The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Check out the conditions of eligibility for our $100K to $500K company credit.
All you need to get started is your contact details (the name of your company, your name, email, phone) along with the amount you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not for starting:
In addition, once we have started with loans over $150,000 you’ll require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
Apply to this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and the funds could be on your account within 24 hours. Traditional business loans reference an interest rate per annum together with additional fees and charges. This company loan is a loan that is priced upfront so you will know in advance the total amount to be paid, including any fees, charges or charges. Then, it is broken down into either a daily or weekly installment amount.
The Small Business Loan can be used to fulfill almost every company use, including control of cash flow company remodels and marketing to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee, which is calculated at 2.5 percentage of the amount of the loan.
In order to be eligible for a loan of this size the company needs to be trading for at least 3 years with an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at the least 12 months of operating.
A larger business loan can be used for almost all company reason, such as company improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is as a result of an charge over assets, and could be registered through the PPSR or filing as a caveat.
A director’s or personal guarantee is a commitment to pay back a loan that is generally in nature rather than stipulating security over an asset. The person who signs the ensure is personally liable in the event that the business the borrower fails to make the repayment.
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 objects or assets). The PPSR gives priority over personal property to be granted depending on the date that a security interest has been registered.
An affidavit is an official document filed to provide an official notice of a claim against a property.
If you’re seeking an enterprise loan of $250K or more, we may offer an initial pre-approval to make the process. We may be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval is based upon an initial assessment, which involves you answering a few financial well-being checks. It’s in no way an offer, nor is it a guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer you receive could have different conditions.
You may be eligible for an company loan if you
The application process is quick and easy. Just fill out the online application in just a few minutes, and a dedicated company credit specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Details for application including credit consent twelve months of bank statements, IRD statements as well as the two most recent years’ financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K and up) we usually offer a response in one hour if you apply during quality business hours and permit us to utilise the bank verification system to instantly verify your bank details online. If you opt to upload copies of your banking statement, we’ll offer the decision in as little as an business day.
For Larger Business Loans ($100K or more) we may be in a position to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however this can be quicker based on the circumstances of each application. Some transactions have received approval in just 24 hours.
The quickest way to apply can be ensure you apply during normal company hours and permit us to use the modern bank verification link to instantly verify your bank account information online. If you choose to send us duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within an hour if you apply within standard business time and let us utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statement, we’ll offer the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K to $500K) we could be capable of provide the conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be faster depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The quickest method can be ensure you apply during normal business hours and allow us to use our modern bank verification link to check your bank’s information online. If you opt to upload the copies of bank statements it takes a bit longer.
We offer loans that range from $5,000 and $500,000. If you apply for a certain amount, we look at a variety of variables to determine the health of the company and the level of repayments that your company is able to afford. The total amount of the loan will be determined by the specific circumstances for your business.
If you apply for a set amount, we consider a variety of aspects to assess your well-being that is your business and the extent of repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics of your business.
When you request our company credit, we’ll assess the risk profile that you have for your company and provide you with a tailored offer that includes the loan amount, the terms and interest rates. This business loan is an upfront-priced loan so you will be aware in advance of the total amount payable including any charges, interest rates or fees.
Business loan interest rates depend on several variables like the amount to be that is borrowed, what business assets the funds are used to purchase in addition to the industry that the business operates in, the long the company has been operating and whether the company has enough cash flow to fund the loan, as well as the overall health and creditworthiness of the business.
There are no hidden costs for our company loans. You’ll know precisely how much it is that you be required to pay and when, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. The only way to pay this fee if you decide to take the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can choose to repay the entire amount of your advance loan at any time.
If you decide to do this please call our helpful business lending professionals. The professionals will provide you with repayment details and an early payment figure. It will be calculated using the total of the principal remaining and any accrued interest at the time of early payment plus 1.5% of the remaining principal and any outstanding fees.
To make sure you do not miss payment dates and to align your cash flow schedule, we offer repayments that are either daily or weekly. They will be automatically deducted from your nominated business account.
Security of your data, and making it clear the ways we gather information, use it, and exchange it, as well as ensure the security of your information is vital and is a crucial element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and security. We make use of an advanced banking verification system to instantly verify the bank account details online. This allows us to provide an immediate response.
Asset-based borrowing occurs when the business owner borrows from an asset they own to obtain the funding. The asset can be an individual property, such as the family home, or an company asset such as a truck or piece of equipment.
The majority of banks, not just the major banks, prefer to secure loans against an asset. If you’re struggling to pay back the loan then the asset could be taken over by the lender. In essence it’s a way of securing new financing using the worth of the asset you already own.
For loans up to $150K there is no requirement for asset security in advance to gain access to the funds however, we do need an individual guarantee. So long as you comply with the loan terms (as specified in the loan contract), asset security will never be required. For loans that exceed $150K, generally there is an individual guarantee and security in the form of an asset charge.
