The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Are you looking for additional funding? Take a look at the guidelines for eligibility for our $100K-$500K business loan.
All you need to start is your contact information (company name, your name, email and telephone) along with the amount you’d like to lend, and your monthly earnings.
In the course of the process and before settlement we’ll require confirmation of your identity but not before we can begin:
After we start in the process, for loans greater than $150,000 you will also need fundamental financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts between $5,000 and $100,000. The terms range between 3 and 24 month and cash flow friendly repayments that are either daily or weekly.
Apply to your Small Business Loan in under 10 minutes on the internet or by phone. You will receive an instant response and funds may be in your account within 24 hours. Traditional company loans refer to an interest rate per annum along with other charges and fees. Our business loan is a pre-paid loan therefore you’ll be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then divided into weekly or daily installment amount.
The Small Business Loan can be used for almost every business use, including the management of cash flow, business remodels and marketing for purchasing inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly depending on the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To be eligible for a loan in this amount, your company needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700,000. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A Business Loan of a larger size is a great option for almost any business reason, such as business improvements, purchasing equipment or inventory for general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed to access funding over $150,000. It’s by taking a charge against assets and can include registration through the PPSR or registering a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature rather than stipulating the security for a particular asset. The person signing the ensure is personally liable if the company the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR permits preference over private property granted depending on the date that a security interest was registered.
Caveats are legal document lodged to offer an official notice of a claim to a property.
If you’re seeking the Larger Business Loan that is greater than $250K, we may offer an initial pre-approval to smooth out the process. We could be able to get this done without a credit verification and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial health questions. It is not an offer of credit or guarantee of finance. A conditional approval is subject an assessment of your creditworthiness and any offer you may receive may have 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 couple minutes, and a dedicated business lending specialist will be in touch to help you.
To apply for up $100,000, you’ll need ID details (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent, 12 months of bank statements, IRD statements, last 2 years finalised financial statements, in addition to interim current financial year financials, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K and up) We can usually provide a response in one hour, provided you apply during standard company hours and permit us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to submit copies of your bank statements , we are able to offer an answer within just the span of one business day.
For Larger Business Loans ($100K to $500K) we could be able to offer you with conditional pre-approval within about six hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Some deals have been approved within less than 24 hours.
The quickest way to apply is to ensure you apply during normal business hours and permit us to use the advance bank verification link to check your bank’s information online. If you send us copies of your bank statements it can take a bit longer.
For the Small Business Loan ($5K or more) We can usually offer an answer within an hour if you submit your request in normal business times and let us use the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we are able to provide an answer within one business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to provide you with a conditional pre-approval within about six hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain deals have been approved in less than 24 hours.
The fastest method is to ensure you apply during normal business hours. You can also allow us to use the modern bank verification link to instantly check your bank’s information online. If you opt to send us the copies of bank statements, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a certain amount we look at a variety of factors to determine what is the well-being of the business and the extent of the repayments your company is able to afford. The total amount of your loan will be contingent on the specifics of your business.
When you submit an application for a particular amount, we look at a range of aspects to determine your health that is your company and the amount of repayments that your company is able to afford. The total amount of your loan will depend on the particulars that are unique to your company.
If you decide to make an application for one of our business loans, we’ll assess the risk assessment for your business and offer you with a customised offer including the loan amount, the terms and interest rates. The company loan is an upfront-priced loan so you will know in advance the total amount due, which includes any charges or interest.
The interest rates on business loans rates differ based on various factors like the amount of money borrowed, what business assets the funds will be used for and the sector the business operates in, how long the business is in operation and how long the company has enough cash flow to fund the loan, and overall health or financial standing of the company.
There are no hidden fees for our company loans, and you’ll know precisely how much it is that you need to pay and when, starting from day one. There’s not any compounding interest and no extra fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can repay the entire amount of your loan early at any time.
If you decide to do this please talk to one of our helpful company loans specialists. They’ll provide you with the details of your repayment and an early payout figure. This is calculated as the sum of the principal balance plus any accrued interest as of the time of the early payout and 1.5 percent of the remaining principal and any outstanding fees.
In order to help you avoid missing payments and to work with your cash flow routine, we provide payments that are either daily or weekly. They will be automatically deducted from your company account.
Making sure that your information is secure, and knowing how we collect data, process, exchange and secure your information, is of paramount importance and a vital part of our relationship you.
Yes. We utilise industry-recognised encryption standards to secure your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to customer security and privacy. We employ a highly sophisticated bank verification system to instantly verify your bank account information online to offer rapid response.
An asset-based loan is when a business owner uses an asset they own to make the funding. The asset can be an asset belonging to the personal, like the family home, or an company asset such as a truck or piece of equipment.
The vast majority of the lenders not just the banks with the biggest size, 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 means of securing additional financing using the worth of the asset you already have.
For loans that exceed $150K, the requirement for asset security is not required before you can access the money However, we require a personal guarantee. require an individual guarantee. As long as you follow the loan terms (as stipulated in your loan contract), asset security is not needed. For loans over $150K generally, you can get a personal guarantee and security in the form of an asset charge.
