The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K-$500K business financing.
All you need to start is your contact details (the name of your company, your name, email address, phone), how much you’d like to lend, and your monthly revenue.
Through the process and before settlement we will need confirmation of your identity, but not before we can begin:
After we start when it comes to loans of more than $150,000 you’ll also need the following financial statements:
Let’s get started.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments which can be made daily or weekly.
You can apply for your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and funds may be in your account within 24 hours. Traditional business loans have an interest rate per annum along with other charges and fees. The business loan is a pre-paid loan and you’ll be aware of the amount you will have to pay, including any fees, interest or charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used for nearly any business use, including the management of cash flow, business remodeling, marketing, to purchase inventory or new equipment, for general working capital and much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are scheduled weekly or fortnightly to work with your cash flow.
The Larger Business Loan has an Origination Fee that is calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan of this size the business needs to have been operating for at least three years and have an annual turnover of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for almost all business reason, such as company improvements, purchasing inventory or new equipment for general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed to obtain funding above $150,000. This can be done by way of charge on assets, and may include the registration of this in the PPSR or the registration of as a caveat.
A personal or director’s ensure is a commitment to repay a loan which is generally based rather than defining security over a particular asset. The person who signs the ensure is personally liable if the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including the assets or goods). The PPSR grants prioritisation over property that is personal to be assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document that is filed to offer the legal claim to property.
When you’re applying for larger business loans that is greater than $250K, we may offer an initial pre-approval that will help smooth out the process. We might be able to make this decision without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial evaluation that involves you answering some financial health checks. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be based on different terms.
You are eligible to apply for a business loan if you:
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated 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 Licence) along with an active NZBN/IRD, and at least 6 months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details of the application, including credit consent and 12 months of bank statements, IRD statement Last 2 years’ finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour – as long as you apply during standard company timings and allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision within just the span of one company day.
For the Larger Business Loan ($100K and up) we may be likely to offer you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however this can be quicker based on the specifics of each application. Certain agreements have been approved within the space of 24 hours.
The fastest way would be to make sure you apply during normal business hours and let us use the advanced bank verification system link to check your bank’s information online. If you choose to upload the copies of bank statements , it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within an hour – as long as you apply in standard business hours and you allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements we can provide a decision in as little as an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be able to provide you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this could be shorter based on the circumstances of each application. Certain offers have been approved within 24 hours.
The most efficient method can be ensure you apply during standard business hours. Also, allow us to use the sophisticated bank verification link to confirm your bank details online. If you send us the copies of bank statements, it will take a little longer.
We offer loans that range from $5,000 to $500,000. If you apply for a specific amount we take into consideration a range of variables for determining the well-being of your business and the extent of repayments your business can afford. The total amount of your loan will depend on the specifics that are unique to your company.
When you apply for a specific amount we consider a variety of aspects to assess the health of the business as well as the amount of the repayments your business can support. The total amount of your loan will be contingent on the specifics of your business.
When you make an application for our business loans, we’ll assess the risk profile of your business and offer you with a customised proposal that includes the amount of the loan, the duration and the interest rates. It is a company loan is an upfront-priced loan and you’ll know in advance the total amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates differ based on various factors including the amount borrowed, the company assets the funds are used to purchase in addition to the industry that the company is operating in, how long the company has been running and whether the company has enough cash flow to support the loan, and also the overall well-being and creditworthiness of the business.
There aren’t any hidden costs for our company loans, and you’ll know precisely what you need to pay and at what time, from day one. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments punctually).
We do not charge an Application Fee. You can request a credit loan without any upfront costs or the obligation to take action.
The Origination Fee is the cost 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% of the amount of the loan.
You can decide to repay the total amount of your loan at any point in time.
If you do decide to do this please call our helpful business loan experts. We will offer you with repayment details and an early payment figure. The figure will be calculated as the total of the principal amount remaining plus any accrued interest as of the date of early payout, plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure you do not miss payment dates and to align your cash flow schedule, we offer repayments either weekly or daily. These are automatically deducted from your designated business account.
The security of your personal information, as well as knowing how we collect data, process, exchange and ensure the security of your information is crucial and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We use an advanced bank verification system that allows you to instantly verify your bank account information online so we can provide quick responses.
The term "asset-based" refers to borrowing where an business owner makes use of an asset that they own to get the funding. The asset can be either a personal asset like the family home, or an company asset such as a vehicle or piece or equipment.
The majority of banks, even the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan then the asset might be sold by the lender. In essence, it’s means of securing new financing by making use of the value of what you already own.
For loans that exceed $150K, there is no requirement for asset security before you are able to access the money, however we do require the personal guarantee. In the event that you fulfill the loan terms (as detailed in your loan contract) Asset security will never be required. For loans over $150,000 generally, there is personal guarantee and security in the form of an asset charge.
