The requirements for getting an unsecured business loan in Wellington of between $5K and $100K are fairly minimal.
Need more funds? Check out the eligibility requirements for our $100K-$500K company credit.
All that’s needed to start is your contact details (company name and your name, as well as email or phone number), how much you want to borrow, and your monthly income.
While in the process and before settlement we will require confirmation of your identity however, not in order to begin:
After we start with loans that exceed $150,000, you’ll also require fundamental financial statements:
Let’s get started now.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
You can apply to get the Small Business Loan in under 10 minutes on the internet or over the phone, receive a same day response and funds may be available in just 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. The business loan is a loan that is priced upfront which means you know in advance the total amount to be paid, including the interest, fees and charges. Then, it is divided into weekly or daily installment amount.
The Small Business Loan can be used for almost every company reason, such as control of cash flow business remodeling, marketing, to purchase inventory or new equipment, to fund general working capital, and much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To be eligible for a loan that is this large, your business needs to have been operating for at least three years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A large company loan can be used for almost every business use, including company improvements, purchasing new equipment or inventory for general working capital and so much more. The loan cannot be used for personal use.
Asset security is required for funding of more than $150,000. It’s in the form of a charge against assets, and may include registration in the PPSR or filing a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally based rather than stating security over an asset. The person who is signing the guarantee is personally liable if the company lender is not able to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR grants the priority of personal property assigned according to the date the security interest that is registered.
Caveats are legal document lodged to offer the legal claim to property.
When you’re applying for an enterprise loan of $250,000 or more it is possible to offer an initial pre-approval to ease the process. We could be able to do this without credit checks and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves answering a couple of financial well-being checks. It is not an offer of credit or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you receive could be on different terms.
You may be eligible for an company loan if you:
The application process is quick and simple. Just complete the online application in few minutes and a dedicated company credit specialist will call you to guide you through the process.
To apply for up $100,000, you’ll require the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD as well as at least 6 months of bank statements.
For larger loan sizes, you’ll also require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details for application including credit consent twelve months bank statement, an IRD statements and the last two years’ finalised financial statements, as well as interim current financial year financials, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) we usually offer an answer within one hour – as long as you submit your request at standard business times and let us utilise the bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements , we’ll be able to provide a decision within just an company day.
For the Larger Business Loan ($100K and up) we might be able to offer you with pre-approval conditional to your application within about 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be quicker based on the circumstances of each application. Certain offers have been approved within 24 hours.
The quickest way to apply is to ensure you apply during normal company hours, and permit us to use the modern bank verification to instantly verify your bank information online. If you opt to upload copies of your bank statements it will take a little longer.
For the Small Business Loan ($5K to $100K) we can often provide an answer in just one hour – as long as you apply during normal business times and you allow us to use the bank verification system link to instantly verify your bank’s information online. If you choose to send us copies of your bank statements, we’ll be able to provide a decision in as little as the span of one business day.
For Larger Business Loans ($100K up to $500,000) we might be in a position to provide you with pre-approval conditional to your application within about 6 hours. Once you’ve signed your pre-approval document, you will need to wait about 2-3 days for final approval, however this may be quicker depending on the circumstances of each application. Some deals have been approved in less than 24 hours.
The quickest method for you to apply is make sure you apply during standard business hours, and permit us to use the modern bank verification link to instantly check your bank’s information online. If you choose to upload documents from your account statement, it may take a bit longer.
We offer loans that range from $5,000 to $500,000. When you submit an application for a certain amount we consider a variety of factors to determine the health that is your business and the amount of repayments that your company will be able to support. The total amount of the loan will be determined by the specifics for your business.
When you apply for a set amount, we consider a variety of aspects to assess the well-being that is your business and the amount of repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics of your business.
When you request our business loan, we’ll assess the risk assessment of your company and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. A business loan is a loan that is priced upfront which means you be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Interest rates for company loans rates vary due to factors such as the amount that is borrowed, the company assets the money are used to purchase, the industry the company is operating in, how long the company has been running for, whether the business has enough cash flow to fund the loan, and also the overall health or financial standing of the business.
There aren’t any hidden costs with our company loans. You’ll know exactly how much it is that you be required to pay, and when, from the first day. There’s no compounding and no extra fees (as as you make your payments on time).
We don’t charge an Application Fee. You are able to get a cash loan with no cost upfront or commitment to apply.
The Origination Fee covers the costs associated with the setting up and management of the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the loan amount.
You may choose to pay back the total amount of your loan early at any time.
If you do decide to take this route, please speak to our friendly company loans professionals. We will offer you with the details of your repayment and an early payment figure. This is calculated as the total of the principal remaining and any accrued interest at the time of early payment in addition to 1.5 percent of the principal balance as well as any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow routine, we provide payments that are either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and making it clear the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their privacy. We employ a highly sophisticated bank verification system to immediately verify the bank account details online. This allows us to offer an immediate response.
The term "asset-based" refers to borrowing where a company owner makes use of assets they own to make the funds for a loan. The asset can be either an asset belonging to the personal, like the family home or a company asset like a truck as well as a piece of machine.
The majority of lenders, even the banks with the biggest size, prefer to secure loans against assets. If you’re struggling to pay back the loan, the asset might be taken over by the lender. In essence it’s the process of securing new funding taking advantage of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds However, we do require a personal guarantee. As long as you follow your loan commitments (as detailed in the loan contract) the security of assets will never be needed. If you take out loans in excess of $150K typically, you will need the option of a personal guarantee and security is provided in the form of the charge of assets.
