The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you require more money? Take a look at the guidelines for eligibility for our $100K-$500K company credit.
All that’s needed to begin is your contact information (company name, your name, email, phone) and the amount you’d like to borrow, and your monthly earnings.
While in the process and before settlement we will require 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 require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes via the internet or by phone. You will receive an answer within the same day and funds may be in your account in 24 hours. Traditional company loans reference an interest rate per annum together with additional fees and charges. We offer a business loan is a pre-paid loan so you will know in advance the total amount to be paid, including the interest, fees and charges. This is then broken down into either weekly or daily repayment figure.
It is a Small Business Loan can be used for nearly any business purpose including the management of cash flow, company renovations, marketing, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 over a fixed term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on your cash flow.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
To qualify for a loan of this size the company needs to have been trading for at least 3 years, and have an annual income of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A larger business loan is a great option for almost any business purpose including company renovations, to purchase inventory or new equipment or as general working capital, and much more. The loan is not available for personal use.
Asset security is needed to access funding over $150,000. This is as a result of an charge over assets and can include registering this in the PPSR or making as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is general in nature rather than specifying security over an asset. The person who signs the guarantee is personally accountable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It reflects security interests that are registered for personal property (including goods or assets). The PPSR gives the priority of personal property assigned according to the date a security interest that is registered.
Caveats are legal document filed to provide the public notice of a legal claim to a property.
If you’re seeking the Larger Business Loan of more than $250,000 it’s possible to offer an initial pre-approval to simplify the process. We may be able to do this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial health questions. It is not an offer or guarantee of financing. A conditional approval is subject an extensive credit evaluation and any offer that you may receive may be based on different conditions.
You can apply for an company loan if you:
The application process is simple and easy. Complete the online form within a couple minutes, and an experienced company loan specialist will contact you to guide you through the process.
For a loan of up to $100,000, you’ll need ID details (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Application details including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent twelve months bank statement, an IRD statement and the last two years’ finalised financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) we typically provide an answer in just one hour, provided you apply within quality business hours and let us utilise the bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can provide an answer in as little as an business day.
For the Larger Business Loan ($100K up to $500,000) we might be likely to provide the conditional pre-approval in around six hours. After you’ve signed your pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be quicker based on the specifics of each application. Certain agreements have been approved in the space of 24 hours.
The quickest way to apply would be to make sure you apply during normal business hours. Also, allow us to use the advanced bank verification system to confirm your bank details online. If you upload documents from your account statements it may take a bit longer.
For the Small Business Loan ($5K or more) we usually offer an answer within an hour – provided you submit your request in normal business time and permit us to utilise the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statements, we are able to provide the decision in just an business day.
For the Larger Business Loans ($100K up to $500,000) we may be likely to offer the conditional pre-approval within six hours. Once you’ve signed your pre-approval, turnaround times are between 2 and 3 days for the final approval, however this could be shorter based on the particular circumstances of each application. Some offers have been approved in just 24 hours.
The most efficient method is to ensure you apply during standard business hours and allow us to use the sophisticated bank verification link to instantly confirm your bank details online. If you choose to upload the copies of bank statements, it will take a little longer.
We provide the loan amount between $5,000 to $500,000. If you apply for a specific amount we look at a variety of aspects in order to assess what is the well-being for your company as well as the amount of repayments your company will be able to support. The total amount of the loan will be determined by the specifics that are unique to your business.
When you apply for a specific amount we consider a variety of factors to determine your well-being that is your business and the extent of payments your business can afford. The total amount of your loan will be determined by the specific circumstances the business.
When you apply for the business loan, we’ll assess the risk profile of your company and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a company loan is an upfront cost loan therefore you will be aware in advance of the total amount you will have to pay, including charges or interest.
Interest rates for business loans rates depend on a variety of factors like the amount of money that is borrowed, what company assets the funds will be used for in addition to the industry that the company is operating in, how long the company has been operating, how long the business has sufficient cash flow to cover the loan, and the general well-being and creditworthiness of the company.
There are no hidden costs with our business loans. You’ll know precisely how much it is that you need to pay and when, starting from the first day. There’s no compounding and the loan comes with no additional fees (as long as you make your payments on time).
We do not charge an Application Fee. You can get a cash loan with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with setting up and managing the loan. This is only a fee if you proceed with the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can choose to repay the entire amount of your loan in full at any time.
If you decide to pursue this option, please contact our helpful company loans professionals. They’ll offer you with repayment details and an early payment figure. The figure will be calculated as the total of the principal remaining and the accrued interest up to the date of early payout in addition to 1.5 percent of the principal remaining and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line with your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from your business account.
Making sure that your information is secure, and knowing how we collect the information we collect, use, share and ensure the security of your information is crucial and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and security. We use an advanced banking verification system to instantly verify the bank account details online so we can provide quick responses.
An asset-based loan is when a business owner uses the assets they have to obtain the loan. The asset can be an individual property, such as the family home or it could be a business asset like a truck or piece of equipment.
The vast majority of the lenders even the banks with the biggest size, prefer to guarantee loans against an asset. If you’re having trouble paying back the loan, your assets could be offered for sale by the lender. In essence, it is the process of securing new financing using the value of what you already own.
For loans that exceed $150K, it is not necessary to secure assets upfront to access the money However, we require a personal guarantee. need the personal guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract) the security of assets is not needed. If you take out loans in excess of $150,000 generally, you can get personal guarantee and security in the form a charge over assets.
