The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you require more money? Review the eligibility requirements for our $100K-$500K company financing.
All you need to start is your contact details (the name of your company and your name, as well as email and phone) along with the amount you’d like to borrow, and your monthly revenue.
During the process and before settlement we will require confirmation of who you are, but not for starting:
Additionally after we get started with loans over $150,000 you will also require the following financial statements:
Let’s get started.
Wellington unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 month and cash flow friendly repayments which can be made daily or weekly.
Apply for this Small Business Loan in under 10 minutes by phone. You will receive an answer within the same day and the funds could be in your account within 24 hours. Traditional company loans reference an interest rate per annum together with additional fees and charges. This company loan is a pre-paid loan which means you know in advance the total amount due, which includes the interest, fees and charges. Then, it is divided into a daily or weekly repayment figure.
It is a Small Business Loan can be used to fulfill almost any business use, including managing cash flows, company remodels and marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
A Larger Business Loan has an Origination Fee, determined at 2.5% of the loan amount.
To be eligible for a credit in this amount the company needs to be trading for at least 3 years and generate an annual revenue of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A large company loan can be used for nearly every business purpose including business remodeling, buying new equipment or inventory or as general working capital, and much more. The loan is not available for personal use.
Asset security is necessary for accessing funds over $150,000. This can be done as a result of an charge against assets, and may include registering this in the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is general in nature rather than stipulating security over an asset. The person who signs the ensure is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR permits prioritisation over property that is personal to be granted depending on the date that a registration of a security interest.
A caveat is a legal document lodged to offer an official notice of a claim on a property.
If you’re applying for larger business loans that exceeds $250K it’s possible to offer a preliminary pre-approval to help ease the process. We could be able to get this done without a credit check and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering a few financial health questions. This is in no way an offer, nor is it a guarantee of financing. Acceptance without condition is subject to an extensive credit evaluation and any offer that you receive could be subject to different conditions.
You may apply for an business loan if you;
The process for applying is fast and simple. Complete the online form within a couple minutes, and an experienced company loan specialist will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll need the right identification documents (valid Driver’s License) as well as a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K to $250K: Application details 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 months of bank statements, IRD statements as well as the two most recent years’ financial statements, and interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically offer an answer within an hour if you submit your request during standard business timings and permit us to utilise the bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements we can offer the decision in just one company day.
For the Larger Business Loan ($100K or more) we could be in a position to offer you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, it could be faster based on the circumstances of each application. Some agreements have been approved in 24 hours.
The most efficient method can be ensure you apply during standard company hours. You can also let us use the advance bank verification link to instantly verify your bank information online. If you decide to upload copies of your bank accounts, it may take a bit longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour – as long as you make your application at standard business hours and allow us to utilise the advanced bank verification system to instantly verify your bank information online. If you want to send us copies of your bank statements, we will be able to offer an answer in just one business day.
For the Larger Business Loans ($100K and up) we may be able to offer you with pre-approval conditional to your application in about six hours. Once you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Some deals have been approved within the space of 24 hours.
The most effective method for you to apply is ensure you apply during standard business hours. You can also permit us to use the advance bank verification link to verify your bank information online. If you choose to send us documents from your account statement, it can take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a particular amount, we take into consideration a range of elements in order to assess what is the well-being of your business as well as the amount of repayments that your business can support. The total amount of your loan will be contingent on the specific circumstances that are unique to your business.
When you make an application for a particular amount, we consider a variety of aspects to determine your well-being for your company and the level of repayments that your business can afford. The total amount of the loan will be determined by the particular circumstances of your business.
When you request the company credit, we will assess the risk assessment for your business and provide you with a tailored offer that includes the amount of the loan, the duration and the interest rates. It is a business loan is a loan that is priced upfront so you will know in advance the total amount you will have to pay, including interest rates, fees or charges.
The interest rates on company loans rates vary due to variables like the amount to be borrowed, the business assets the funds are used to purchase in addition to the industry that the company operates in, how long the company has been running for, in the event that the company has enough cash flow to pay for the loan, and also the overall well-being or creditworthiness of the business.
There aren’t any hidden costs for our company loans. You’ll know precisely what you need to pay, and when, from the very first day. There’s no compounding 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 request a credit loan with with no upfront cost or obligation to proceed.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You can decide to repay the entire amount of the loan in full at any time.
If you decide to take this route, please speak to our friendly company loans specialists. The specialists will provide you with repayment details as well as an early payout amount. The figure will be calculated as the total of the principal amount remaining and the accrued interest up to the time of the early payout plus 1.5% of the principal amount remaining and any outstanding fees.
To ensure that you don’t miss due dates and also to be in line your cash flow schedule, we offer repayments either weekly or daily. They are automatically deducted from your nominated company account.
Protecting your information, and being transparent about how we collect data, process, exchange and ensure the security of your information is of paramount importance and is a crucial part of our relationship you.
Yes. We use industry recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and privacy. We make use of an advanced bank verification system that allows you to immediately verify the bank account details online. This allows us to offer an immediate response.
An asset-based loan is when a company owner borrows from the assets they have to get a loan. The asset may be a personal asset like the family home or an company asset like a truck or piece or equipment.
The vast majority of banks, including the banks with the biggest size, prefer to secure loans against assets. If you are having difficulty paying back the loan, your assets could be taken over by the lender. In essence, it’s a way of securing new financing using the value of what you already own.
Up to $150K in loans the requirement for asset security is not required in advance to gain access to the funds but we do need a personal guarantee. So long as you comply with the loan terms (as detailed in the loan contract), asset security is not needed. If you take out loans in excess of $150K typically, you will need personal ensure and security in the form the charge of assets.
