with setting up and managing the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the loan amount.
You can repay the entire amount of the advance loan at any time.
If you choose to do this please call our helpful company credit experts. The professionals will provide you with the details of your repayment and an early payment figure. This is calculated as the total of the principal remaining and any accrued interest at the time of the early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide repayments either daily or weekly. They will be automatically deducted from the nominated company account.
Security of your data, and being transparent about the ways we gather information, use it, and exchange it, as well as ensure the security of your information is of paramount importance and is a crucial element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our dedication to customer security and privacy. We use an advanced bank verification system that allows you to immediately verify your bank account information online to offer a fast response.
An asset-based loan is when a company owner utilises the assets they have to secure the funds for a loan. The asset may be a personal asset like the family home or a company asset like a truck or piece or equipment.
The vast majority of banks, even the big banks, tend to secure loans against an asset. If you are having difficulty paying back the loan, then your asset may be offered for sale by the lender. In essence, it is a way of securing new financing by using the value of what you already have.
For loans that exceed $150K, the requirement for asset security is not required prior to the loan’s access, however we do require an individual guarantee. So long as you comply with your loan commitments (as stated in your loan contract) the security of assets is not required. For loans that exceed $150K, generally, you can get a personal guarantee and security in the form of the charge of assets.
