The eligibility requirements for an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Review the conditions of eligibility for our $100K-$500K business credit.
All that’s needed for starting is your contact details (company name, your name, email, phone) and the amount you’d like to borrow, and your monthly revenue.
Through the process and before settlement we’ll need confirmation of who you are, but not for starting:
Once we’ve started, for loans greater than $150,000 you’ll also require basic financial statements:
Let’s get started now.
Wellington unsecured loans provides the range of $5,000 to $100,000. Terms range from 3 and 24 month and cash flow friendly repayments that are either per day or weekly.
You can apply to get the Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and funds may be in your account within 24 hours. Traditional company loans reference an annual rate of interest as well as other fees and charges. Our business loan is an upfront priced loan therefore you’ll know in advance the amount you will have to pay, including any fees, interest or charges. This is then divided into weekly or daily amount to be paid back.
It is a Small Business Loan can be used for nearly any company need, such as control of cash flow company remodels and marketing to purchase inventory, new equipment, to fund general working capital and so much more. The loan is not available for personal purposes.
The Larger Business Loan is a larger loan size to support business expansion opportunities. The loan ranges from $100,000 to $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan that is this large, your business needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A larger business loan can be used for nearly all business purpose including company renovations, purchase of inventory or new equipment as well as for general working capital, and much more. The loan is not available to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. It is usually in the form of a charge over assets, which could also include registration on the PPSR or making as a caveat.
A personal or director’s ensure is a promise to repay a loan which is general in nature, rather than defining security over a particular asset. The person who is signing the guarantee is personally liable in the event that the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It lists security interests that are granted to individuals who own personal property (including objects or assets). The PPSR grants prioritisation over property that is personal to be granted according to the date a registration of a security interest.
An affidavit is an official form of document to offer the legal claim against a property.
If you’re applying for an enterprise loan that exceeds $250,000 we can offer a preliminary pre-approval to help ease the process. We could be able to do this without a credit check and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial health questions. This is not an offer of credit or guarantee of credit. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you are offered could be based on different terms.
You are eligible to apply for an company loan if you;
The process for applying is fast and easy. Simply complete the online form within a couple minutes, and a dedicated business loan specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll need ID details (valid Driver’s Licence) along with a valid NZBN/IRD and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K-$250K: Information about the application including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent, 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, and interim current financial year financials including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K and up) We can usually provide an answer in just one hour – as long as you make your application within standard business time and permit us to utilise the bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statement, we’ll provide a decision within just the span of one company day.
For Larger Business Loans ($100K and up) we could be likely to provide the conditional pre-approval within 6 hours. After you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval, however this can be quicker based on the circumstances of each application. Some agreements have been approved within 24 hours.
The quickest way to apply would be to ensure you apply during standard business hours, and let us use the modern bank verification to check your bank’s information online. If you opt to send us copies of your bank statement, it takes a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer an answer within an hour if you apply at standard business time and allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you opt to upload copies of your bank statements, we’ll be able to offer the decision within one business day.
If you are applying for Larger Business Loans ($100K and up) we may be able to provide you with conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval. However, this can be faster depending upon the circumstances for each application. Some deals have been approved in 24 hours.
The fastest method can be ensure you apply during standard business hours. Also, allow us to use our modern bank verification link to instantly confirm your bank details online. If you choose to send us duplicates of your banking accounts, it will take a little longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a particular amount, we will consider a number of variables that determine what is the health of the company as well as the amount of repayments that your company is able to afford. The total amount of the loan will be determined by the specifics the business.
When you make an application for a set amount, we consider a variety of aspects to determine your well-being of your business as well as the amount of repayments your business will be able to support. The total amount of your loan will be contingent on the specifics the company.
When you make an application for our business loan, we will assess the risk profile that you have for your business and provide you with a tailored offer including the amount of the loan, the duration and interest rates. A business loan is an upfront cost loan and you’ll know in advance the total amount due, which includes any costs, fees, or interest rates.
Interest rates for company loans rates differ based on various factors like the amount of money that is borrowed, what company assets the money will be used for and the sector the business operates in, the long the company has been operating and what percentage of the company has sufficient cash flow to pay for the loan, and the overall well-being as well as creditworthiness business.
There are no hidden fees for our company loans. You’ll know precisely how much you’ll need to pay, and when, from the first day. There’s no compounding and the loan comes with no additional fees (as long as you are able to make your payments on time).
We do not charge an application fee. You can get a cash loan with with no upfront cost or commitment to apply.
The Origination Fee includes the expenses associated with setting up and managing the loan. You are only charged this fee if you decide to take the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can repay the entire amount of the loan early at any time.
If you choose to pursue this option, please talk to one of our helpful company loan professionals. We will provide you with details on repayment and an early payment figure. This is calculated as the sum of the principal amount remaining and accrued interest to the time of early payout plus 1.5 percent of the principal amount remaining and any outstanding fees.
To ensure you do not miss payment dates and to align your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your nominated company account.
Making sure that your information is secure, and being clear about the ways we gather the information we collect, use, share and ensure the security of your information is vital and a vital part of our relationship you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive and financial data and our funders are ISO 27001 qualified for our dedication to customer security and privacy. We employ a highly sophisticated bank verification system to immediately verify the bank account details online to offer an immediate response.
Asset-based borrowing is when the company owner borrows from the assets they have to obtain the loan. The asset can be a personal asset like the family home or it could be a business asset like a truck or piece or equipment.
The vast majority of lenders, even the big banks, tend to make loans secured by an asset. If you have trouble paying back the loan then the asset could be taken over by the lender. In essence, it is a way of securing additional financing using the value of what you already own.
For loans of up to $150,000, the requirement for asset security is not required prior to the loan’s access, however we do need a personal guarantee. As long as you follow the terms of your loan (as detailed in the loan contract) Asset security is not required. For loans over $150K generally, there is an individual guarantee and security in the form of an asset charge.
