The criteria for eligibility for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the guidelines for eligibility for our $100K-$500K company financing.
All you need to start is your contact details (company name, your name, email address, phone), how much you’d like to lend, as well as your monthly income.
Through the process and before settlement we’ll need confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans that exceed $150,000, you will also require the following financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000. The terms range between 3 and 24 months and cash flow friendly repayments, which are either daily or weekly.
You can apply to get this Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and the funds could be in your account in 24 hours. Traditional business loans have an interest rate per annum as well as other fees and charges. The business loan is a pre-paid 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 either a daily or weekly installment amount.
A Small Business Loan can be used for almost every company purpose including the management of cash flow, company renovations, marketing to purchase inventory, new equipment, or as general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee, determined at 2.5 percent of the loan amount.
In order to be eligible for a loan in this amount the business needs to be in operation for at least 3 years, and have an annual income of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able to prove at the least 12 months of operating.
A large company loan is a great option for almost every company use, including business improvements, purchasing equipment or inventory or as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is required to access funding over $150,000. It’s in the form of a charge over assets, and could include registering this on the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a commitment to repay credit that is general in nature, rather than specifying the security of a specific asset. The person signing the ensure is personally liable in the event that the company lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR gives the priority of personal property assigned in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal form of document to offer notice of a legal claim against a property.
If you’re applying for a Larger Business Loan of $250,000 or more we can offer an initial pre-approval in order to make the process. We could be able to apply for this without a credit verification and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes the answer to a series of financial well-being questions. It is in no way an offer, nor is it a guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you might receive could be on different terms.
You can apply for a company loan if you;
The application process is fast and easy. Just complete the online application in few minutes and an experienced business expert in lending will contact you to guide you.
To apply for up to $100,000, you’ll need ID details (valid Driver’s Licence) and an active NZBN/IRD, and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K-$250K: Details of application, including credit consent, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K-$500K: Details of the application, including credit consent, 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, plus interim financials from the current financial year as well as Aged Payables and Receivables summary.
For an unsecured loan ($5K or more) we usually offer a response in one hour if you make your application at quality business times and permit us to make use of the advanced bank verification system link to instantly verify your bank details online. If you choose to send us copies of your bank statements we can offer an answer within just one company day.
For the Larger Business Loan ($100K and up) we might be in a position to provide you with a conditional pre-approval in around six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Certain agreements have been approved within just 24 hours.
The quickest method can be ensure you apply during standard company hours. Also, permit us to use the advanced bank verification system link to confirm your bank details online. If you opt to send us copies of your bank statements it will take a little longer.
For the Small Business Loan ($5K or more) we typically provide an answer in just one hour – provided you submit your request at normal business time and you allow us to use the advanced bank verification system link to instantly verify your bank details online. If you opt to upload copies of your banking statements, we are able to provide an answer within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be likely to provide the conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some transactions have received approval within 24 hours.
The fastest way would be to ensure you apply during standard business hours. You can also allow us to use our advanced bank verification system to instantly verify your bank information online. If you upload the copies of bank statements, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you submit an application for a certain amount, we take into consideration a range of variables in order to assess how much we can lend you well-being for your business and the extent of the repayments your company is able to afford. The amount you receive from your loan will be contingent on the specifics that are unique to your company.
If you apply for a set amount, we consider a variety of elements to determine the health of your business and the level of repayments that your company is able to afford. The total amount of the loan will be determined by the particulars for your business.
If you decide to make an application for the company financing, we’ll assess the risk profile that you have for your business and offer you with a customised offer, including the amount of the loan, the duration and interest rates. This business loan is an upfront cost loan so you will be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Business loan interest rates depend on a variety of factors including the amount borrowed, what business assets the funds are used to purchase as well as the field the business is operating in, how long the company has been operating and how long the business has enough cash flow to fund the loan, and the general health or creditworthiness of the business.
There are no hidden fees for our business loans. You’ll know precisely how much it is that you be required to pay, and when, from day one. There’s no compounding interest and no extra fees (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 the obligation to take action.
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. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay the total amount of your loan in full at any time.
If you are deciding to pursue this option, please contact our helpful company loan experts. They’ll offer you with the details of your repayment along with an early payout estimate. This will be calculated as the sum of the principal balance and any accrued interest at the time of early payment in addition to 1.5 percent of the principal balance and any fees that remain unpaid.
To help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from the nominated business account.
Security of your data, and making it clear how we collect information, use it, and exchange it, as well as safeguard your data, is vital and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to the security of our customers as well as their security. We use an advanced bank verification system to instantly confirm your bank account information online so we can offer an immediate response.
Asset-based borrowing is when the business owner makes use of the assets they have to make a loan. The asset could be an individual property, such as the family home, or it could be a business asset such as a vehicle or piece of equipment.
The majority of banks, including the largest banks, are inclined to make loans secured by assets. If you’re having trouble paying back the loan then your assets could be taken over by the lender. In essence it’s means of securing new funding making use of the value of what you already own.
Up to $150K in loans there is no requirement for asset security before you are able to access the money however, we require a personal guarantee. require an individual guarantee. So long as you comply with the loan terms (as specified in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans over $150,000 generally, there is personal ensure and security that is in the form a charge over assets.
