The requirements for obtaining an unsecured business loan in Wellington of between $5K and $100K is fairly low.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K company loan.
All that is needed to start is your contact information (company name, your name, email address and telephone) along with the amount you’d like to lend, as well as your monthly income.
Through the process and before settlement we will require confirmation of your identity, but not before we can begin:
In addition, once we have started in the process, for loans of more than $150,000 you’ll need basic financial statements:
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Wellington unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 months. They also offer cash flow friendly repayments that are either daily or weekly.
The application to the Small Business Loan in under 10 minutes via the internet or by phone. You will receive a same day response and the money could be on 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 so you will know ahead of time the total amount payable including any fees, interest or charges. Then, it is broken down into either weekly or daily amount to be paid back.
The Small Business Loan can be used for almost every business need, such as the management of cash flow, business renovations, marketing for purchasing inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term that can last up to 36 months. Repayments are weekly or fortnightly, depending on your situation.
This Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
To be eligible for a credit of this size the business needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Business Loan of a larger size can be used for nearly all company use, including business remodeling, buying inventory or new equipment or as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is required for accessing funds over $150,000. It’s as a result of an charge against assets, and could include the registration of this on the PPSR or making a caveat.
A director’s or personal ensure is a commitment to pay back a loan that is general in nature rather than stipulating security over a particular asset. The person signing the ensure 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 registry run by the New Zealand Government. It contains security interests registered in respect of personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date the security interest that is registered.
A caveat is a legal document filed to offer an official notice of a claim to property.
When you’re applying for larger company loans of $250K or more, we may offer an initial pre-approval in order to simplify the process. We could be able to get this done without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial assessment that includes you answering some financial health checks. It is not an offer of credit or guarantee of financing. Acceptance without condition is subject to a full credit assessment and any offer that you are offered could be on different terms.
You can apply for a company loan if you;
The application process is fast and simple. Complete the online form within a few minutes and a dedicated business loan specialist will contact you to assist you.
For a loan of up to $100,000, you’ll require ID details (valid Driver’s License) and a valid NZBN/IRD and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$100K – $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent and 12 month bank accounts, the 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 Summary.
For an unsecured loan ($5K and up) we can often provide a response in one hour, provided you submit your request during standard company hours and you allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements we can provide the decision in just 1 business day.
For the Larger Business Loan ($100K up to $500,000) we might be likely to offer you with pre-approval conditional to your application in around 6 hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval, however this may be quicker depending upon the circumstances for each application. Certain offers have been approved within the space of 24 hours.
The most efficient method for you to apply is ensure you apply during standard business hours. You can also let us use the advanced bank verification system link to verify your bank account information online. If you decide to send us duplicates of your banking statement, it takes a bit longer.
For the Small Business Loan ($5K and up) we can often provide a response in one hour, provided you submit your request at normal business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank information online. If you want to upload copies of your bank statements, we are able to provide an answer within an business day.
For Larger Business Loans ($100K to $500K) we might be in a position to offer you with conditional pre-approval within about 6 hours. Once you’ve signed your pre-approval, the turnaround time is around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Some transactions have received approval within the space of 24 hours.
The fastest method for you to apply is ensure you apply during normal business hours and allow us to use the sophisticated bank verification link to check your bank’s information online. If you decide to upload copies of your bank statements it will take a little longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we look at a variety of factors to determine your health of the business and the level of repayments that your business can support. The amount you receive from your loan will depend on the specific circumstances the company.
When you make an application for a set amount, we will consider a number of elements to determine the well-being that is your business and the extent of the repayments your company can afford. The total amount of the loan will be determined by the particular circumstances for your company.
If you decide to apply for our business loan, we’ll assess the risk profile the business and offer you with a customised offer including the loan amount, the terms and the interest rates. The company loan is an upfront cost loan therefore you will know the exact amount payable including any costs, fees, or interest rates.
Interest rates for company loans rates depend on a variety of factors such as the amount that is borrowed, what company assets the funds are used to purchase and the sector the company operates in, the long the company has been in operation as well as whether the company has enough cash flow to pay for the loan, as well as the overall well-being or creditworthiness of the company.
There aren’t any hidden charges for our business loans. You’ll know exactly how much you’ll need to pay, and when, right from the first day. There’s not any compounding interest and there are no additional charges (as as long as you pay your payments in time).
We don’t charge an application fee. You can apply for a loan with with no upfront cost or the obligation to take action.
The Origination Fee covers the expenses involved with establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You may choose to pay back the entire amount of the advance loan at any time.
If you are deciding to pursue this option, please speak to our friendly business lending experts. They will offer you with details on repayment and an early payout figure. This is calculated as the sum of the remaining principal amount and accrued interest to the time of early payment plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To ensure you do not miss repayments and to fit in with your cash flow cycle we provide payments that are either weekly or daily. These are automatically withdrawn from the nominated business account.
Security of your data, and making it clear the ways we gather information, use it, and exchange it, as well as protect your information, is of paramount importance and is a crucial aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to security for our customers and security. We employ a highly sophisticated banking verification system to immediately confirm your bank account information online to provide an immediate response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset that they own to secure the funds for a loan. The asset can be a personal asset like the family home, or an business asset like a truck or other piece of machinery.
The majority of lenders, not just the banks with the biggest size, prefer to secure loans against assets. If you are having difficulty paying back the loan, the asset might be transferred to the lender. In essence it’s a way of securing new funding making use of the value of what you already have.
Up to $150,000 in loans there is no requirement for asset security before you are able to access the money but we require a personal guarantee. need an individual guarantee. If you adhere to your loan commitments (as stated in your loan contract document), asset security is not required. If you take out loans in excess of $150K typically, you will need an individual guarantee and security that is in the form the charge of assets.
