The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K company financing.
All that’s required to get started is your contact information (company name, your name, email and telephone) as well as the amount you want to borrow, and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are, but not to get started:
In addition, once we have started, for loans that exceed $150,000, you will also need basic financial statements.
Let’s get started.
Wellington unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be on your account within 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. We offer a business loan is an upfront priced loan so you will be aware of the total amount to be paid, including any fees, interest or charges. This is then broken down into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for almost any business need, such as control of cash flow company renovations, marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 with a term fixed with a maximum of 36 months. The repayments are made weekly or fortnightly in order to accommodate the flow of cash.
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 that is this large the business needs to have been operating for at least three 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 as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A Larger Business Loan is a great option for almost every company reason, such as business improvements, purchasing new equipment or inventory or as general working capital and much more. The loan is not available for personal reasons.
Asset security is necessary for funding of more than $150,000. This is in the form of a charge against assets, which could also include registering this in the PPSR or filing a caveat.
A personal or director’s ensure is a guarantee to repay credit that is general in nature, rather than stating security over an asset. The person who is signing the ensure is personally responsible if the company creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central registry run by the New Zealand Government. It reflects security interests registered in respect of personal property (including items or assets). The PPSR permits priority over personal property to be granted depending on the date that a security interest was registered.
A caveat is a legal document filed to offer notice of a legal claim on a property.
When you’re applying for an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval to make the process. We may be able to apply for this without a credit check and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes the answer to a series of financial well-being checks. It is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer that you might receive could be based on different conditions.
You can apply for an business loan if you:
The application process is fast and easy. Just complete the online application within a few minutes and a dedicated company loan specialist will be in touch to guide you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s Licence) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent, 12 months of bank statements, IRD statement and the last two years’ finalised financial statements, plus interim financial statements for the current year such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K and up) we usually provide an answer within one hour, provided you submit your request in quality company hours and let us utilise the bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements , we are able to provide the decision in just 1 company day.
If you are applying for a Larger Business Loan ($100K to $500K) we may be able to offer you with pre-approval conditional to your application within 6 hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this can be quicker based upon the circumstances for each application. Certain agreements have been approved in less than 24 hours.
The quickest way to apply can be ensure you apply during normal business hours and allow us to use our advance bank verification to instantly verify your bank information online. If you send us duplicates of your banking accounts, it can take a bit longer.
For the Small Business Loan ($5K to $100K) we can often offer an answer within one hour, provided you apply at normal business hours and you allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you opt to send us copies of your bank statements, we are able to offer a decision in as little as an business day.
For the Larger Business Loans ($100K or more) we might be in a position to offer you with conditional pre-approval in about six hours. Once you have signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain offers have been approved within the space of 24 hours.
The fastest method is to make sure you apply during standard business hours. You can also permit us to use the sophisticated bank verification to instantly verify your bank information online. If you choose to upload copies of your bank statement, it can take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you submit an application for a certain amount, we look at a variety of aspects in order to assess the well-being for your business and the level of the repayments your company is able to afford. The total amount of your loan will be contingent on the specifics that are unique to your business.
When you make an application for a specific amount we consider a variety of aspects to assess how much we can lend you such as well-being of your company as well as the amount of repayments that your company can support. The total amount of the loan will be determined by the specifics for your business.
When you make an application for business loans with us company credit, we will assess the risk assessment of your business and provide an individualised offer that includes loan amount, term and the interest rates. It is a business loan is an upfront priced loan therefore you will be aware of the total amount to be paid, including any charges, interest rates or fees.
Interest rates for company loans rates depend on several variables like the amount to be that is borrowed, what business assets the funds will be used for, the industry the company is operating in, how long the business has been running and whether the company has sufficient cash flow to fund the loan, and the overall health and creditworthiness of the company.
There are no hidden costs for our business loans, and you’ll be aware of the amount you need to pay, and when, starting from the 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 apply for a loan with without any upfront costs or the obligation to take action.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this cost if you take out the loan. Our Origination Fee is 2.5 percent of the loan amount.
You can repay the entire amount of the loan at any point in time.
If you are deciding to do this please speak to our friendly business lending professionals. The specialists will provide you with details for repayment along with an early payout estimate. The figure will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payment and 1.5% of the principal amount remaining and any fees that remain unpaid.
To help you avoid missing payment dates and to align with your cash flow cycle we offer repayments that are either daily or weekly. They are automatically deducted from your designated company account.
Security of your data, and being upfront about the ways we gather, use, exchange and ensure the security of your information is of huge importance and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our dedication to protecting the security of customers and privacy. We make use of an advanced bank verification system link to immediately verify your bank account information online. This allows us to offer quick responses.
Asset-based borrowing is when the business owner utilises the assets they have to get the funding. The asset may be an asset belonging to the personal, like the family home or a business asset like a truck or piece of equipment.
The vast majority of the lenders including the major banks, prefer to secure loans against an asset. If you’re having trouble paying back the loan, your asset may be offered for sale by the lender. In essence it is an opportunity to secure new financing making use of the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security upfront to access the money however, we require a personal guarantee. require the personal guarantee. In the event that you fulfill the terms of your loan (as stipulated in your loan contract document) the security of assets is not needed. For loans of over $150K generally there is personal guarantee and security is provided in the form of a charge over assets.
