The requirements for getting an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Looking for more funding? Find out the conditions of eligibility for our $100K-$500K company loans.
All that’s needed to start is your contact information (company name, your name, email and telephone) along with the amount you’d like to borrow and your monthly income.
Through the process and before settlement we will need confirmation of who you are, but not before we can begin:
After we start in the process, for loans over $150,000 you will also require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
The application for the Small Business Loan in under 10 minutes online or over the phone. You’ll get an immediate response, and the funds could be in your account within 24 hours. Traditional company loans have an interest rate per annum as well as other fees and charges. This business loan is an upfront priced loan therefore you’ll be aware in advance of the total amount to be paid, including any fees, charges or charges. This is then broken down into a daily or weekly installment amount.
The Small Business Loan can be used for almost any company use, including the management of cash flow, business remodels and marketing to purchase inventory or new equipment, to fund 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 business expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are either weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the loan amount.
To qualify for a loan of this size, your company needs to have been trading for at least 3 years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able of proving at minimum 12 months of continuous trading.
A larger business loan can be used for nearly any business need, including business renovations, to purchase new equipment or inventory for 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 is in the form of a charge over assets, and may include registering this with the PPSR or making a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than stating the security for a particular asset. The person who is signing the guarantee is personally liable in the event that the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including objects or assets). The PPSR gives priority over personal property to be assigned according to the date a security interest that is registered.
An affidavit is an official document that is filed to provide an official notice of a claim on a property.
If you’re applying for larger business loans that is greater than $250,000, we may offer an initial pre-approval to smooth out the process. We might be able to do this without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being questions. It is neither an offer nor a guarantee of financing. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you receive could be subject to different conditions.
You may be eligible for an business loan if you
The application process is fast and simple. Just fill out the online application within a couple minutes, and a dedicated business expert in lending will call you to guide you through the process.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s License) and an NZBN/IRD that is valid and at least six months of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K-$250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Details for application including credit consent as well as 12 months bank statement, an IRD statement, last 2 years finalised financial statements, plus interim financials from the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K or more) we usually provide a response in one hour if you make your application at standard business hours and let us utilise the advanced bank verification system to instantly verify your bank details online. If you want to upload copies of your banking statements , we are able to provide a decision within 1 business day.
For the Larger Business Loan ($100K and up) we might be capable of offer you with pre-approval conditional to your application within six hours. Once you have signed the pre-approval document, you will need to wait between 2 and 3 days for the final approval, however this could be shorter based on the specifics of each application. Certain transactions have received approval in 24 hours.
The most effective method would be to ensure you apply during normal company hours. You can also allow us to use our modern bank verification to instantly verify your bank information online. If you decide to upload duplicates of your banking statement, it can take a bit longer.
For the Small Business Loan ($5K and up) we can often offer a response in one hour – as long as you make your application within normal business hours and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you want to upload copies of your banking statement, we’ll offer the decision in as little as one business day.
For the Larger Business Loans ($100K to $500K) we may be capable of offer you with a conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some deals have been approved in just 24 hours.
The most efficient method can be make sure you apply during standard business hours and let us use the sophisticated bank verification to verify your bank information online. If you upload documents from your account statement, it takes a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a certain amount we will consider a number of elements in order to assess your well-being that is your business as well as the amount of repayments that your business is able to afford. The amount you receive from your loan will depend on the specific circumstances for your company.
When you submit an application for a specific amount we take into consideration a variety of aspects to determine the well-being that is your company and the extent of payments your company will be able to support. The amount you receive from your loan will be determined by the specific circumstances the company.
If you decide to request business loans with us company credit, we’ll assess the risk assessment that you have for your business and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. It is a company loan is an upfront cost loan and you’ll know in advance the total amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates differ based on various factors including the amount of money borrowed, the business assets the funds are used to purchase as well as the field the company operates in, the long the company has been running and how long the business has enough cash flow to pay for the loan, and the overall well-being or financial standing of the company.
There aren’t any hidden costs with our business loans, and you’ll know exactly how much you’ll need to pay and when, starting from the very first day. There’s no compounding interest, and there are no additional charges (as as long as you pay your payments in time).
We don’t charge an application fee. You can get a cash loan absolutely no upfront cost and no obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. It is only charged for this fee if you decide to take the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can repay the total amount of your advance loan at any time.
If you choose to do this please contact our helpful business loan specialists. They will provide you with the details of your repayment and an early payout figure. The figure will be calculated as the sum of the principal remaining and any accrued interest at the time of early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
To help you avoid missing payment dates and to align with your cash flow cycle we provide payments that are either weekly or daily. They are automatically deducted from your designated company account.
Protecting your information, and being clear about how we collect information, use it, and exchange it, as well as safeguard your data, is vital and is an essential part of our relationship you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our dedication to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system link to immediately confirm your bank account information online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where a company owner utilises the assets they have to get a loan. The asset can be either an individual property, such as the family home, or it could be a company asset such as a vehicle or piece or equipment.
The vast majority of lenders, not just the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan, your assets could be taken over by the lender. In essence it’s a way of securing new financing by making use of the value of what you already own.
For loans of up to $150,000, no asset security is required in advance to gain access to the funds however, we do need an individual guarantee. In the event that you fulfill your loan commitments (as stipulated in your loan contract document) and you are able to meet your obligations, asset security will never be required. If you take out loans in excess of $150,000 generally, you are able to get the option of a personal ensure and security is provided in the form of charges on assets.
