The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Do you need more money? Take a look at the guidelines for eligibility for our $100K to $500K business credit.
All you need to get started is your contact information (company name, your name, email address, phone) as well as the amount you’d like to borrow, and your monthly earnings.
In the course of the process and before settlement we’ll require confirmation of who you are, however, not in order to begin:
In addition, once we have started, for loans greater than $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. Terms range from 3 and 24 months. They also offer cash flow-friendly repayments that are either daily or weekly.
The application for this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get a same day response and have the funds on your account within 24 hours. Traditional company loans have an interest rate per annum along with other charges and fees. This business loan is a pre-paid loan which means you know ahead of time the total amount payable including any interest, fees 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 nearly any business purpose including control of cash flow business improvements, advertising, 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 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
It is crucial to note that 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 loan that is this large the company needs to be trading for at least 3 years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A Larger Business Loan can be used for almost all company need, including business renovations, to purchase equipment or inventory for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is needed for funding of more than $150,000. It’s by taking a charge on assets and can be registered in the PPSR or making a caveat.
A personal or director’s guarantee is a promise to repay a loan which is general in nature rather than defining the security of a specific asset. The person who is signing the ensure is personally accountable if the business creditor is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including goods or assets). The PPSR permits preference over private property granted according to the date a security interest has been registered.
The caveat can be described as a formal document filed to offer an official notice of a claim to a property.
If you’re seeking a Larger Business Loan that exceeds $250K we may be able to provide an initial pre-approval that will help smooth out the process. We may be able to apply for this without credit checks and within 6 hours of your initial application. The pre-approval process is based on an initial assessment that includes you answering some financial well-being checks. It is not an offer or guarantee of credit. Unconditional approval is subject to a full credit assessment and any offer that you may receive may be on different conditions.
You may be eligible for a business loan if you;
The application process is quick and simple. Just fill out the online application within a couple minutes, and an experienced company credit specialist will call you to guide you through the process.
To apply for up $100,000 you’ll need ID details (valid Driver’s Licence), a valid NZBN/IRD and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent, 12 months of bank records, IRD statement, last 2 years finalised financial statements, in addition to interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer in just one hour if you apply during quality business time and allow us to utilise the advanced bank verification system link to instantly verify your bank’s information online. If you want to submit copies of your bank statements we can offer a decision in just the span of one business day.
For Larger Business Loans ($100K to $500K) we may be able to provide the conditional pre-approval in around six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval, however this can be quicker based upon the circumstances for each application. Some offers have been approved within the space of 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours. Also, allow us to use the modern bank verification to verify your bank account information online. If you opt to upload duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer in just one hour – as long as you make your application at standard business timings and allow us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your banking statements, we will be able to offer the decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) We may be able to offer you with a conditional pre-approval in about 6 hours. After you’ve signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the particular circumstances of each application. Certain offers have been approved within less than 24 hours.
The fastest method would be to ensure you apply during normal business hours. You can also allow us to use the sophisticated bank verification to confirm your bank details online. If you choose to upload the copies of bank statements it will take a little longer.
We provide loans that range from $5,000 and $500,000. When you submit an application for a particular amount, we consider a variety of variables for determining the well-being of the company and the level of the repayments your business is able to afford. The amount you receive from the loan will be determined by the particular circumstances of your company.
If you apply for a set amount, we take into consideration a variety of elements to assess the well-being for your company and the amount of repayments your business will be able to support. The amount you receive from your loan will be determined by the specific circumstances for your company.
When you apply for one of our company loans, we will assess the risk profile for your company and provide you with a customised proposal that includes the amount of loan, the term and the interest rates. This company loan is an upfront cost loan so you will know the exact amount payable including any interest rates, fees or charges.
Business loan interest rates depend on several factors like the amount of money borrowed, what company assets the funds will be used for as well as the field the company is operating in, how long the company has been operating, whether the business has enough cash flow to cover the loan, and the general well-being or creditworthiness of the business.
There aren’t any hidden costs with our business loans, and you’ll know exactly how much you be required to pay, and at what time, from the day you sign up. There’s no compounding interest, and there are no additional charges (as long as you make your payments on time).
We don’t charge an Application Fee. You are able to apply for a loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You may choose to pay back all of your loan at any point in time.
If you choose to take this route, please call our helpful business loans professionals. We will offer you with details for repayment and an early payout figure. This is calculated as the sum of the remaining principal amount and any accrued interest at the time of early payout plus 1.5 percent of the remaining principal and any outstanding fees.
To ensure you do not miss repayments and to fit in your cash flow cycle we offer repayments either weekly or daily. These are automatically withdrawn from the nominated business account.
Protecting your information, and making it clear the ways we gather, use, exchange and protect your information, is of huge importance and is a crucial element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive financial and other data. Our funders are ISO 27001 qualified for our dedication to protecting the security of clients and privacy. We employ an exceptionally sophisticated banking verification system to instantly confirm your bank account information online, allowing us to provide an immediate response.
Asset-based borrowing is when an company owner borrows from assets they own to make the funds for a loan. The asset may be a personal asset like the family home or it could be a business property like a truck as well as a piece of machine.
The majority of banks, including the banks with the biggest size, prefer to make loans secured by assets. If you have trouble paying back the loan, the asset could be transferred to the lender. In essence, it’s means of securing additional financing using the worth of the asset you already own.
For loans that exceed $150,000, there is no requirement for asset security before you can access the money but we do require the personal guarantee. As long as you follow the loan terms (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be required. For loans that exceed $150,000, generally, you are able to get a personal guarantee and security is provided in the form of a charge over assets.
