The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Find out the eligibility requirements for our $100K to $500K business financing.
All that’s required for starting is your contact details (company name and your name, as well as email, phone) and the amount you’d like to borrow, and your monthly revenue.
During the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
Once we’ve started, for loans of more than $150,000 you’ll also require fundamental financial statements:
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Wellington unsecured loans provides 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.
You can apply to the Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and the money could be available in just 24 hours. Traditional business loans reference an annual rate of interest along with other charges and fees. We offer a business loan is a loan that is priced upfront and you’ll be aware of the total amount due, which includes any interest, fees or charges. This is then broken down into a daily or weekly repayment figure.
It is a Small Business Loan can be used to fulfill almost any business need, such as the management of cash flow, business remodels and marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger loan size to support business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term that can last up to 36 months. Repayments are weekly or fortnightly depending on your cash flow.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a credit in this amount, your business needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own 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 is a great option for almost any company use, including business renovations, purchase of new equipment or inventory, as general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for accessing funds over $150,000. This is by way of charge on assets, which could also include the registration of this on the PPSR or filing a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is generally in nature rather than defining security over a particular asset. The person who signs the ensure is personally accountable if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including objects or assets). The PPSR allows the priority of personal property granted according to the date the security interest was registered.
Caveats are legal form of document to provide the public notice of a legal claim on a property.
If you’re seeking a Larger Business Loan of more than $250,000, we may offer a preliminary pre-approval to help smooth out the process. We may be able to do this without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health 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 you receive could be on different conditions.
You may apply for a company loan if you:
The application process is simple and easy. Simply complete the online form within a few minutes and an experienced business expert in lending will call you to help you.
For a loan of up to $100,000, you’ll require 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 also 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 as well as 12 months bank statement, an IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K or more) we can often offer an answer in just one hour – as long as you make your application during standard company times and permit us to use the advanced bank verification system link to instantly verify your bank details online. If you choose to upload copies of your banking statements we can provide a decision within 1 business day.
For the Larger Business Loan ($100K to $500K) we might be likely to provide the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the particular circumstances of each application. Some deals have been approved within the space of 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours and allow us to use the advance bank verification link to check your bank’s information online. If you choose to upload the copies of bank statements it will take a little longer.
For the Small Business Loan ($5K and up) we typically provide an answer within one hour – as long as you make your application at standard business time and allow us to use the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll offer the decision in as little as one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved in the space of 24 hours.
The most effective method for you to apply is make sure you apply during normal business hours, and allow us to use our modern bank verification link to instantly verify your bank account information online. If you opt to send us the copies of bank statements it takes a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a specific amount we consider a variety of aspects to determine how much we can lend you well-being of your company and the amount of the repayments your company will be able to support. The total amount of your loan will depend on the specific circumstances for your company.
If you apply for a specific amount we will consider a number of variables to determine how much we can lend you such as health that is your company and the level of repayments that your company will be able to support. The total amount of your loan will depend on the specific circumstances that are unique to your company.
When you request one of our business loans, we’ll assess the risk profile that you have for your company and provide you with a customised offer that includes loan amount, term and the interest rates. A company loan is an upfront cost loan which means you know in advance the total amount to be paid, including any charges or interest.
Interest rates for business loans rates differ based on various factors like the amount of money borrowed, what business assets the funds will be used for and the sector the business operates in, the long the business is in operation as well as what percentage of the company has sufficient cash flow to fund the loan, and overall health or financial standing of the company.
There are no hidden fees with our business loans. You’ll be aware of the amount it is that you need to pay and at what time, from day one. 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 are able to request a credit loan without any upfront costs or any obligation to sign up.
The Origination Fee covers the expenses involved with setting up and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You may choose to pay back the total amount of your loan early at any time.
If you choose to pursue this option, please speak to our friendly company loans professionals. We will offer you with repayment details and an early payout figure. It will be calculated using the total of the principal remaining and accrued interest to the time of early payout, plus 1.5 percent of the principal balance plus any outstanding fees.
In order to help you avoid missing payment dates and to align with your cash flow routine, we provide payments that are either daily or weekly. They will be automatically deducted from your business account.
Security of your data, and being transparent about the ways we gather the information we collect, use, share and ensure the security of your information is of paramount importance and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and security. We utilise a sophisticated bank verification system that allows you to instantly verify your bank account details online so we can provide an immediate response.
The term "asset-based" refers to borrowing where an company owner borrows from an asset that they own to obtain a loan. The asset can be either an asset belonging to the personal, like the family home or a business asset such as a truck or other piece of machinery.
The majority of banks, including the largest banks, are inclined to make loans secured by assets. If you’re struggling to pay back the loan then the asset could be taken over by the lender. In essence it is means of securing new financing by taking advantage of the value of what you already own.
For loans that exceed $150K, there is no requirement for asset security upfront to access the money but we require a personal guarantee. need an individual guarantee. So long as you comply with the loan terms (as detailed in your loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150K, generally there is a personal ensure and security is provided in the form of the charge of assets.
