The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Take a look at the eligibility requirements for our $100K-$500K business credit.
All that’s needed to get started is your contact details (company name, your name, email and phone), how much you’d like to borrow as well as your monthly income.
Through the process and before settlement we will need confirmation of who you are but not to get started:
In addition, once we have started in the process, for loans over $150,000 you’ll need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and the funds could be available in just 24 hours. Traditional company loans refer to an annual interest rate as well as other fees and charges. This company loan is a loan that is priced upfront and you’ll know ahead of time the total amount to be paid, including any interest, fees or charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used for almost any company need, such as control of cash flow business improvements, advertising, to purchase inventory or new equipment, to fund general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term for up to 36 months. The repayments are made weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a loan that is this large the company needs to be trading for at least 3 years with an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used for nearly all business reason, such as business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This can be done in the form of a charge over assets and can include the registration of this on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is generally in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally liable in the event that the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR permits priority over personal property to be granted according to the date the security interest was registered.
A caveat is a legal document that is filed to offer an official notice of a claim on a property.
When you’re applying for the Larger Business Loan that is greater than $250K it’s possible to offer an initial pre-approval that will help ease the process. We may be able to make this decision without a credit check, and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer you receive could have different terms.
You may be eligible for an business loan if you;
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and an experienced company expert in lending will call you to guide you through the process.
To apply for up $100,000, you’ll require identification details (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K to $500K: Application details including credit consent twelve months of bank records, IRD statements Last 2 years’ finalised financial statements, plus interim financials from the current financial year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) we usually offer a response in one hour – as long as you submit your request in quality business timings and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your banking statements we can offer an answer within the span of one business day.
For the Larger Business Loan ($100K to $500K) we may be in a position to provide you with conditional pre-approval within six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Certain agreements have been approved within the space of 24 hours.
The quickest way to apply can be ensure you apply during standard company hours. Also, let us use the advance bank verification link to instantly check your bank’s information online. If you decide to send us copies of your bank statements , it can take a bit longer.
For the Small Business Loan ($5K and up) we usually offer a response in one hour – provided you make your application in standard business hours and let us use the bank verification system to immediately verify your bank account information online. If you decide to upload copies of your banking statements, we are able to offer a decision in as little as 1 business day.
For the Larger Business Loans ($100K or more) we might be likely to offer you with conditional pre-approval in about six hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Some offers have been approved in 24 hours.
The most efficient method would be to ensure you apply during standard business hours. You can also let us use the sophisticated bank verification link to instantly confirm your bank details online. If you decide to send us documents from your account statement, it takes a bit longer.
We offer loan amounts between $5,000 to $500,000. When you submit an application for a particular amount, we look at a variety of elements in order to assess your health that is your company and the amount of repayments your business can afford. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
When you apply for a particular amount, we consider a variety of elements to assess how much we can lend you such as well-being that is your company and the level of payments your company can support. The total amount of the loan will be determined by the specific circumstances for your company.
When you apply for business loans with us business credit, we’ll assess the risk assessment of your company and offer an individualised proposal that includes loan amount, term and interest rates. A company loan is an upfront cost loan which means you be aware in advance of the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates depend on a variety of factors including the amount that is borrowed, what company assets the funds will be used for and the sector the company is operating in, how long the business is in operation for, how long the company has enough cash flow to support the loan, and overall well-being or financial standing of the company.
There are no hidden costs with our business loans. You’ll know precisely what you need to pay, and when, right from the very first day. There’s no compounding interest, and there are no additional charges (as long as you make your payments on time).
We don’t charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5% of the amount of loan.
You can choose to repay the total amount of your loan in full at any time.
If you do decide to do this please speak to our friendly business loan specialists. They will provide you with details on repayment and an early payment figure. This is calculated as the sum of the principal balance plus any accrued interest as of the time of early payment in addition to 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing repayments and to fit in with your cash flow general, we offer repayments that are either daily or weekly. These are automatically withdrawn from your company account.
Security of your data, and being upfront about how we collect, use, exchange and secure your information, is of paramount importance and an integral part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to security for our customers and security. We make use of an advanced bank verification system to instantly confirm your bank account information online so we can provide a fast response.
An asset-based loan is when a business owner utilises assets they own to secure a loan. The asset can be either an individual property, such as the family home or a business asset like a truck or other piece of machinery.
The majority of lenders, even the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan, your asset may be transferred to the lender. In essence it’s means of securing additional financing using the value of what you already own.
For loans of up to $150K, no asset security is required before you can access the money However, we require a personal guarantee. require a personal guarantee. So long as you comply with your loan commitments (as stated in your loan contract document), asset security will never be required. For loans that exceed $150K, generally there is personal ensure and security in the form a charge over assets.
