The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K company loans.
All that’s required to get started is your contact information (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’ll need confirmation of your identity but not before we can begin:
After we start with loans greater than $150,000 you’ll also require the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
Apply to get the Small Business Loan in under 10 minutes by phone. You will receive a same day response and funds may be in your account within 24 hours. Traditional business loans have an annual interest rate as well as other fees and charges. This company loan is a loan that is priced upfront which means you know ahead of time the amount you will have to pay, including the interest, fees and charges. Then, it is broken down into weekly or daily payment amount.
The Small Business Loan can be used for nearly every business reason, such as managing cash flows, company renovations, marketing for purchasing inventory or new equipment, as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans range from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly in order to accommodate your cash flow.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the amount of the loan.
To be eligible for a credit of this size, your business needs to be in operation for at least 3 years, and have an annual income of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for almost any business purpose including business improvements, purchasing equipment or inventory for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. It is usually by way of charge over assets and can include registering this on the PPSR or filing a caveat.
A personal or director’s ensure is a guarantee to pay back a loan that is generally based rather than specifying security over a particular asset. The person who is signing the guarantee is personally liable if the company creditor is unable 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 permits the priority of personal property assigned depending on the date that a security interest has been registered.
An affidavit is an official document that is filed to provide the legal claim on a property.
When you’re applying for an enterprise loan of $250,000 or more, we may offer an initial pre-approval that will help smooth out 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 you answering a few financial well-being questions. It is not an offer of credit or guarantee of credit. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you receive could be on different conditions.
You are eligible to apply for an business loan if you:
The application process is simple and simple. Just fill out the online application within a few minutes and a dedicated business credit specialist will be in touch to guide you through the process.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Application requirements, 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 as well as 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K to $100K) We can usually provide an answer within an hour, provided you submit your request within standard company hours and allow us to utilise the bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements , we are able to offer a decision within just the span of one company day.
For Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with pre-approval conditional to your application in around six hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval in the space of 24 hours.
The quickest way to apply can be make sure you apply during normal company hours and let us use the advance bank verification to verify your bank information online. If you opt to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually provide an answer in just one hour – as long as you make your application at normal business time and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you decide to send us copies of your bank statements, we are able to offer a decision in as little as 1 business day.
For the Larger Business Loans ($100K to $500K) we may be capable of offer the conditional pre-approval within six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some offers have been approved in the space of 24 hours.
The fastest method is to ensure you apply during standard business hours, and allow us to use the advance bank verification link to confirm your bank details online. If you choose to send us duplicates of your banking statement, it may take a bit longer.
We provide loans that range from $5,000 to $500,000. When you submit an application for a certain amount we look at a variety of aspects in order to assess what is the health for your business and the level of repayments that your company will be able to support. The amount you receive from the loan will be determined by the particular circumstances for your company.
When you make an application for a set amount, we look at a range of variables to determine your health for your company and the amount of repayments your business can afford. The amount you receive from your loan will depend on the specifics that are unique to your business.
When you apply for our business loan, we’ll assess the risk profile for your business and provide you with a customised offer including the amount of loan, the term and interest rates. A business loan is an upfront cost loan which means you know the exact amount due, which includes any charges or interest.
The interest rates on company loans rates vary due to factors including the amount borrowed, the company assets the money are used to purchase and the sector the business is operating in, how long the business has been running, whether the company has enough cash flow to pay for the loan, as well as the overall well-being or creditworthiness of the business.
There aren’t any hidden costs with our company loans, and you’ll know precisely how much it is that you be required to pay and when, starting from the first day. There’s no compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We do not charge an application fee. You are able to get a cash loan with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You may choose to pay back the entire amount of your loan at any point in time.
If you do decide to do this please speak to our friendly business loan specialists. We will provide you with repayment details and an early payout figure. It will be calculated using the sum of the remaining principal amount plus any accrued interest as of the time of early payout plus 1.5% of the remaining principal as well as any outstanding fees.
To make sure that you don’t miss payments and to work your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your company account.
The security of your personal information, as well as being upfront about how we collect the information we collect, use, share and protect your information, is vital and an integral part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced bank verification system that allows you to instantly verify the bank account details online, allowing us to offer rapid response.
An asset-based loan is when a business owner makes use of assets they own to secure the funding. The asset could be a personal asset like the family home, or a company asset such as a truck or piece of equipment.
The majority of the lenders even the banks with the biggest size, prefer to guarantee loans against an asset. If you’re struggling to pay back the loan, your assets could be taken over by the lender. In essence, it’s the process of securing additional financing using the worth of the asset you already own.
For loans up to $150,000 it is not necessary to secure assets 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) Asset security is not needed. If you take out loans in excess of $150K typically, you will need a personal guarantee and security in the form charges on assets.
