The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the eligibility requirements for our $100K to $500K company loan.
All that’s required to begin is your contact details (company name, your name, email, phone) and the amount you’d like to borrow, as well as your monthly income.
While in the process and before settlement we will need confirmation of your identity, but not to get started:
After we start in the process, for loans over $150,000 you will also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the funds could be in your account in 24 hours. Traditional company loans refer to an annual rate of interest plus other fees and charges. This business loan is a cash-based loan and you’ll be aware in advance of the total amount payable including the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used for nearly every business reason, such as managing cash flows, business remodels and marketing to purchase inventory or new equipment, for general working capital, and much more. The loan cannot be used for personal reasons.
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 up to 36 months. Repayments are either weekly or fortnightly, depending on your cash flow.
The Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a credit of this size the business needs to have been in operation for at least 3 years, and have an annual income of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Larger Business Loan can be used to fund almost every business purpose including company remodeling, buying new equipment or inventory for general working capital and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. It is usually by taking a charge over assets, which could also be registered through the PPSR or the registration of a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is generally in nature rather than stipulating the security for a particular asset. The person who signs the guarantee is personally accountable if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It records security interests that have been that are registered for personal property (including goods or assets). The PPSR allows prioritisation over property that is personal to be assigned according to the date the security interest that is registered.
An affidavit is an official document lodged to offer notice of a legal claim on a property.
When you’re applying for larger business loans that exceeds $250K, we may offer an initial pre-approval in order to ease the process. It is possible to apply for this without a credit verification and within 6 hours of your initial application. This pre-approval is based on a preliminary assessment which includes answering a couple of financial well-being questions. It is neither an offer nor a guarantee of funds. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may be based on different conditions.
You may apply for a business loan if you:
The application process is fast and easy. Just complete the online application in just a few minutes, and a dedicated business expert in lending will be in touch to guide you through the process.
To apply for up $100,000, you’ll require ID details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months bank statement, an IRD statements Last 2 years’ finalised financial statements, as well as interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we can often provide an answer within one hour, provided you submit your request in standard company hours and let us utilise the bank verification system to instantly verify your bank information online. If you opt to upload copies of your bank statements we can offer a decision within just one business day.
If you are applying for a Larger Business Loan ($100K and up) we might be capable of offer the conditional pre-approval in around 6 hours. After you’ve signed the pre-approval document, you will require to wait 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 the space of 24 hours.
The quickest method would be to ensure you apply during normal business hours, and allow us to use the advanced bank verification system link to check your bank’s information online. If you opt to send us copies of your bank accounts, it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually provide a response in one hour, provided you make your application within normal business timings and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we’ll be able to provide an answer within the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer the conditional pre-approval 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 can be faster depending upon the circumstances for each application. Some transactions have received approval in 24 hours.
The most effective method is to make sure 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 decide to upload duplicates of your banking statement, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount, we will consider a number of variables that determine your well-being of your company and the extent of repayments that your business will be able to support. The amount you receive from the loan will be determined by the specifics of your business.
If you apply for a particular amount, we will consider a number of aspects to assess the well-being of the business as well as the amount of repayments that your business is able to afford. The amount you receive from your loan will depend on the specific circumstances the company.
If you decide to apply for business loans with us company credit, we will assess the risk assessment for your business and provide you with a customised proposal that includes loan amount, term and the interest rates. The company loan is an upfront priced loan which means you know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates differ based on various factors including the amount borrowed, the company assets the money will be used for in addition to the industry that the company operates in, how long the business is in operation and whether the company has sufficient cash flow to fund the loan, as well as the overall well-being or financial standing of the business.
There aren’t any hidden charges for our company loans, and you’ll know precisely what you be required to pay and at what time, from day one. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments on time).
We don’t charge an application fee. You are able to apply for a loan with no cost upfront or obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful company loan experts. The experts will provide you with repayment details and an early payout figure. This will be calculated as the total of the principal balance and accrued interest to the time of early payout plus 1.5% of the principal remaining as well as any outstanding fees.
To help you avoid missing repayments and to fit in with your cash flow cycle we provide repayments either daily or weekly. They are automatically deducted from the nominated business account.
The security of your personal information, as well as being transparent about the ways we gather, use, exchange and ensure the security of your information is crucial and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to security for our customers and privacy. We use an advanced bank verification system link to instantly confirm your bank account information online so we can offer an immediate response.
Asset-based borrowing occurs when an business owner uses an asset that they own to make a loan. The asset could be an asset belonging to the personal, like the family home or it could be a business property like a truck as well as a piece of machine.
The vast majority of the lenders even the big banks, tend to secure loans against assets. If you’re struggling to pay back the loan, your asset may be sold by the lender. In essence, it’s the process of securing new financing using the worth of the asset you already own.
For loans of up to $150,000, no asset security is required prior to the loan’s access, however we do need an individual guarantee. As long as you follow your loan obligations (as specified in your loan contract document) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150K generally there is a personal ensure and security in the form charges on assets.
