The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Take a look at the conditions of eligibility for our $100K to $500K business credit.
All you need to get started is your contact information (the name of your company, your name, email or phone number) as well as the amount you’d like to lend, and your monthly revenue.
While in the process and before settlement we will require confirmation of who you are, but not before we can begin:
In addition, once we have started with loans over $150,000 you’ll also require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow-friendly repayments that are either per day or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and funds may be in your account in 24 hours. Traditional business loans have an annual interest rate plus other fees and charges. The business loan is a pre-paid loan and you’ll be aware of the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily amount to be paid back.
A Small Business Loan can be used for almost every business need, such as the management of cash flow, business improvements, advertising for purchasing inventory or new equipment, to fund general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan of this size, your company needs to have been operating for a minimum of 3 years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A Business Loan of a larger size is a great option for almost every business need, including business improvements, purchasing new equipment or inventory for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is required for accessing funds over $150,000. It is usually as a result of an charge against assets, which could also include registering this through the PPSR or filing a caveat.
A director’s or personal ensure is a promise to pay off a credit line that is general in nature rather than stating the security for a particular asset. The person who signs the guarantee is personally liable if the business lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including items or assets). The PPSR permits preference over private property assigned according to the date a security interest was registered.
The caveat can be described as a formal form of document to provide the legal claim to a property.
If you’re applying for the Larger Business Loan that is greater than $250K, we may offer an initial pre-approval in order to simplify the process. We may be able to get this done without a credit verification and within 6 hours of the initial application. This pre-approval is based on an initial assessment, which involves answering a couple of financial well-being checks. It is neither an offer nor a guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer that you may receive may have different conditions.
You are eligible to apply for a business loan if you
The application process is fast and simple. Just complete the online application in few minutes and a dedicated company lending specialist will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s License), an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K to $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K-$500K: Information on the application including credit consent, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually provide an answer in just one hour – as long as you make your application within standard business timings 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 in just 1 company day.
For the Larger Business Loan ($100K to $500K) we may be capable of offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this can be quicker based on the specifics of each application. Some transactions have received approval within 24 hours.
The quickest method can be ensure you apply during normal company hours and allow us to use our advance bank verification link to check your bank’s information online. If you choose to send us copies of your bank statement, it will take a little longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour – as long as you submit your request in standard business times and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to submit copies of your bank statements we can offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be likely to provide you with a conditional pre-approval in about 6 hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval. However, this could be shorter based upon the circumstances for each application. Certain transactions have received approval in just 24 hours.
The most efficient method would be to make sure you apply during standard business hours, and permit us to use the sophisticated bank verification to verify your bank information online. If you decide to send us duplicates of your banking statement, it will take a little longer.
We offer loan amounts between $5,000 to $500,000. When you make an application for a specific amount we take into consideration a range of aspects for determining what is the health that is your company and the amount of payments your company can afford. The amount you receive from your loan will be contingent on the particular circumstances for your company.
When you apply for a particular amount, we take into consideration a variety of elements to determine your health of the company as well as the amount of the repayments your business can support. The total amount of your loan will be determined by the particular circumstances the business.
When you make an application for one of our company financing, we’ll assess the risk profile for your business and offer you with a customised offer that includes the amount of the loan, the duration and interest rates. This company loan is a loan that is priced upfront and you’ll know in advance the total amount to be paid, including any charges or interest.
Interest rates for company loans rates differ based on various factors such as the amount that is borrowed, the company assets the money are used to purchase in addition to the industry that the business operates in, the long the business is in operation, what percentage of the business has sufficient cash flow to pay for the loan, as well as the general well-being or creditworthiness of the business.
There aren’t any hidden charges with our company loans, and you’ll know exactly how much you be required to pay, and when, starting from the day you sign up. There’s not any compounding interest and no extra fees (as long as you are able to make your payments on time).
We do not charge an application fee. You are able to apply for a loan with without any upfront costs or obligation to proceed.
The Origination Fee is the cost associated with setting up and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay the entire amount of your advance loan at any time.
If you choose to pursue this option, please contact our helpful business loans professionals. They will offer you with details for repayment and an early payment figure. This will be calculated as the sum of the principal balance plus any accrued interest as of the date of early payout in addition to 1.5 percent of the principal remaining plus any outstanding fees.
To make sure you do not miss repayments and to fit in with your cash flow standard, we offer repayments that are either weekly or daily. They are automatically deducted from your company account.
Security of your data, and being clear about how we collect data, process, exchange and secure your information, is crucial and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to security for our clients and security. We utilise a sophisticated bank verification system that allows you to instantly confirm your bank account information online, allowing us to provide an immediate response.
An asset-based loan is when a company owner utilises the assets they have to get the funding. The asset could be a personal asset like the family home or a company asset such as a vehicle or piece or equipment.
The vast majority of lenders, not just the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan, then the asset could be sold by the lender. In essence, it’s a way of securing additional financing making use of the value of what you already have.
For loans up to $150K there is no requirement for asset security in advance to gain access to the funds however, we do need the personal guarantee. As long as you follow the terms of your loan (as stated in your loan contract document), asset security will never be needed. For loans that exceed $150,000, generally, there is a personal guarantee and security in the form charges on assets.
