The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Need more funds? Check out the eligibility requirements for our $100K to $500K business financing.
All you need for starting is your contact information (company name, your name, email and telephone) and the amount you want to borrow, and your monthly revenue.
During the process and before settlement we will require confirmation of your identity, but not for starting:
In addition, once we have started in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments, which are either daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an immediate response, and funds may be on your account within 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. The business loan is a cash-based loan and you’ll know in advance the total amount due, which includes any fees, charges or charges. This is then broken down into either a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for virtually any company need, such as cash flow management, company improvements, advertising, to purchase inventory or new equipment, or as 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 growth opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years, and have an annual income of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A large company loan can be used for nearly any business reason, such as business renovations, purchase of equipment or inventory or as general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is required to access funding over $150,000. It’s in the form of a charge over assets, and may include registration through the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than specifying security over an asset. The person who signs the guarantee is personally liable if the business creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR grants priority over personal property to be granted in accordance with the date on which a security interest has been registered.
A caveat is a legal form of document to provide an official notice of a claim to a property.
If you’re applying for an enterprise loan that is greater than $250,000 we may be able to provide an initial pre-approval that will help simplify the process. We could be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial health checks. It is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you are offered could be on different terms.
You may apply for an company loan if you;
The process for applying is fast and easy. Just fill out the online application within a few minutes and a dedicated business expert in lending will contact you to assist you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s License) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, in addition to interim current financial year financials including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K to $100K) we can often offer an answer within one hour, provided you apply during quality company times and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you decide to submit copies of your bank statements we can provide a decision within just one business day.
For Larger Business Loans ($100K and up) we may be in a position to offer the conditional pre-approval in about six hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The quickest method for you to apply is ensure you apply during normal company hours. Also, allow us to use our modern bank verification to instantly check your bank’s information online. If you decide to upload duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer within one hour, provided you apply at standard business timings and let us use the advanced bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements we can offer the decision in as little as an business day.
For Larger Business Loans ($100K and up) we could be able to provide you with pre-approval conditional to your application in about 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the circumstances of each application. Certain transactions have received approval in 24 hours.
The quickest method is to ensure you apply during normal business hours and let us use the sophisticated bank verification to verify your bank account information online. If you opt to upload copies of your bank statement, it can take a bit longer.
We offer loans that range from $5,000 to $500,000. If you apply for a specific amount we look at a variety of variables that determine what is the health of your business and the amount of payments your company will be able to support. The total amount of the loan will be determined by the particular circumstances the business.
When you submit an application for a particular amount, we will consider a number of variables to determine your health of the company and the extent of payments your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances the business.
If you decide to apply for business loans with us business loans, we will assess the risk assessment for your business and provide you with a customised offer including loan amount, term and the interest rates. A business loan is an upfront cost loan which means you know in advance the total amount due, which includes any charges or interest.
Interest rates for business loans rates depend on several factors like the amount of money borrowed, what company assets the funds are used to purchase and the sector the business operates in, how long the business has been operating, what percentage of the business has enough cash flow to pay for the loan, and the overall health or creditworthiness of the company.
There are no hidden fees with our company loans. You’ll know precisely how much it is that you need to pay and when, starting from day one. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans without any upfront costs or obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can choose to repay the entire amount of your loan in full at any time.
If you are deciding to take this route, please contact our helpful company lending experts. They will offer you with details on repayment along with an early payout estimate. This will be calculated as the sum of the remaining principal amount plus any accrued interest as of the time of early payment plus 1.5 percent of the principal amount remaining plus any outstanding fees.
To make sure that you don’t miss payments and to work with your cash flow cycle we offer repayments that are either weekly or daily. These are automatically deducted from your company account.
Making sure that your information is secure, and making it clear the ways we gather, use, exchange and ensure the security of your information is of huge importance and is a crucial element of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We employ an exceptionally sophisticated bank verification system that allows you to instantly confirm your bank account information online, allowing us to provide an immediate response.
Asset-based borrowing occurs when the business owner uses assets they own to make a loan. The asset can be either a personal asset like the family home or an business asset such as a truck as well as a piece of machine.
The vast majority of the lenders even the banks with the biggest size, prefer to secure loans against assets. If you are having difficulty paying back the loan, your asset may be offered for sale by the lender. In essence, it’s the process of securing additional financing taking advantage of the value of what you already own.
For loans that exceed $150K, there is no requirement for asset security upfront to access the money, however we do need the personal guarantee. In the event that you fulfill your loan commitments (as specified in the loan contract) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150,000 generally, there is personal guarantee and security that is in the form the charge of assets.
