The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Find out the eligibility requirements for our $100K to $500K company loan.
All you need to start is your contact details (the name of your company and your name, as well as email and telephone) along with the amount you’d like to borrow and your monthly earnings.
Through the process and before settlement we will need confirmation of who you are but not to get started:
After we start when it comes to loans over $150,000 you’ll need basic financial statements:
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
Apply to get your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and have the funds available in just 24 hours. Traditional company loans reference an annual interest rate together with additional fees and charges. Our company loan is a loan that is priced upfront and you’ll know in advance the total amount payable including any fees, interest or charges. Then, it is broken down into weekly or daily payment amount.
A Small Business Loan can be used for virtually every business purpose including cash flow management, company improvements, advertising for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
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 that is this large the business needs to have been trading for at least 3 years and have an annual turnover of $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A larger company loan can be used to fund almost any business use, including company improvements, purchasing equipment or inventory as well as for general working capital and much more. The loan is not available for personal reasons.
Asset security is needed to obtain funding above $150,000. It’s in the form of a charge against assets, and could include registration on the PPSR or registering as a caveat.
A personal or director’s ensure is a commitment to pay off a credit line that is general in nature, rather than stating the security of a specific asset. The person who signs the ensure is personally liable in the event that the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR gives prioritisation over property that is personal to be assigned in accordance with the date on which a security interest has been registered.
A caveat is a legal document lodged to provide the legal claim against a property.
If you’re seeking a Larger Business Loan of more than $250K we can offer an initial pre-approval in order to simplify the process. We might be able to apply for this without a credit check, and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves answering a couple of financial health questions. This is neither an offer nor a guarantee of finance. Unconditional approval is subject to a full credit assessment and any offer you are offered could be subject to different terms.
You may apply for an business loan if you:
The application process is simple and simple. Simply complete the online form within a couple minutes, and an experienced company credit specialist will contact you to help you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent, 12 months of bank records, IRD statements Last 2 years’ finalised financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K or more) we usually provide an answer within an hour, provided you make your application during quality business hours and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statement, we’ll provide a decision in just 1 company day.
For the Larger Business Loan ($100K up to $500,000) we may be capable of provide the conditional pre-approval within six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this may be quicker depending on the particular circumstances of each application. Some offers have been approved within 24 hours.
The quickest way to apply would be to ensure you apply during standard company hours. You can also permit us to use the modern bank verification link to check your bank’s information online. If you decide to send us duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K and up) We can usually provide an answer within one hour – provided you apply at normal business hours and allow us to use the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your bank statements, we’ll be able to offer the decision in just 1 business day.
For Larger Business Loans ($100K up to $500,000) We may be in a position to offer you with conditional pre-approval within 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 agreements have been approved within the space of 24 hours.
The fastest method is to make sure you apply during normal business hours and permit us to use the advanced bank verification system to instantly verify your bank account information online. If you opt to send us the copies of bank statements it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. When you make an application for a certain amount we take into consideration a range of elements in order to assess your health for your company and the level of payments your business can afford. The amount you receive from the loan will be determined by the specifics of your business.
When you apply for a specific amount we will consider a number of aspects to assess the health for your company and the level of repayments your business can support. The amount you receive from your loan will depend on the specifics the business.
When you request one of our company loan, we will assess the risk assessment that you have for your business and offer you with a customised proposal that includes loan amount, term and interest rates. This business loan is an upfront cost loan therefore you will know the exact amount you will have to pay, including charges, interest rates or fees.
Interest rates for business loans rates vary due to variables like the amount to be of money borrowed, the company assets the money are used to purchase, the industry the company operates in, how long the business has been operating, how long the company has sufficient cash flow to pay for the loan, and also the general health as well as creditworthiness business.
There aren’t any hidden charges with our company loans. You’ll know precisely what you’ll need to pay and at what time, from day one. There’s not any compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We don’t charge an Application Fee. You are able to apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can repay the total amount of your loan in full at any time.
If you choose to pursue this option, please talk to one of our helpful business loans specialists. The specialists will provide you with details for repayment as well as an early payout amount. The figure will be calculated as the sum of the principal amount remaining and any accrued interest at the time of early payment, plus 1.5% of the principal amount remaining and any fees that remain unpaid.
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we provide payments that are either daily or weekly. These are automatically deducted from your nominated business account.
The security of your personal information, as well as knowing the ways we gather the information we collect, use, share and safeguard your data, is of huge importance and is a crucial part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We utilise a sophisticated bank verification system that allows you to instantly confirm your bank account information online. This allows us to provide quick responses.
An asset-based loan is when a business owner makes use of an asset they own to get the funding. The asset could be an asset belonging to the personal, like the family home, or an company asset such as a truck or piece of equipment.
The majority of the lenders including the major banks, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, your assets could be taken over by the lender. In essence, it’s means of securing new funding taking advantage of the value of what you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds However, we do need a personal guarantee. If you adhere to the terms of your loan (as stipulated in your loan contract document), asset security will never be needed. For loans over $150,000 generally, there is the option of a personal ensure and security in the form of the charge of assets.
