The criteria for eligibility for an unsecured business loan in Perth of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Find out the guidelines for eligibility for our $100K-$500K business financing.
All that’s needed to start is your contact information (the name of your company, your name, email, phone) and the amount you’d like to borrow and your monthly revenue.
In the course of the process and before settlement we will need confirmation of your identity but not to get started:
In addition, once we have started when it comes to loans greater than $150,000 you’ll need basic financial statements:
Let’s get started.
Perth unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months. They also offer cash flow friendly repayments that are either per day or weekly.
The application for the Small Business Loan in under 10 minutes online or on the phone. You’ll receive a same day response and the money could be on your account within 24 hours. Traditional company loans have an interest rate per annum along with other charges and fees. Our business loan is a cash-based loan which means you be aware in advance of the total amount to be paid, including the interest, fees and charges. This is then broken down into either a daily or weekly installment amount.
It is a Small Business Loan can be used to fulfill almost any business use, including the management of cash flow, company remodeling, marketing to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size loan to aid in business growth opportunities. Loans range between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are scheduled weekly or fortnightly, depending on the flow of cash.
The Larger Business Loan has an Origination Fee, calculated at 2.5 percentage of the loan amount.
To be eligible for a loan that is this large the company needs to be operating for a minimum of 3 years and generate an annual revenue of at least $700K. It is necessary to 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 the least 12 months of operating.
A large business loan can be used to fund almost every business purpose including business improvements, purchasing new equipment or inventory, as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is necessary for accessing funds over $150,000. This is in the form of a charge over assets, and may include registering this through the PPSR or filing a caveat.
A personal or director’s guarantee 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 if the business lender is not able to make the repayment.
The Personal Property Securities Register (PPSR) is a central, national online register that is operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including objects or assets). The PPSR allows the priority of personal property granted in accordance with the date on which a security interest that is registered.
Caveats are legal document lodged to provide notice of a legal claim against a property.
If you’re applying for larger company loans of $250,000 or more we may be able to provide an initial pre-approval to make the process. We may be able to get this done without a credit verification and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves the answer to a series of financial health checks. This is neither an offer nor a guarantee of funds. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you receive could be subject to different conditions.
You may apply for an company loan if you:
The application process is simple and easy. Complete the online form in few minutes and a dedicated business expert in lending will call you to guide you through the process.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) as well as an NZBN/IRD that is valid and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent, 12 months bank statement, an IRD statements as well as the two most recent years’ financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we usually provide an answer in just one hour if you make your application within standard company hours and let us use the advanced bank verification system to immediately verify your bank account information online. If you want to submit copies of your bank statements we can offer the decision in just an company day.
For the Larger Business Loan ($100K to $500K) we may be able to offer the conditional pre-approval in about six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, it could be faster based on the specifics of each application. Certain transactions have received approval in 24 hours.
The fastest way is to ensure you apply during normal company hours. You can also allow us to use our advanced bank verification system to instantly check your bank’s information online. If you send us the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K and up) we can often provide an answer in just one hour, provided you apply during standard business times and permit us to use the advanced bank verification system link to instantly verify your bank’s information online. If you opt to submit copies of your bank statements, we are able to offer a decision within 1 business day.
For Larger Business Loans ($100K and up) we could be in a position to offer you with conditional pre-approval within six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this may be quicker depending on the circumstances of each application. Some offers have been approved within the space of 24 hours.
The quickest method would be to make sure you apply during normal business hours and allow us to use our sophisticated bank verification to instantly confirm your bank details online. If you upload duplicates of your banking statements, it will take a little longer.
We offer loans that range from $5,000 and $500,000. When you make an application for a specific amount we take into consideration a range of aspects for determining your well-being that is your business as well as the amount of repayments that your business can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your company.
If you apply for a particular amount, we consider a variety of aspects to assess the well-being of the company and the extent of repayments that your business can afford. The amount you receive from the loan will be determined by the particular circumstances the business.
When you make an application for one of our business loan, we will assess the risk assessment that you have for your business and provide you with a tailored offer including the loan amount, the terms and interest rates. The company loan is an upfront cost loan so you will be aware in advance of the total amount to be paid, including any charges, interest rates or fees.
Interest rates for business loans rates depend on several factors including the amount borrowed, what business assets the money will be used for in addition to the industry that the company is in, how long the company has been in operation, how long the business has sufficient cash flow to cover the loan, and general well-being or creditworthiness of the company.
There are no hidden fees for our company loans, and you’ll know precisely what you’ll be required to pay, and at what time, from the very first day. There’s no compounding interest, and no extra fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You are able to apply for a loan no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated with setting up and managing the loan. This is only a cost if you take out the loan. Our Origination Fee is 2.5 percent of the amount of loan.
You can repay the total amount of your advance loan at any time.
If you choose to take this route, please contact our helpful company loans professionals. We will provide you with repayment details as well as an early payout amount. This is calculated as the sum of the remaining principal amount and any accrued interest at the time of early payout, plus 1.5% of the principal remaining plus any outstanding fees.
To help you avoid missing payments and to work with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your nominated business account.
Protecting your information, and knowing how we collect the information we collect, use, share and ensure the security of your information is of huge importance and is an essential aspect of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal financial and other data. Our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system link to instantly verify the bank account details online. This allows us to offer rapid response.
Asset-based borrowing occurs when the company owner borrows from the assets they have to obtain the funding. The asset can be a personal asset like the family home or a company asset such as a truck as well as a piece of machine.
The vast majority of the lenders even the major banks, prefer 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’s the process of securing new financing using the worth of the asset you already own.
For loans of up to $150K, no asset security is required before you can access the money but we do need the personal guarantee. In the event that you fulfill the loan terms (as specified in your loan contract) and you are able to meet your obligations, asset security is not needed. If you take out loans in excess of $150,000 generally, there is an individual guarantee and security is provided in the form of the charge of assets.
