The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K company loans.
All that’s required to get started is your contact details (company name, your name, email address and phone) and the amount you want to borrow, and your monthly earnings.
Through the process and before settlement we’ll require confirmation of who you are, but not for starting:
Additionally after we get started in the process, for loans greater than $150,000 you will also require basic financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
Apply for this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and have the funds in your account in 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. We offer a business loan is a pre-paid loan so you will know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used to fulfill almost any business reason, such as the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the amount of the loan.
To be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan can be used to fund almost any company reason, such as company remodeling, buying new equipment or inventory, as general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required for funding of more than $150,000. This is by taking a charge against assets, and may include registering this through the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay credit that is general in nature rather than defining the security for a particular asset. The person who signs the ensure is personally accountable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR permits priority over personal property to be assigned according to the date the security interest that is registered.
An affidavit is an official document filed to offer an official notice of a claim against a property.
If you’re requesting the Larger Business Loan of more than $250K we may be able to provide a preliminary pre-approval to help ease the process. It is possible to apply for this without a credit check, and within six hours of your initial application. This pre-approval is made based on an initial assessment, which involves the answer to a series of financial health questions. It is neither an offer nor a guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you receive could have different conditions.
You are eligible to apply for an company loan if you
The application process is fast and simple. Complete the online form in just a few minutes, and a dedicated business credit specialist will contact you to guide you.
To apply for up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) and an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll need:
$100K-$250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent twelve months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often offer an answer in just one hour – as long as you apply within standard company times and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your banking statements , we’ll be able to provide an answer within just the span of one company day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be able to provide you with conditional pre-approval in about 6 hours. After you’ve signed your pre-approval, turnaround times are about 2-3 days for final approval, however it could be faster based on the particular circumstances of each application. Some deals have been approved in less than 24 hours.
The fastest way is to ensure you apply during standard company hours, and allow us to use the advance bank verification link to instantly verify your bank account information online. If you upload the copies of bank accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – provided you apply within normal business hours and allow us to make use of the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements we can offer an answer within an business day.
For the Larger Business Loans ($100K or more) we may be capable of provide the conditional pre-approval in around 6 hours. Once you have signed the pre-approval document, you will require to wait about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Some transactions have received approval in the space of 24 hours.
The quickest method would be to make sure you apply during standard business hours. You can also let us use the advanced bank verification system link to instantly check your bank’s information online. If you opt to send us the copies of bank statement, it can take a bit longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of elements in order to assess the well-being of your company and the amount of repayments your business will be able to support. The amount you receive from your loan will be contingent on the specifics of your company.
When you make an application for a specific amount we will consider a number of factors to determine how much we can lend you such as well-being that is your company and the extent of repayments your business will be able to support. The total amount of your loan will be determined by the particular circumstances the business.
If you decide to request our company credit, we will assess the risk profile for your company and provide you with a customised 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 know the exact amount you will have to pay, including costs, fees, or interest rates.
Interest rates for company loans rates vary due to factors like the amount of money that is borrowed, what company assets the money will be used for and the sector the company operates in, the long the company is in operation, what percentage of the company has enough cash flow to cover the loan, as well as the overall health or financial standing of the company.
There are no hidden costs for our company loans, and you’ll know exactly how much you’ll need to pay and at what time, from the day you sign up. There’s no compounding and no extra fees (as as long as you pay your payments in time).
We do not charge an Application Fee. You can get a cash loan without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back all of your loan in full at any time.
If you choose to do this please talk to one of our helpful company credit experts. They will provide you with the details of your repayment as well as an early payout amount. This will be calculated as the sum of the principal balance and accrued interest to the time of early payout and 1.5% of the principal balance as well as any outstanding fees.
To ensure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your designated business account.
Making sure that your information is secure, and being clear about the ways we gather the information we collect, use, share and protect your information, is of paramount importance and an integral aspect of our relationship with you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We use an advanced bank verification system to immediately verify your bank account details online to provide an immediate response.
The term "asset-based" refers to borrowing where the company owner borrows from assets they own to get a loan. The asset can be either an individual asset, such as the family home, or an business property like a truck or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to make loans secured by assets. If you’re struggling to pay back the loan, then the asset could be transferred to the lender. In essence it is a way of securing new funding using the value of what you already own.
For loans that exceed $150K, the requirement for asset security is not required upfront to access the money, however we do need a personal guarantee. In the event that you fulfill your loan commitments (as stated in your loan contract document) Asset security will never be needed. For loans of over $150K generally there is a personal ensure and security that is in the form an asset charge.
