The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Need more funds? Take a look at the conditions of eligibility for our $100K to $500K company loans.
All that is needed to begin is your contact information (company name, your name, email, phone), how much you’d like to borrow and your monthly income.
In the course of the process and before settlement we’ll need confirmation of your identity but not before we can begin:
Once we’ve started when it comes to loans over $150,000 you’ll also require basic financial statements:
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
It is possible to apply to your Small Business Loan in under 10 minutes via the internet or over the phone, receive an immediate response, and the funds could be available in just 24 hours. Traditional business loans reference an annual rate of interest as well as other fees and charges. We offer a company loan is a pre-paid loan therefore you’ll be aware in advance of the amount you will have to pay, including any fees, charges or charges. This is then broken down into either a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for almost any business reason, such as managing cash flows, business remodeling, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly depending on your situation.
This Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan in this amount the business needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used to fund almost every company purpose including business renovations, purchase of new equipment or inventory for general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required for funding of more than $150,000. It is usually by way of charge on assets, and may include registration on the PPSR or filing as a caveat.
A personal or director’s ensure is a commitment to repay a loan which is general in nature rather than stipulating the security for a particular asset. The person signing the ensure is personally accountable if the company lender is not able 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 contains security interests registered in respect of personal property (including objects or assets). The PPSR permits the priority of personal property assigned depending on the date that a registration of a security interest.
Caveats are legal document lodged to provide notice of a legal claim against a property.
If you’re applying for the Larger Business Loan that exceeds $250,000, we may offer an initial pre-approval to ease the process. We may be able to do this without credit checks and within six hours of your initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial well-being questions. This is not an offer of credit or guarantee of funds. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer that you might receive could be subject to different terms.
You may apply for an company loan if you:
The application process is fast and easy. Simply complete the online form within a couple minutes, and a dedicated company lending specialist will call you to assist you.
For a loan of up to $100,000, you’ll need the right identification documents (valid Driver’s Licence), an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll also need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K to $500K: Application details including credit consent and 12 month bank accounts, the IRD statements Last 2 years’ finalised financial statements, in addition to interim current financial year financials as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K and up) we can often provide an answer within an hour, provided you submit your request in quality company timings and permit us to make use of the advanced bank verification system to immediately verify your bank account information online. If you decide to upload copies of your bank statements , we are able to provide the decision in as little as the span of one business day.
For the Larger Business Loan ($100K up to $500,000) we may be able to offer the conditional pre-approval in around 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this can be quicker based on the particular circumstances of each application. Certain agreements have been approved in just 24 hours.
The fastest way is to ensure you apply during normal company hours. You can also allow us to use our modern bank verification link to instantly verify your bank account information online. If you upload the copies of bank statement, it will take a little longer.
For the Small Business Loan ($5K or more) we typically provide a response in one hour – as long as you apply within standard business hours and you allow us to use the advanced bank verification system to immediately verify your bank account information online. If you opt to submit copies of your bank statement, we’ll provide the decision within the span of one business day.
If you are applying for Larger Business Loans ($100K or more) we may be capable of offer you with conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Some deals have been approved in just 24 hours.
The fastest method can be make sure you apply during standard business hours. You can also let us use the modern bank verification link to check your bank’s information online. If you choose to upload duplicates of your banking statements it may take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a certain amount we will consider a number of factors in order to assess what is the well-being of the company as well as the amount of the repayments your company can support. The amount you receive from your loan will depend on the particular circumstances for your company.
When you make an application for a set amount, we take into consideration a variety of variables to determine your health of your company and the extent of payments your company can afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
If you decide to apply for one of our company loan, we’ll assess the risk assessment of your company and offer you with a customised offer that includes loan amount, term and interest rates. The company loan is an upfront priced loan which means you be aware of the total amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates differ based on various variables like the amount to be borrowed, the business assets the money will be used for and the sector the company is operating in, how long the business has been operating, how long the company has enough cash flow to cover the loan, and also the overall health or financial standing of the business.
There aren’t any hidden costs with our business loans, and you’ll know precisely what you’ll 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 are able to make your payments in time).
We don’t charge an application fee. You can get a cash loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with 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 loan.
You can decide to repay the entire amount of the loan in full at any time.
If you choose to pursue this option, please call our helpful business loan professionals. We will provide you with details for repayment as well as an early payout amount. The figure will be calculated as the sum of the remaining principal amount and any accrued interest at the time of early payout plus 1.5% of the principal remaining plus any outstanding fees.
To ensure you do not miss due dates and also to be in line your cash flow cycle we provide payments that are either weekly or daily. These are automatically deducted from your company account.
Protecting your information, and knowing the ways we gather information, use it, and exchange it, as well as secure your information, is vital and a vital element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated bank verification system to instantly verify your bank account information online, allowing us to offer rapid response.
The term "asset-based" refers to borrowing where an business owner utilises an asset that they own to secure a loan. The asset can be either an asset belonging to the personal, like the family home, or a business asset like a truck as well as a piece of machine.
The majority of lending institutions, including the big banks, tend to make loans secured by an asset. If you’re having trouble paying back the loan then your assets could be taken over by the lender. In essence it’s a way of securing new financing by using the value of what you already own.
For loans that exceed $150K, it is not necessary to secure assets upfront to access the money However, we do require an individual guarantee. As long as you follow your loan commitments (as specified in your loan contract) Asset security is not needed. For loans of over $150,000 generally there is the option of a personal guarantee and security that is in the form a charge over assets.
