The requirements for obtaining an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Do you need more money? Find out the conditions of eligibility for our $100K-$500K company loans.
All that is needed to get started is your contact information (the name of your company, your name, email, phone) as well as the amount you’d like to borrow and your monthly earnings.
Through the process and before settlement we’ll need confirmation of who you are but not to get started:
Once we’ve started with loans greater than $150,000 you’ll also require basic financial statements.
Let’s get started.
Wellington unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
It is possible to apply for your Small Business Loan in under 10 minutes online or over the phone, receive an immediate response, and funds may be available in just 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. This business loan is a pre-paid loan which means you be aware of the total amount to be paid, including any fees, charges or charges. This is then divided into a daily or weekly installment amount.
A Small Business Loan can be used to fulfill almost any business reason, such as the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans are between $100,000 and $500,000 for a fixed period of up to 36 months. The repayments are made weekly or fortnightly depending on your cash flow.
It is important to note that the Larger Business Loan has an Origination Fee that is determined at 2.5 percent of the loan amount.
To qualify for a loan of this size, your business needs to be operating for at least three years with an annual turnover of $700K. Your business must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used for almost every business reason, such as business renovations, purchase of new equipment or inventory or as general working capital and so much more. The loan is not available for personal use.
Asset security is needed to obtain funding above $150,000. It’s by way of charge against assets, which could also be registered through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a commitment to pay back a loan that is general in nature, rather than defining security over a particular asset. The person who is signing the guarantee is personally accountable if the company borrower is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It records security interests that have been which are registered with respect to personal property (including items or assets). The PPSR gives the priority of personal property assigned depending on the date that a security interest has been registered.
An affidavit is an official document filed to provide the public notice of a legal claim to property.
When you’re applying for the Larger Business Loan of $250K or more, we may offer an initial pre-approval in order to smooth out the process. We might be able to do this without a credit check, and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial health checks. This is neither an offer nor a guarantee of finance. Acceptance without condition is subject to a full credit assessment and any offer that you might receive could be subject to different terms.
You can apply for an company loan if you
The application process is fast and simple. Simply complete the online form in just a few minutes, and a dedicated business loan specialist will call you to assist you.
To apply for up to $100,000 you’ll require identification details (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Information on the application including credit consent as well as 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim financials for the current financial year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K to $100K) we usually provide an answer within an hour, provided you submit your request within standard company hours and permit us to use the advanced bank verification system to immediately verify your bank account information online. If you choose to submit copies of your bank statements we can offer a decision within just an company day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of provide you with a conditional pre-approval in about six hours. After you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain offers have been approved in less than 24 hours.
The most efficient method is to ensure you apply during standard business hours and let us use the advance bank verification to instantly verify your bank account information online. If you decide to send us copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer within an hour – provided you submit your request during normal business time and permit us to make use of the advanced bank verification system to instantly verify your bank information online. If you opt to submit copies of your bank statements, we are able to provide the decision in just 1 business day.
If you are applying for Larger Business Loans ($100K and up) we might be able to offer you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some transactions have received approval within less than 24 hours.
The fastest method is to ensure you apply during standard business hours. Also, let us use the sophisticated bank verification to instantly confirm your bank details online. If you choose to send us duplicates of your banking statement, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. When you submit an application for a certain amount we will consider a number of aspects in order to assess what is the well-being for your company and the level of repayments that your company can afford. The total amount of your loan will be contingent on the specific circumstances for your company.
If you apply for a specific amount we take into consideration a variety of aspects to determine the health of the business and the level of the repayments your company will be able to support. The amount you receive from your loan will depend on the specifics that are unique to your business.
If you decide to apply for the business loan, we will assess the risk assessment that you have for your company and provide an individualised offer, including loan amount, term and the interest rates. The company loan is an upfront cost loan so you will know in advance the total amount payable including any interest rates, fees or charges.
The interest rates on company loans rates depend on several factors like the amount of money borrowed, what business assets the funds will be used for in addition to the industry that the company is operating in, how long the business has been operating as well as whether the company has enough cash flow to fund the loan, and the overall health or creditworthiness of the company.
There are no hidden costs for our company loans. You’ll know precisely how much it is that you be required to pay, and at what time, from the day you sign up. There’s no compounding and the loan comes with no additional fees (as long as you make your payments in time).
We do not charge an Application Fee. You are able to request a credit loan without any upfront costs or commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this fee if you decide to take the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the entire amount of your loan at any point in time.
If you are deciding to do this please talk to one of our helpful business lending professionals. They’ll offer you with repayment details and an early payout figure. This will be calculated as the sum of the remaining principal amount and any accrued interest at the time of early payment in addition to 1.5 percent of the principal remaining and any outstanding fees.
To make sure you do not miss payment dates and to align with your cash flow general, we provide repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as being clear about how we collect information, use it, and exchange it, as well as secure your information, is of huge importance and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption protocols to safeguard your sensitive, personal financial information and our funders are ISO 27001 certified for our dedication to the security of our customers as well as their security. We use an advanced bank verification system link to immediately confirm your bank account information online, allowing us to offer a fast response.
An asset-based loan is when the company owner uses an asset they own to obtain the funds for a loan. The asset could be an individual asset, such as the family home, or a company property like a truck or other piece of machinery.
The vast majority of lending institutions, not just the major banks, prefer to make loans secured by assets. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence it’s an opportunity to secure new financing making use of the value of what you already own.
Up to $150K in loans it is not necessary to secure assets upfront to access the money, however we require a personal guarantee. need the personal guarantee. As long as you follow the loan terms (as detailed in your loan contract) Asset security is not needed. If you take out loans in excess of $150,000 typically, you will need the option of a personal ensure and security in the form of a charge over assets.
