The requirements for obtaining 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 credit.
All that’s required for starting is your contact details (company name, your name, email or phone number) and the amount you want to borrow, and your monthly income.
In the course of the process and before settlement we’ll require confirmation of who you are but not before we can begin:
After we start, for loans that exceed $150,000, you’ll also need basic financial statements:
Let’s get started.
Wellington unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
You can apply to get this Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional company loans refer to an annual rate of interest as well as other fees and charges. We offer a company loan is an upfront priced loan so you will know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for virtually every business need, such as cash flow management, business remodeling, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. Loans range between $100,000 and $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly, depending on your situation.
A Larger Business Loan has an Origination Fee, which is determined at 2.5% of the loan amount.
To be eligible for a loan of this size the company needs to have been in operation for at least 3 years and generate an annual revenue 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 minimum 12 months of continuous trading.
A large business loan can be used to fund almost any business purpose including company renovations, to purchase inventory or new equipment for general working capital and so much more. The loan is not available for personal reasons.
Asset security is necessary for accessing funds over $150,000. This can be done in the form of a charge over assets, which could also include the registration of this on the PPSR or registering a caveat.
A director’s or personal ensure is a promise to repay a loan which is generally based rather than stipulating security over an asset. The person who is signing the guarantee is personally responsible if the company lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It lists security interests that are that are registered for personal property (including objects or assets). The PPSR grants preference over private property granted in accordance with the date on which a registration of a security interest.
The caveat can be described as a formal document that is filed to offer the public notice of a legal claim to a property.
If you’re applying for an enterprise loan of more than $250K we may be able to provide an initial pre-approval in order to make the process. We might be able to get this done without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial assessment that includes answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer that you might receive could be subject to different conditions.
You are eligible to apply for an business loan if you
The application process is fast and simple. Just complete the online application within a few minutes and a dedicated company expert in lending will call you to guide you through the process.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s License) along with a valid NZBN/IRD as well as at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K to $250K: Application requirements, including credit consent, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details for application including credit consent as well as 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) We can usually offer an answer in just one hour – as long as you make your application within quality business time and let us utilise the advanced bank verification system to instantly verify your bank information online. If you decide to upload copies of your bank statements we can provide the decision in as little as an business day.
If you are applying for a Larger Business Loan ($100K and up) we may be likely to provide you with conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this could be shorter based on the circumstances of each application. Some offers have been approved in the space of 24 hours.
The quickest method is to make sure you apply during normal business hours, and permit us to use the modern bank verification link to verify your bank information online. If you decide to send us duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K or more) we can often provide an answer in just one hour – provided you make your application at normal business times and you allow us to use the advanced bank verification system link to instantly verify your bank information online. If you want to submit copies of your bank statements we can offer an answer in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K and up) we may be capable of offer you with a conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in just 24 hours.
The most effective method is to ensure you apply during normal business hours, and allow us to use the advance bank verification link to instantly confirm your bank details online. If you opt to upload documents from your account statements it may take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a specific amount we look at a variety of factors in order to assess the health of the company and the amount of payments your business can support. The amount you receive from the loan will be determined by the specific circumstances for your company.
If you apply for a specific amount we will consider a number of factors to determine your well-being of your company and the level of the repayments your business will be able to support. The amount you receive from your loan will be contingent on the specifics of your company.
When you make an application for one of our business loans, we’ll assess the risk assessment of your company and offer an individualised offer including the amount of loan, the term and the interest rates. This business loan is an upfront cost loan therefore you will know the exact amount you will have to pay, including costs, fees, or interest rates.
Interest rates for business loans rates differ based on various variables like the amount to be that is borrowed, what business assets the money are used to purchase in addition to the industry that the business is in, how long the company has been running, in the event that the company has sufficient cash flow to support the loan, as well as the general well-being and creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount you need to pay and when, right from the very first day. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We do not charge an application fee. You can make an application for loans without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can choose to repay all of your loan in full at any time.
If you decide to take this route, please call our helpful business lending experts. The experts will offer you with repayment details as well as an early payout amount. This will be calculated as the sum of the principal amount remaining and any accrued interest at the date of early payout plus 1.5 percent of the principal amount remaining and any outstanding fees.
To help you avoid missing due dates and also to be in line with your cash flow cycle we offer repayments that are either daily or weekly. They will be automatically deducted from your designated company account.
Security of your data, and making it clear how we collect data, process, exchange and ensure the security of your information is of huge importance and is an essential element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We use an advanced bank verification system to instantly verify your bank account information online, allowing us to offer quick responses.
The term "asset-based" refers to borrowing where an business owner uses assets they own to obtain the funding. The asset can be either an individual property, such as the family home or an company property like a truck or piece or equipment.
The vast majority of lending institutions, even the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, your assets could be sold by the lender. In essence, it’s means of securing additional financing making use of the value of what you already own.
Up to $150,000 in loans no asset security is required upfront to access the money but we require a personal guarantee. require the personal guarantee. If you adhere to the terms of your loan (as stated in your loan contract) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150K typically, you will need personal guarantee and security is provided in the form of charges on assets.
