The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K to $500K company loan.
All that’s required to begin is your contact details (company name and your name, as well as email, phone) and the amount you’d like to borrow, and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
Additionally after we get started with loans greater than $150,000 you’ll also require 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 month and cash flow friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be on your account within 24 hours. Traditional business loans are based on an interest rate per annum plus other fees and charges. We offer a company loan is a pre-paid loan so you will be aware of the total amount to be paid, including any fees, charges or charges. This is then broken down into weekly or daily payment amount.
A Small Business Loan can be used to fulfill almost any business need, such as the management of cash flow, company remodels and marketing for purchasing inventory or new equipment, to fund 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. The loan ranges from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on your situation.
A Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit that is this large, your business needs to be trading for at least 3 years, and have an annual income of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Business Loan of a larger size is a great option for almost all company purpose including company renovations, to purchase new equipment or inventory as well as for general working capital and much more. The loan cannot be used for personal purposes.
Asset security is required to obtain funding above $150,000. It’s by way of charge over assets, which could also include registering this through the PPSR or making a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature, rather than stipulating security over a particular asset. The person who is signing the guarantee is personally liable if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned depending on the date that a registration of a security interest.
Caveats are legal form of document to offer notice of a legal claim to property.
If you’re requesting larger business loans that is greater than $250K it is possible to offer an initial pre-approval that will help make the process. We might be able to get this done without a credit check, and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial well-being questions. It is not an offer of credit or guarantee of financing. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you are offered could have different conditions.
You can apply for an company loan if you
The application process is fast and easy. Complete the online form within a couple minutes, and an experienced business credit specialist will call you to help you.
To apply for up to $100,000 you’ll need proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Information on the application including credit consent and 12 months of bank records, IRD statement and the last two years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K up to $100,000) we typically provide a response in one hour if you submit your request at quality company times and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statements , we will be able to offer a decision within an business day.
For the Larger Business Loan ($100K or more) we may be likely to offer you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some deals have been approved in 24 hours.
The quickest method would be to make sure you apply during normal company hours, and let us use the advanced bank verification system link to check your bank’s information online. If you opt to upload duplicates of your banking statements it will take a little longer.
For the Small Business Loan ($5K and up) we typically offer a response in one hour if you make your application within normal business times and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your banking statements, we will be able to offer an answer in as little as the span of one business day.
For Larger Business Loans ($100K up to $500,000) we may be able to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this can be faster depending on the circumstances of each application. Certain agreements have been approved in just 24 hours.
The quickest method is to make sure you apply during standard business hours, and allow us to use the modern bank verification link to verify your bank information online. If you opt to send us documents from your account accounts, it will take a little longer.
We provide loan amounts between $5,000 and $500,000. When you submit an application for a certain amount, we consider a variety of aspects in order to assess how much we can lend you health of the business as well as the amount of repayments that your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances for your business.
When you apply for a set amount, we look at a range of variables to determine how much we can lend you such as well-being that is your business and the amount of repayments that your company can support. The amount you receive from your loan will be contingent on the particular circumstances for your business.
When you apply for one of our company loans, we’ll assess the risk assessment of your business and provide you with a customised offer that includes the loan amount, the terms and the interest rates. A company loan is a loan that is priced upfront so you will know the exact amount due, which includes any interest rates, fees or charges.
Business loan interest rates depend on several factors like the amount of money borrowed, what company assets the money will be used for in addition to the industry that the business is operating in, how long the business has been running and what percentage of the business has sufficient cash flow to fund the loan, and also the general well-being or financial standing of the business.
There aren’t any hidden charges with our company loans, and you’ll know precisely what you’ll be required to pay and when, right from the very 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 can apply for a loan with without any upfront costs or obligation to proceed.
The Origination Fee covers the costs associated with establishing and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay all of your loan at any point in time.
If you are deciding to do this please talk to one of our helpful company credit specialists. They’ll provide you with repayment details and an early payout figure. It will be calculated using the sum of the principal balance plus any accrued interest as of the date of early payout and 1.5% of the principal amount remaining as well as any outstanding fees.
To help you avoid missing repayments and to fit in your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from your business account.
Protecting your information, and knowing the ways we gather data, process, exchange and protect your information, is crucial and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system link to immediately verify the bank account details online to provide a fast response.
The term "asset-based" refers to borrowing where the business owner borrows from assets they own to get the funds for a loan. The asset can be either an asset belonging to the personal, like the family home, or it could be a company property like a truck or piece or equipment.
The majority of lenders, not just the banks with the biggest size, prefer to guarantee loans against assets. If you have trouble paying back the loan, your asset may be taken over by the lender. In essence it is means of securing new funding using the value of what you already own.
For loans up to $150,000 there is no requirement for asset security before you can access the money but we require a personal guarantee. need a personal guarantee. If you adhere to your loan commitments (as detailed in your loan contract) Asset security will never be required. For loans that exceed $150K, typically, you will need a personal ensure and security in the form of a charge over assets.
