The criteria for eligibility for an unsecured business loan in Wellington of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Review the eligibility requirements for our $100K-$500K business credit.
All that is needed to begin is your contact details (company name, your name, email address and phone) as well as the amount you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will require confirmation of your identity but not to get started:
Once we’ve started in the process, for loans greater than $150,000 you’ll also need basic financial statements:
Let’s get started now.
Wellington unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
You can apply for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and funds may be on your account within 24 hours. Traditional business loans reference an annual interest rate as well as other fees and charges. This company loan is a pre-paid loan which means you know in advance the total amount to be paid, including any interest, fees or charges. This is then divided into weekly or daily payment amount.
A Small Business Loan can be used to fulfill almost any business use, including control of cash flow business remodels and marketing for purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal reasons.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan of this size the business needs to have been operating for a minimum of 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (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 to fund almost any company purpose including business improvements, purchasing new equipment or inventory as well as for general working capital, and much more. The loan is not available for personal purposes.
Asset security is needed for accessing funds over $150,000. This is as a result of an charge against assets, which could also be registered in the PPSR or the registration of 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 an asset. The person who is signing the ensure is personally liable in the event that the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register that is operated by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR grants prioritisation over property that is personal to be assigned depending on the date that a security interest has been registered.
Caveats are legal document filed to provide notice of a legal claim to property.
If you’re seeking the Larger Business Loan of more than $250K it is possible to offer an initial pre-approval that will help ease the process. We might be able to apply for this without credit checks and within six hours of your initial application. The pre-approval is based upon an initial assessment that includes you answering a few financial health questions. This is not an offer of credit or guarantee of credit. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you might receive could be based on different terms.
You are eligible to apply for a business loan if you
The application process is simple and easy. Complete the online form in few minutes and a dedicated company credit specialist will be in touch to guide you through the process.
To be eligible for up to $100,000, you’ll need ID details (valid Driver’s Licence) as well as a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also need:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Application details including credit consent as well as 12 months of bank records, IRD statement and the last two years’ finalised financial statements, and interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide an answer within an hour if you make your application in standard company hours and permit us to utilise the bank verification system to immediately verify your bank account information online. If you choose to send us copies of your bank statements , we’ll be able to offer an answer in as little as 1 company day.
For Larger Business Loans ($100K up to $500,000) we may be able to offer you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Certain deals have been approved in the space of 24 hours.
The fastest way for you to apply is ensure you apply during standard company hours and allow us to use the advance bank verification link to instantly verify your bank account information online. If you send us documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K and up) we usually offer an answer in just one hour – provided you make your application within standard business times and you allow us to make use of the advanced bank verification system to immediately verify your bank account information online. If you choose to upload copies of your bank statements, we are able to provide an answer in just the span of one business day.
For the Larger Business Loans ($100K or more) We may be in a position to provide you with a conditional pre-approval in about six hours. After you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain offers have been approved in 24 hours.
The most effective method for you to apply is make sure you apply during standard business hours, and let us use the advanced bank verification system link to confirm your bank details online. If you choose to send us duplicates of your banking accounts, it takes a bit longer.
We provide loans that range from $5,000 and $500,000. When you make an application for a specific amount we will consider a number of elements in order to assess the well-being of your company and the extent of repayments your business is able to afford. The total amount of your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a specific amount we look at a range of aspects to assess your health that is your business and the extent of the repayments your company is able to afford. The total amount of your loan will depend on the specifics the company.
If you decide to apply for the company financing, we will assess the risk assessment of your business and provide you with a customised offer including the loan amount, the terms and the interest rates. This company loan is an upfront-priced loan therefore you will be aware of the total amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates vary due to factors such as the amount that is that is borrowed, what business assets the money are used to purchase, the industry the business operates in, the long the business has been operating, whether the company has enough cash flow to cover the loan, and also the overall well-being or financial standing of the business.
There are no hidden fees for our company loans. You’ll know exactly how much it is that you be required to pay and when, starting from the very first day. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments on time).
We do not charge an Application Fee. You are able to get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the expenses involved in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You may choose to pay back 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 loans professionals. They’ll offer you with the details of your repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining plus any accrued interest as of the date of early payout and 1.5% of the principal amount remaining as well as any outstanding fees.
To make sure that you don’t miss payment dates and to align your cash flow schedule, we provide payments that are either daily or weekly. They are automatically deducted from your designated company account.
Making sure that your information is secure, and knowing the ways we gather the information we collect, use, share and protect your information, is crucial and an integral part of our relationship you.
Yes. We make use of industry-standard encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We make use of an advanced banking verification system to immediately confirm your bank account information online to provide quick responses.
The term "asset-based" refers to borrowing where a company owner utilises the assets they have to secure the funds for a loan. The asset could be an individual asset, such as the family home or it could be a business asset such as a vehicle or piece of equipment.
The majority of banks, including the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, then the asset could be taken over by the lender. In essence, it’s the process of securing new funding making use of the value of what you already own.
For loans up to $150,000 there is no requirement for asset security upfront to access the money however, we do require the personal guarantee. As long as you follow the loan terms (as stipulated in the loan contract) and you are able to meet your obligations, asset security will never be needed. If you take out loans in excess of $150K typically, you will need personal ensure and security is provided in the form of the charge of assets.
