The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Find out the eligibility requirements for our $100K to $500K business financing.
All that’s needed to start is your contact details (company name, your name, email address and phone) as well as the amount you’d like to borrow and your monthly income.
During the process and before settlement we will need confirmation of who you are but not before we can begin:
Once we’ve started in the process, for loans over $150,000 you will also need the following financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments, which are either daily or weekly.
It is possible to apply to the Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an immediate response, and have the funds in your account in 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. This company loan is a cash-based loan which means you know in advance the amount you will have to pay, 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 to fulfill almost any business reason, such as control of cash flow business renovations, marketing to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are scheduled weekly or fortnightly to work with the flow of cash.
The Larger Business Loan has an Origination Fee, determined at 2.5 percentage of the loan amount.
To be eligible for a credit in this amount the business needs to be operating for at least three years with an annual turnover of $700,000. 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 demonstrate at the least 12 months of operating.
A Business Loan of a larger size can be used for almost every company need, including company remodeling, buying equipment or inventory or as general working capital and much more. The loan cannot be used for personal purposes.
Asset security is needed to access funding over $150,000. This is in the form of a charge against assets, and could include registering this in the PPSR or registering as a caveat.
A director’s or personal ensure is a commitment to repay a loan which is general in nature, rather than specifying security over a particular asset. The person who is signing the ensure is personally liable 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 contains security interests which are registered with respect to personal property (including the assets or goods). The PPSR grants priority over personal property to be granted according to the date a registration of a security interest.
A caveat is a legal document filed to provide the public notice of a legal claim on a property.
When you’re applying for larger company loans of $250K or more, we may offer an initial pre-approval to make the process. We may be able to apply for this without a credit verification and within six hours of your initial application. This pre-approval is based on a preliminary assessment which includes you answering a few financial well-being checks. This is in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer you may receive may be on different terms.
You may be eligible for an business loan if you
The application process is quick and simple. Just complete the online application within a couple minutes, and an experienced company expert in lending will contact you to guide you through the process.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s License), an NZBN/IRD that is valid and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent twelve months of bank statements, IRD statements as well as the two most recent years’ financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) we can often offer an answer within an hour, provided you submit your request within quality company hours and permit us to make use of the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statement, we’ll offer the decision in just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we may be able to provide you with conditional pre-approval in around 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the circumstances of each application. Certain offers have been approved within the space of 24 hours.
The quickest method is to ensure you apply during normal business hours. Also, allow us to use the advanced bank verification system to instantly verify your bank information online. If you send us the copies of bank statements , it takes a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer within an hour – as long as you make your application within normal business timings and let us make use of the advanced bank verification system link to instantly verify your bank’s information online. If you choose to submit copies of your bank statements, we will be able to provide an answer in as little as an business day.
For Larger Business Loans ($100K to $500K) we may be able to offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Certain deals have been approved in the space of 24 hours.
The fastest way for you to apply is ensure you apply during normal business hours. Also, permit us to use the advance bank verification link to instantly confirm your bank details online. If you upload copies of your bank statement, it may take a bit longer.
We offer loan amounts between $5,000 and $500,000. When you submit an application for a particular amount, we look at a variety of elements in order to assess your well-being of your company and the level of the repayments your company can support. The amount you receive from the loan will be determined by the specifics that are unique to your company.
When you apply for a particular amount, we look at a range of aspects to determine the well-being for your business and the level of payments your company can support. The amount you receive from your loan will be contingent on the particular circumstances that are unique to your company.
If you decide to make an application for our company credit, we will assess the risk assessment the company and offer you with a customised offer including loan amount, term and the interest rates. The business loan is an upfront priced loan so you will know the exact amount you will have to pay, including charges or interest.
The interest rates on business loans rates vary due to factors like the amount of money of money borrowed, the company assets the money are used to purchase in addition to the industry that the business is operating in, how long the company has been running for, in the event that the business has enough cash flow to cover 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 you’ll be required to pay, and at what time, from the first day. There’s no compounding 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 make an application for loans with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of the advance loan at any time.
If you do decide to do this please contact our helpful business credit experts. They will provide you with the details of your repayment along with an early payout estimate. This is calculated as the total of the principal amount remaining and accrued interest to the time of early payout plus 1.5 percent of the remaining principal and any outstanding fees.
To make sure that you don’t miss payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Making sure that your information is secure, and being upfront about how we collect, use, exchange and safeguard your data, is vital and is a crucial aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to the security of our clients as well as their security. We make use of an advanced banking verification system to immediately verify your bank account information online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where a company owner utilises assets they own to make a loan. The asset may be a personal asset like the family home or it could be a business asset such as a vehicle or other piece of machinery.
The vast majority of lenders, not just the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, your assets could be taken over by the lender. In essence it is means of securing new financing making use of the value of what you already own.
For loans of up to $150,000, it is not necessary to secure assets in advance to gain access to the funds however, we require a personal guarantee. require an individual guarantee. If you adhere to the loan terms (as specified in the loan contract) and you are able to meet your obligations, asset security is not required. For loans over $150K generally, you are able to get personal ensure and security that is in the form a charge over assets.
