The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K business loans.
All that’s needed to get started is your contact information (company name and your name, as well as email, phone), how much you want to borrow, as well as your monthly income.
In the course of the process and before settlement we will need confirmation of your identity however, not in order to begin:
After we start in the process, for loans of more than $150,000 you will also need the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes online or over the phone, receive a same day response and the funds could be on your account within 24 hours. Traditional business loans have an annual interest rate together with additional fees and charges. This company loan is a loan that is priced upfront and you’ll be aware of the total amount due, which includes any fees, charges or charges. Then, it is divided into weekly or daily installment amount.
A Small Business Loan can be used to fulfill almost every business purpose including control of cash flow business remodels and marketing to purchase inventory, new equipment, to fund general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee that is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a credit that is this large the business needs to be operating for a minimum of 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A large business loan can be used for almost all company purpose including business renovations, to purchase equipment or inventory as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is necessary to obtain funding above $150,000. This can be done by taking a charge against assets and can include the registration of this in the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is general in nature, rather than specifying the security of a specific asset. The person who is signing the ensure is personally liable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests that are registered for personal property (including items or assets). The PPSR gives preference over private property assigned according to the date the security interest was registered.
An affidavit is an official document lodged to offer the legal claim to property.
If you’re requesting larger business loans that exceeds $250K it’s possible to offer an initial pre-approval that will help smooth out the process. We might be able to apply for this without a credit check and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes answering a couple of financial health questions. It’s not an offer of credit or guarantee of financing. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer you are offered could be based on different conditions.
You can apply for a company loan if you
The application process is fast and simple. Complete the online form in few minutes and an experienced company credit specialist will be in touch to guide you.
To apply for up to $100,000, you’ll need proof of identity (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K – $500K: Application details including credit consent and 12 month bank accounts, the IRD statement Last 2 years’ finalised financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we usually offer an answer in just one hour – as long as you submit your request in standard business timings and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to send us copies of your bank statements , we are able to provide an answer in as little as the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we might be in a position to provide you with conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the specifics of each application. Some offers have been approved within 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours. You can also allow us to use our advanced bank verification system to verify your bank account information online. If you opt to upload duplicates of your banking statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually provide a response in one hour – as long as you apply within normal business timings and let us use the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your bank statements we can provide an answer in just the span of one business day.
For the Larger Business Loans ($100K or more) we could be in a position to provide you with a conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Certain agreements have been approved within less than 24 hours.
The most effective method can be make sure you apply during standard business hours and allow us to use the advance bank verification to verify your bank account information online. If you decide to send us the copies of bank statement, it may take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount we will consider a number of variables in order to assess the health for your business and the level of repayments your business can afford. The amount you receive from your loan will depend on the specifics of your company.
When you apply for a specific amount we look at a range of aspects to determine how much we can lend you such as well-being of the company and the amount of the repayments your business will be able to support. The total amount of your loan will be determined by the particular circumstances for your company.
If you decide to make an application for our company credit, we’ll assess the risk profile the company and provide an individualised offer, including the amount of the loan, the duration and the interest rates. It is a business loan is an upfront cost loan and you’ll be aware of the total amount you will have to pay, including interest rates, fees or charges.
Interest rates for company loans rates differ based on various factors such as the amount that is borrowed, what business assets the funds are used to purchase as well as the field the company is in, how long the business has been in operation for, in the event that the company has sufficient cash flow to support the loan, and the general well-being as well as creditworthiness business.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount you’ll be required to pay, and when, from day one. There’s not any compounding interest 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 request a credit loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee covers the expenses involved with establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can decide to repay all of your loan at any point in time.
If you do decide to pursue this option, please talk to one of our helpful business loan professionals. We will provide you with repayment details along with an early payout estimate. It will be calculated using the total of the principal amount remaining and accrued interest to the date of early payout, plus 1.5% of the principal amount remaining and any outstanding fees.
In order to help you avoid missing payments and to work your cash flow schedule, we provide payments that are either daily or weekly. They will be automatically deducted from the nominated business account.
The security of your personal information, as well as being clear about the ways we gather, use, exchange and protect your information, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their security. We use an advanced banking verification system to instantly verify the bank account details online so we can provide rapid response.
The term "asset-based" refers to borrowing where a business owner utilises an asset they own to secure a loan. The asset can be either an individual asset, such as the family home or an company asset like a truck or piece or equipment.
The vast majority of banks, even the banks with the biggest size, prefer to make loans secured by an asset. If you are having difficulty paying back the loan then your asset may be taken over by the lender. In essence it is means of securing new financing taking advantage of the value of what you already own.
Up to $150,000 in loans no asset security is required upfront to access the money but we do need a personal guarantee. In the event that you fulfill your loan obligations (as stipulated in your loan contract document), asset security will never be required. For loans of over $150K generally, you are able to get a personal guarantee and security that is in the form an asset charge.
