The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Do you need more money? Review the guidelines for eligibility for our $100K-$500K business loan.
All you need to begin is your contact information (the name of your company and your name, as well as email or phone number) and the amount you’d like to borrow and your monthly revenue.
While in the process and before settlement we’ll require confirmation of who you are, but not to get started:
Additionally after we get started with loans over $150,000 you’ll require basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000 with terms between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
Apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an immediate response, and funds may be in your account in 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. This company loan is a pre-paid loan and you’ll know ahead of time the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used for almost every company reason, such as managing cash flows, company remodeling, marketing, to purchase inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support company expansion opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly, depending on your cash flow.
This Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size, your business needs to have been in operation for at least 3 years with an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost all business purpose including company renovations, to purchase inventory or new equipment or as general working capital and much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. It is usually in the form of a charge over assets, which could also include registration through the PPSR or filing as a caveat.
A personal or director’s guarantee is a promise to repay credit that is generally in nature rather than stating the security for a particular asset. The person who is signing the ensure is personally liable if the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including objects or assets). The PPSR grants priority over personal property to be granted in accordance with the date on which a registration of a security interest.
An affidavit is an official document that is filed to offer the public notice of a legal claim to property.
If you’re seeking a Larger Business Loan that is greater than $250K we can offer an initial pre-approval to simplify the process. We might be able to get this done without a credit check and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering some financial well-being checks. This is in no way an offer, nor is it a guarantee of credit. A conditional approval is subject an exhaustive credit evaluation, and any offer that you receive could be based on different conditions.
You can apply for an business loan if you;
The process for applying is fast and easy. Just fill out the online application within a couple minutes, and a dedicated company lending specialist will contact you to guide you.
To be eligible for up to $100,000 you’ll require the right identification documents (valid Driver’s Licence), an active NZBN/IRD, and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K-$250K: Information about the 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 as well as 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, and interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) we usually offer an answer within an hour, provided you make your application during quality company timings and allow us to utilise the bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statements we can offer a decision in as little as the span of one company day.
For the Larger Business Loan ($100K and up) we may be likely to provide you with pre-approval conditional to your application within about six hours. After you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Some offers have been approved in 24 hours.
The quickest way to apply can be ensure you apply during standard company hours, and allow us to use the modern bank verification link to check your bank’s information online. If you upload duplicates of your banking statements , it will take a little longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer within an hour – provided you submit your request at standard business timings and you allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we’ll be able to provide a decision in just 1 business day.
For Larger Business Loans ($100K to $500K) We may be able to provide you with conditional pre-approval within 6 hours. Once you’ve signed your pre-approval document, you will need to wait between 2 and 3 days for the final approval. However, this may be quicker depending upon the circumstances for each application. Some transactions have received approval in just 24 hours.
The quickest method would be to ensure you apply during standard business hours. Also, let us use the modern bank verification link to verify your bank information online. If you choose to send us duplicates of your banking statements, it can take a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a specific amount we will consider a number of elements that determine how much we can lend you well-being of the company and the extent of payments your company is able to afford. The total amount of the loan will be determined by the specifics of your company.
When you apply for a particular amount, we look at a range of variables to assess how much we can lend you such as health of the company and the extent of repayments that your business can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you apply for the company loan, we’ll assess the risk profile of your company and provide you with a customised proposal that includes the amount of the loan, the duration and the interest rates. A business loan is an upfront-priced loan therefore you will know in advance the total amount to be paid, including any costs, fees, or interest rates.
Interest rates for business loans rates depend on a variety of factors including the amount borrowed, what business assets the funds will be used for and the sector the business operates in, the long the company has been in operation for, how long the company has enough cash flow to pay for the loan, and also the general well-being or creditworthiness of the business.
There aren’t any hidden charges for our business loans. You’ll know precisely what you be required to pay, and when, right from the day you sign up. There’s no compounding interest, and no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You are able to make an application for loans with no upfront cost or obligation to proceed.
The Origination Fee includes the expenses associated in establishing and managing the loan. It is only charged for this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of the loan at any point in time.
If you decide to take this route, please talk to one of our helpful company loans professionals. They will offer you with details for repayment along with an early payout estimate. It will be calculated using the total of the principal balance and the accrued interest up to the date of early payout, plus 1.5% of the principal remaining and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. These are automatically deducted from your company account.
Making sure that your information is secure, and being clear about the ways we gather information, use it, and exchange it, as well as safeguard your data, is of paramount importance and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to secure your sensitive, personal and financial data and our funders are ISO 27001 certified for our dedication to protecting the security of clients and privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online to offer rapid response.
Asset-based borrowing is when an business owner uses assets they own to make the loan. The asset could be an asset belonging to the personal, like the family home, or a company asset such as a truck or other piece of machinery.
The majority of lending institutions, not just the big banks, tend to guarantee loans against an asset. If you have trouble paying back the loan, the asset might be offered for sale by the lender. In essence it’s a way of securing new funding taking advantage of the value of what you already have.
For loans that exceed $150,000, there is no requirement for asset security before you are able to access the money However, we do need an individual guarantee. If you adhere to the loan terms (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150,000 generally there is an individual ensure and security that is in the form charges on assets.
