The requirements for getting an unsecured business loan in Perth of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K-$500K company financing.
All that’s required to start is your contact details (company name, your name, email and telephone), how much you’d like to borrow and your monthly income.
While in the process and before settlement we’ll require confirmation of your identity but not to get started:
After we start, for loans that exceed $150,000, you will also need the following financial statements:
Let’s get started.
Perth unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
It is possible to apply for the Small Business Loan in under 10 minutes online or over the phone. You’ll get a same day response and the money could be available in just 24 hours. Traditional business loans have an annual rate of interest along with other charges and fees. Our company loan is a pre-paid loan therefore you’ll be aware of the amount you will have to pay, including any fees, interest or charges. This is then broken down into a daily or weekly repayment figure.
The Small Business Loan can be used for almost any company reason, such as managing cash flows, business improvements, advertising to purchase inventory or new equipment, to fund general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. The loan ranges from $100,000 to $500,000 over a fixed term up to 36 months. Repayments are weekly or fortnightly depending on your situation.
A Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan of this size the company needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger business loan can be used to fund almost all business need, including company remodeling, buying equipment or inventory for general working capital and much more. The loan is not available for personal use.
Asset security is needed for accessing funds over $150,000. This can be done as a result of an charge over assets, and may be registered with the PPSR or making a caveat.
A director’s or personal ensure is a commitment to repay credit that is generally in nature rather than specifying security over an asset. The person who signs the guarantee is personally responsible if the company the borrower fails to pay back 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 granted to individuals who own personal property (including the assets or goods). The PPSR grants preference over private property assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal form of document to provide notice of a legal claim against a property.
When you’re applying for an enterprise loan that exceeds $250,000 it is possible to offer a preliminary pre-approval to help smooth out the process. We may be able to make this decision without a credit check, and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes you answering some financial well-being checks. It’s not an offer or guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could have different conditions.
You can apply for an company loan if you:
The process for applying is fast and easy. Complete the online form in just a few minutes, and a dedicated business expert in lending will be in touch to guide you through the process.
For a loan of up to $100,000, you’ll require proof of identity (valid Driver’s Licence) as well as an active NZBN/IRD, and at least 6 months of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if credit is over $150K).
$250K – $500K: Information on the application including credit consent as well as 12 month bank accounts, the IRD statements, last 2 years finalised financial statements, and interim current financial year financials, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour if you apply within standard company timings and permit us to utilise the bank verification system link to immediately verify your bank account information online. If you want to upload copies of your banking statements , we are able to provide the decision within the span of one business day.
If you are applying for a Larger Business Loan ($100K and up) we may be in a position to provide you with a conditional pre-approval within about 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain deals have been approved in 24 hours.
The fastest way would be to make sure you apply during standard company hours and allow us to use the advance bank verification to instantly check your bank’s information online. If you opt to upload the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K or more) we usually provide a response in one hour – provided you apply in normal business times and you allow us to utilise the advanced bank verification system to immediately verify your bank account information online. If you want to upload copies of your bank statements, we will be able to offer the decision in just one business day.
For the Larger Business Loans ($100K and up) we could be likely to provide you with a conditional pre-approval within about six hours. Once you’ve signed your pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however it could be faster based on the particular circumstances of each application. Some deals have been approved in 24 hours.
The fastest way would be to ensure you apply during standard business hours. Also, allow us to use the advanced bank verification system to instantly verify your bank information online. If you decide to upload duplicates of your banking accounts, it can take a bit longer.
We offer the loan amount between $5,000 and $500,000. When you make an application for a particular amount, we look at a variety of factors that determine what is the health of your company and the level of the repayments your company can support. The total amount of your loan will be contingent on the specifics that are unique to your business.
If you apply for a specific amount we look at a range of variables to assess your health of the company as well as the amount of the repayments your business is able to afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you request our business financing, we will assess the risk assessment that you have for your company and offer you with a customised proposal that includes the amount of loan, the term and interest rates. This business loan is an upfront-priced loan therefore you will be aware in advance of the total amount payable including any interest rates, fees or charges.
Interest rates for company loans rates differ based on various variables like the amount to be that is borrowed, what company assets the money will be used for, the industry the company operates in, how long the business is in operation for, whether the company has sufficient cash flow to cover the loan, and general health and creditworthiness of the company.
There aren’t any hidden costs with our company loans, and you’ll know precisely what it is that you need to pay, and at what time, from the first day. There’s not any compounding interest and there are no additional charges (as long as you make your payments punctually).
We do not charge an application fee. You can make an application for loans with no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with the setting up and management of the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You may choose to pay back the entire amount of your loan early at any time.
If you do decide to pursue this option, please contact our helpful company lending professionals. They will offer you with details on repayment as well as an early payout amount. It will be calculated using the total of the principal amount remaining and any accrued interest at the date of early payout in addition to 1.5% of the principal remaining and any fees that remain unpaid.
To make sure that you don’t miss payment dates and to align your cash flow schedule, we provide payments that are either weekly or daily. These are automatically withdrawn from your designated company account.
Protecting your information, and making it clear the ways we gather, use, exchange and ensure the security of your information is of huge importance and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your sensitive, personal financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We make use of an advanced banking verification system to instantly verify your bank account details online so we can offer quick responses.
Asset-based borrowing occurs when a business owner uses the assets they have to get the funds for a loan. The asset could be an individual asset, such as the family home, or it could be a business asset like a truck or other piece of machinery.
The majority of the lenders including the banks with the biggest size, prefer to secure loans against assets. If you have trouble paying back the loan then the asset might be transferred to the lender. In essence it’s an opportunity to secure new financing taking advantage of the value of what you already own.
For loans that exceed $150,000, the requirement for asset security is not required upfront to access the money however, we do need the personal guarantee. So long as you comply with your loan commitments (as detailed in the loan contract), asset security will never be needed. For loans of over $150K generally there is a personal guarantee and security is provided in the form of the charge of assets.
