The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Review the guidelines for eligibility for our $100K-$500K business financing.
All you need to get started is your contact information (the name of your company, your name, email or phone number), how much you want to borrow, as well as your monthly income.
While in the process and before settlement we’ll require confirmation of your identity, but not for starting:
After we start with loans over $150,000 you’ll need the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow friendly repayments which can be made daily or weekly.
Apply to get the Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an immediate response, and have the funds on your account within 24 hours. Traditional business loans have an annual interest rate together with additional fees and charges. Our business loan is a pre-paid loan which means you be aware of the amount you will have to pay, including any fees, interest or charges. This is then broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any company purpose including the management of cash flow, business remodeling, marketing to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on the flow of cash.
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the loan amount.
In order to be eligible for a loan in this amount the business needs to have been trading for at least 3 years and generate an annual revenue of $700K. The applicant must also 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 the least 12 months of operating.
A larger business loan can be used for nearly all business reason, such as company remodeling, buying inventory or new equipment, as general working capital and much more. The loan is not available for personal purposes.
Asset security is required to access funding over $150,000. This can be done by taking a charge against assets, which could also be registered with the PPSR or registering as a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than defining the security of a specific asset. The person signing the guarantee is personally liable in the event that the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR gives prioritisation over property that is personal to be granted according to the date a security interest has been registered.
Caveats are legal document filed to offer the legal claim against a property.
If you’re seeking larger company loans of $250K or more we may be able to provide a preliminary pre-approval to help simplify the process. It is possible to make this decision without a credit check, and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves answering a couple of financial health checks. It’s neither an offer nor a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you might receive could be based on different conditions.
You may be eligible for a business loan if you
The application process is simple and easy. Simply complete the online form within a couple minutes, and an experienced company expert in lending will contact you to guide you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Details for application including credit consent, 12 month bank accounts, the IRD statements as well as the two most recent years’ financial statements, in addition to interim financial statements for the current year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour – as long as you make your application within quality business times and you allow us to utilise the bank verification system to instantly verify your bank details online. If you decide to upload copies of your bank statement, we’ll offer the decision within just one company day.
For the Larger Business Loan ($100K up to $500,000) we may be able to offer you with a conditional pre-approval within six hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Certain deals have been approved in just 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you upload copies of your bank statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we typically provide an answer within one hour – as long as you make your application at standard business timings and you allow us to use the bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements we can provide the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be able to offer you with a conditional pre-approval in around six hours. Once you have signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this may be quicker depending on the specifics of each application. Certain deals have been approved in 24 hours.
The most effective method for you to apply is make sure you apply during normal business hours, and let us use the advance bank verification link to instantly check your bank’s information online. If you opt to upload documents from your account accounts, it takes a bit longer.
We offer 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 that determine what is the health for your company and the level of repayments that your business is able to afford. The amount you receive from the loan will be determined by the specific circumstances that are unique to your business.
If you apply for a certain amount, we consider a variety of elements to determine how much we can lend you such as well-being of your company and the extent of repayments that your company is able to afford. The amount you receive from your loan will be determined by the specific circumstances of your business.
If you decide to make an application for our business loan, we will assess the risk assessment the business and provide an individualised offer that includes the loan amount, the terms and the interest rates. This company loan is an upfront priced loan which means you be aware in advance of the total amount you will have to pay, including costs, fees, or interest rates.
The interest rates on business loans rates differ based on various variables like the amount to be that is borrowed, what business assets the funds will be used for and the sector the business is operating in, how long the company has been operating, what percentage of the business has enough cash flow to cover the loan, and general health and creditworthiness of the business.
There are no hidden costs with our company loans, and you’ll be aware of the amount you’ll need to pay, and when, starting from day one. There’s not any compounding interest and the loan comes with no additional fees (as as long as you pay your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan absolutely no upfront cost and no commitment to apply.
The Origination Fee includes the expenses associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You can repay the total amount of your loan at any point in time.
If you do decide to do this please speak to our friendly company loans professionals. We will provide you with details on repayment and an early payment figure. The figure will be calculated as the total of the remaining principal amount and the accrued interest up to the time of early payment in addition to 1.5 percent of the principal remaining plus any outstanding fees.
To ensure you do not miss payments and to work your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your company account.
Making sure that your information is secure, and being clear about how we collect, use, exchange and secure your information, is of paramount importance and a vital part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our commitment to customer security and privacy. We employ a highly sophisticated bank verification system link to immediately verify your bank account information online so we can offer quick responses.
The term "asset-based" refers to borrowing where a business owner utilises the assets they have to get the funds for a loan. The asset could be an individual asset, such as the family home, or a company asset such as a vehicle or piece of equipment.
The majority of banks, including the major banks, prefer to guarantee loans against an asset. If you have trouble paying back the loan then the asset could be offered for sale by the lender. In essence, it is a way of securing new funding making use of the value of what you already own.
For loans of up to $150,000, no asset security is required prior to the loan’s access, however we require a personal guarantee. require the personal guarantee. If you adhere to the loan terms (as specified in your loan contract document) Asset security is not required. If you take out loans in excess of $150K generally, there is personal guarantee and security in the form of charges on assets.
