The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K-$500K business loan.
All you need to start is your contact details (company name, your name, email address and phone), how much you’d like to borrow and your monthly revenue.
While in the process and before settlement we’ll need confirmation of your identity, but not to get started:
In addition, once we have started, for loans greater than $150,000 you’ll also require fundamental financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments that are either daily or weekly.
The application to your Small Business Loan in under 10 minutes on the internet or over the phone, receive an answer within the same day and funds may be on your account within 24 hours. Traditional company loans are based on an interest rate per annum as well as other fees and charges. The company loan is a cash-based loan so you will know ahead of time the total amount payable including any fees, charges or charges. This is then divided into a daily or weekly installment amount.
The Small Business Loan can be used for virtually any business reason, such as the management of cash flow, company improvements, advertising to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are scheduled weekly or fortnightly in order to accommodate the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5% of the loan amount.
In order to be eligible for a loan that is this large, your company needs to be trading for at least 3 years, and have an annual income of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used for nearly every business need, including company renovations, to purchase new equipment or inventory for general working capital and much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. It’s in the form of a charge over assets, and may include registration in the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than stipulating the security for a particular asset. The person who is signing the guarantee is personally liable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It lists security interests that are which are registered with respect to personal property (including goods or assets). The PPSR gives priority over personal property to be assigned depending on the date that a security interest was registered.
The caveat can be described as a formal document that is filed to offer notice of a legal claim to property.
If you’re seeking the Larger Business Loan of $250,000 or more, we may offer a preliminary pre-approval to help simplify the process. We could be able to do this without credit checks and within 6 hours of your initial application. This pre-approval is based on an initial assessment that includes answering a couple of financial health questions. It is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you may receive may have different terms.
You can apply for an business loan if you
The application process is simple and easy. Simply complete the online form in few minutes and an experienced company credit specialist will call you to guide you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months of bank statements.
For larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details of the application, including credit consent and 12 months bank statement, an IRD statement, last 2 years finalised financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables summaries.
For an unsecured loan ($5K or more) we can often provide an answer within an hour, provided you apply at quality company hours and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you opt to upload copies of your bank statements , we are able to offer the decision in just 1 business day.
For Larger Business Loans ($100K or more) we may be capable of provide you with conditional pre-approval within about 6 hours. After you’ve signed your pre-approval document, you will require to wait between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Certain offers have been approved within less than 24 hours.
The most efficient method can be ensure you apply during standard business hours. Also, allow us to use our modern bank verification to instantly confirm your bank details online. If you opt to upload copies of your bank statements , it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we usually offer an answer in just one hour – as long as you make your application during normal business hours and let us use the bank verification system to immediately verify your bank account information online. If you want to send us copies of your bank statements, we will be able to provide the decision in just 1 business day.
For Larger Business Loans ($100K to $500K) we might be in a position to provide you with a conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based on the particular circumstances of each application. Some transactions have received approval within 24 hours.
The fastest method would be to ensure you apply during normal business hours, and allow us to use the advance bank verification to instantly confirm your bank details online. If you send us copies of your bank statement, it may take a bit longer.
We provide the loan amount between $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of aspects for determining what is the well-being for your company as well as the amount of repayments that your company can support. The total amount of your loan will be contingent on the specific circumstances of your business.
When you submit an application for a certain amount, we take into consideration a variety of factors to assess how much we can lend you such as well-being for your company and the amount of repayments that your business can afford. The total amount of your loan will be determined by the specific circumstances of your business.
If you decide to apply for one of our business credit, we’ll assess the risk profile that you have for your business and provide you with a customised proposal that includes the loan amount, the terms and interest rates. The business loan is an upfront cost loan so you will know the exact amount you will have to pay, including costs, fees, or interest rates.
Interest rates for company loans rates depend on several factors including the amount borrowed, what business assets the funds are used to purchase, the industry the company operates in, how long the company has been operating, what percentage of the business has enough cash flow to fund the loan, as well as the general health or financial standing of the business.
There aren’t any hidden charges for our company loans. You’ll know exactly how much it is that you need to pay and when, from the day you sign up. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee includes the expenses associated with setting up and managing the loan. This is only a fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the loan amount.
You may choose to pay back the entire amount of your loan in full at any time.
If you do decide to pursue this option, please contact our helpful business loan professionals. They will provide you with details for repayment and an early payout figure. The figure will be calculated as the sum of the principal balance and any accrued interest at the date of early payout, plus 1.5 percent of the remaining principal as well as any outstanding fees.
To help you avoid missing payments and to work with your cash flow standard, we provide repayments either daily or weekly. These are automatically deducted from the nominated business account.
Security of your data, and being clear about how we collect, use, exchange and safeguard your data, is of paramount importance and an integral element of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to security for our clients and privacy. We utilise a sophisticated banking verification system to immediately verify your bank account details online. This allows us to provide rapid response.
The term "asset-based" refers to borrowing where the company owner utilises assets they own to get the funds for a loan. The asset can be a personal asset like the family home, or an business asset like a truck or piece of equipment.
The majority of lending institutions, even the big banks, tend to guarantee loans against assets. If you are having difficulty paying back the loan then your assets could be sold by the lender. In essence it’s a way of securing new financing by taking advantage of the value of what you already own.
For loans up to $150K no asset security is required before you are able to access the money However, we do require an individual guarantee. In the event that you fulfill your loan obligations (as specified in your loan contract document) the security of assets will never be required. For loans of over $150,000 generally, there is an individual ensure and security that is in the form a charge over assets.
