The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the conditions of eligibility for our $100K to $500K business credit.
All that’s required to begin is your contact information (company name, your name, email and phone) along with the amount you’d like to borrow, as well as your monthly income.
While in the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started with loans of more than $150,000 you will also require the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
Apply for the Small Business Loan in under 10 minutes online or by phone. You will receive a same day response and have the funds in your account in 24 hours. Traditional business loans reference an annual rate of interest together with additional fees and charges. Our company loan is a loan that is priced upfront therefore you’ll be aware in advance of the total amount to be paid, including any fees, interest or charges. This is then broken down into either weekly or daily installment amount.
The Small Business Loan can be used for nearly every company purpose including managing cash flows, company remodeling, marketing to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
To qualify for a loan of this size, your business needs to be operating for at least three years and generate an annual revenue of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A large business loan can be used for almost any company reason, such as company renovations, purchase of equipment or inventory as well as for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for funding of more than $150,000. It’s in the form of a charge on assets, which could also be registered with the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature, rather than stipulating security over an asset. The person who is signing the ensure is personally accountable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests that are registered for personal property (including the assets or goods). The PPSR gives the priority of personal property granted in accordance with the date on which a registration of a security interest.
Caveats are legal document lodged to offer an official notice of a claim against a property.
If you’re requesting the Larger Business Loan of $250,000 or more, we may offer an initial pre-approval in order to simplify the process. We may be able to do this without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial health checks. It’s neither an offer nor a guarantee of financing. The approval of a conditional loan is subject to a full credit assessment and any offer that you may receive may have different terms.
You can apply for an business loan if you
The application process is fast and simple. Simply complete the online form in just a few minutes, and an experienced business credit specialist will contact you to guide you.
For a loan of up to $100,000 you’ll need identification details (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim financial statements for the current year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) We can usually offer a response in one hour if you make your application at quality company times and permit us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements , we’ll be able to provide an answer in as little as one business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be capable of provide you with pre-approval conditional to your application within about 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Certain transactions have received approval within just 24 hours.
The fastest way is to make sure you apply during standard company hours, and allow us to use our advance bank verification link to instantly check your bank’s information online. If you decide to upload copies of your bank statements , it may take a bit longer.
For the Small Business Loan ($5K and up) We can usually provide a response in one hour – as long as you apply during standard business timings and allow us to use the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements, we are able to provide the decision in just an business day.
For the Larger Business Loans ($100K up to $500,000) we might be able to offer you with conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain offers have been approved in less than 24 hours.
The fastest way would be to make sure you apply during standard business hours. Also, let us use the advance bank verification to verify your bank information online. If you choose to upload duplicates of your banking statements it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a specific amount we take into consideration a range of factors in order to assess how much we can lend you health for your business and the level of repayments that your business can afford. The total amount of your loan will depend on the specific circumstances of your company.
When you apply for a certain amount, we look at a range of aspects to assess your well-being of the company and the extent of repayments your business can support. The total amount of the loan will be determined by the particular circumstances for your company.
When you make an application for business loans with us business loans, we will assess the risk profile of your business and provide you with a customised offer that includes loan amount, term and interest rates. This business loan is a loan that is priced upfront which means you be aware in advance of the total amount you will have to pay, including charges or interest.
Interest rates for business loans rates differ based on various factors such as the amount that is borrowed, what company assets the money will be used for as well as the field the business is operating in, how long the business has been running for, how long the business has enough cash flow to cover the loan, as well as the overall health as well as creditworthiness company.
There aren’t any hidden charges for our company loans. You’ll know precisely how much you need to pay, and when, starting from day one. There’s no compounding interest and no extra fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You are able to apply for a loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You can repay the total amount of your loan at any point in time.
If you choose to take this route, please call our helpful business loan professionals. The professionals will provide you with details on repayment and an early payout figure. This will be calculated as the sum of the principal amount remaining and accrued interest to the time of the early payout plus 1.5 percent of the principal amount remaining plus any outstanding fees.
To help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. They are automatically deducted from your designated business account.
The security of your personal information, as well as knowing how we collect the information we collect, use, share and ensure the security of your information is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption standards to secure your personal, sensitive 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 to instantly verify your bank account details online, allowing us to provide an immediate response.
The term "asset-based" refers to borrowing where an business owner uses assets they own to obtain a loan. The asset can be an asset belonging to the personal, like the family home or an business asset like a truck or piece or equipment.
The vast majority of the lenders even the major banks, prefer to make loans secured by an asset. If you have trouble paying back the loan then the asset might be offered for sale by the lender. In essence, it’s means of securing new financing by using the value of what you already have.
For loans of up to $150K, the requirement for asset security is not required upfront to access the money but we do require the personal guarantee. In the event that you fulfill the loan terms (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150K generally there is personal guarantee and security in the form charges on assets.
