The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K business financing.
All that’s needed to get started is your contact details (the name of your company, your name, email, phone), how much you’d like to lend, as well as your monthly income.
During the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
Once we’ve started in the process, for loans of more than $150,000 you’ll also require fundamental 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 month and cash flow friendly repayments, which are either daily or weekly.
Apply to this Small Business Loan in under 10 minutes online or on the phone. You’ll receive an answer within the same day and funds may be on your account within 24 hours. Traditional company loans have an annual interest rate as well as other fees and charges. This company loan is a loan that is priced upfront so you will be aware of the total amount payable including any fees, interest or charges. Then, it is broken down into weekly or daily repayment figure.
A Small Business Loan can be used for almost any company purpose including cash flow management, company renovations, marketing to purchase inventory or new equipment, 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 company expansion opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are either weekly or fortnightly to work with you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size the business needs to have been operating for a minimum of 3 years with an annual turnover of at least $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years and have a New Zealand company (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A Business Loan of a larger size can be used to fund almost every company need, including company remodeling, buying inventory or new equipment for general working capital, and much more. The loan is not available for personal reasons.
Asset security is needed to access funding over $150,000. It is usually in the form of a charge over assets and can include registering this on the PPSR or filing a caveat.
A personal or director’s ensure is a promise to pay back a loan that is general in nature rather than defining security over an asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It records security interests that have been registered in respect of personal property (including objects or assets). The PPSR grants the priority of personal property assigned according to the date a security interest that is registered.
A caveat is a legal document that is filed to provide the legal claim to a property.
If you’re applying for larger business loans that exceeds $250,000, we may offer an initial pre-approval that will help smooth out the process. We could be able to do this without credit checks and within 6 hours of your initial application. The pre-approval process is based on a preliminary assessment which includes answering a couple of financial well-being questions. It is in no way an offer, nor is it a guarantee of credit. The approval of a conditional loan is subject to an extensive credit evaluation and any offer that you might receive could be on different terms.
You may apply for a business loan if you;
The application process is quick and simple. Simply complete the online form within a couple minutes, and a dedicated company credit specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Application requirements, 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 of bank statements, IRD statement and the last two years’ finalised financial statements, as well as interim financials from the current financial year, Aged Payables and Aged Receivables summaries.
For an unsecured loan ($5K to $100K) We can usually offer a response in one hour, provided you submit your request during standard business times and allow us to utilise the bank verification system link to immediately verify your bank account information online. If you choose to submit copies of your bank statement, we’ll offer a decision within 1 business day.
For the Larger Business Loan ($100K to $500K) we may be capable of provide you with conditional pre-approval in about six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, it could be faster based upon the circumstances for each application. Certain deals have been approved in the space of 24 hours.
The quickest way to apply can be make sure you apply during standard company hours, and permit us to use the advance bank verification link to instantly check your bank’s information online. If you opt to upload duplicates of your banking accounts, it will take a little longer.
For the Small Business Loan ($5K to $100K) We can usually offer an answer in just one hour – as long as you apply in normal business timings and let us use the bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statements we can offer a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K or more) we could be capable of provide you with a conditional pre-approval within about six hours. Once you’ve signed your pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Some deals have been approved within 24 hours.
The most efficient method is to ensure you apply during normal business hours. You can also allow us to use the sophisticated bank verification link to confirm your bank details online. If you decide to send us the copies of bank accounts, it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a certain amount, we will consider a number of factors to determine your well-being of the business and the level of payments your business can afford. The total amount of the loan will be determined by the specific circumstances that are unique to your business.
When you apply for a set amount, we consider a variety of elements to assess the health for your company and the level of repayments that your business can afford. The total amount of your loan will be determined by the specifics that are unique to your company.
If you decide to request one of our business financing, we will assess the risk profile the business and provide you with a customised offer that includes the amount of the loan, the duration and interest rates. This business loan is an upfront-priced loan and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what business assets the money will be used for, the industry the business operates in, the long the company has been in operation as well as how long the company has enough cash flow to support the loan, and the general well-being or financial standing of the company.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you’ll need to pay, and at what time, from the day you sign up. There’s no compounding interest and there are no additional charges (as as you make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans with absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated in establishing and managing the loan. You are only charged this fee if you proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You may choose to pay back all of your loan early at any time.
If you are deciding to take this route, please speak to our friendly company lending specialists. We will offer you with the details of your repayment and an early payout figure. This will be calculated as the sum of the principal balance and any accrued interest at the time of the early payout plus 1.5 percent of the principal amount remaining as well as any outstanding fees.
In order to help you avoid missing payments and to work your cash flow schedule, we provide repayments either weekly or daily. They are automatically deducted from your designated business account.
Making sure that your information is secure, and knowing how we collect data, process, exchange and ensure the security of your information is of paramount importance and is a crucial part of our relationship with you.
Yes. We make use of industry-standard encryption standards to protect your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and security. We employ an exceptionally sophisticated bank verification system to instantly verify your bank account information online to provide rapid response.
Asset-based borrowing is when the business owner uses assets they own to make the loan. The asset could be a personal asset like the family home, or it could be a company asset like a truck as well as a piece of machine.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to make loans secured by assets. If you are having difficulty paying back the loan, your asset may be transferred to the lender. In essence it is a way of securing additional financing taking advantage of the value of what you already own.
For loans up to $150K there is no requirement for asset security upfront to access the money however, we do require a personal guarantee. If you adhere to your loan obligations (as stated in the loan contract), asset security will never be needed. For loans that exceed $150K, generally, there is a personal guarantee and security in the form of a charge over assets.
