The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Need more funds? Find out the eligibility requirements for our $100K-$500K company loans.
All that’s required to get started is your contact information (the name of your company, your name, email and phone), how much you’d like to lend, and your monthly income.
In the course of the process and before settlement we’ll need confirmation of who you are but not before we can begin:
Once we’ve started in the process, for loans that exceed $150,000, you’ll need basic financial statements.
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Adelaide unsecured loans offers amounts between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
It is imaginable to apply for your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the funds could be in your account in 24 hours. Traditional business loans are based on an annual interest rate plus other fees and charges. Our company loan is a cash-based loan therefore you’ll be aware of the total amount payable including any fees, interest or charges. This is then broken down into weekly or daily installment amount.
The Small Business Loan can be used for almost any business reason, such as cash flow management, company renovations, marketing to purchase inventory or new equipment, or as 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 company expansion opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee, which is determined at 2.5% of the amount of the loan.
To be eligible for a loan in this amount, your company needs to be operating for at least three years with an annual turnover of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of business.
A larger company loan can be used for nearly any company reason, such as business remodeling, buying inventory or new equipment, as general working capital and much more. The loan is not available for personal reasons.
Asset security is needed for accessing funds over $150,000. This is by way of charge over assets, and may be registered with the PPSR or the registration of as a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than defining security over an asset. The person signing the ensure is personally accountable if the company the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It lists security interests that are that are registered for personal property (including goods or assets). The PPSR allows preference over private property granted according to the date a security interest that is registered.
A caveat is a legal document lodged to provide an official notice of a claim to property.
When you’re applying for a Larger Business Loan of $250,000 or more, we may offer a preliminary pre-approval to help simplify the process. We could be able to do this without a credit verification and within 6 hours of the initial application. This pre-approval is based on a preliminary assessment which includes you answering a few financial health checks. It’s neither an offer nor a guarantee of credit. Unconditional approval is subject to an assessment of your creditworthiness and any offer you are offered could be on different conditions.
You can apply for an business loan if you
The application process is fast and easy. Simply complete the online form in few minutes and an experienced business credit specialist will be in touch to guide you.
For a loan of up to $100,000, you’ll need proof of identity (valid Driver’s License) along with an active NZBN/IRD, and at least 6 months’ worth of bank statements.
For larger loan sizes, you’ll also need:
$100K to $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K to $500K: Information on the application including credit consent, 12 months of bank statements, IRD statement, last 2 years finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) we usually provide an answer within one hour, provided you submit your request during standard company times and let us utilise the advanced bank verification system to instantly verify your bank details online. If you opt to send us copies of your bank statement, we’ll provide the decision in as little as one business day.
For the Larger Business Loan ($100K up to $500,000) we may be in a position to offer you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval form, it will take 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 within the space of 24 hours.
The most effective method is to make sure you apply during normal company hours. You can also allow us to use our advance bank verification link to instantly check your bank’s information online. If you opt to upload copies of your bank statement, it will take a little longer.
For the Small Business Loan ($5K up to $100,000) we can often provide an answer within one hour – provided you apply during standard business times and let us use the advanced bank verification system link to instantly verify your bank information online. If you choose to send us copies of your bank statements we can offer a decision within the span of one business day.
For the Larger Business Loans ($100K and up) we may be likely to provide you with pre-approval conditional to your application within about six hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Certain transactions have received approval in just 24 hours.
The most effective method for you to apply is ensure you apply during normal business hours. Also, permit us to use the modern bank verification to instantly verify your bank account information online. If you send us copies of your bank statements it will take a little longer.
We provide loans ranging from $5,000 to $500,000. When you submit an application for a certain amount we take into consideration a range of elements in order to assess how much we can lend you well-being of your company and the level of repayments that your company is able to afford. The amount you receive from your loan will be contingent on the particular circumstances the company.
If you apply for a particular amount, we will consider a number of factors to determine your health for your company and the extent of payments your business can support. The total amount of your loan will depend on the particular circumstances of your company.
If you decide to apply for our business loans, we’ll assess the risk profile of your business and offer an individualised offer that includes the amount of loan, the term and the interest rates. This business loan is an upfront priced loan so you will be aware of the total amount payable including 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 business assets the funds are used to purchase in addition to the industry that the company operates in, how long the company has been in operation and whether the business has sufficient cash flow to fund the loan, and the overall health and creditworthiness of the company.
There aren’t any hidden charges with our business loans, and you’ll know exactly how much you’ll be required to pay, and when, from the first day. There’s no compounding and there are no additional charges (as long as you make your payments in time).
We do not charge an Application Fee. You can make an application for loans with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with setting up and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the amount of loan.
You can choose to repay the total amount of your advance loan at any time.
If you decide to pursue this option, please talk to one of our helpful company credit specialists. The experts will provide you with details on repayment as well as an early payout amount. This will be calculated as the total of the remaining principal amount and the accrued interest up to the date of early payout and 1.5% of the principal balance and any outstanding fees.
To make sure that you don’t miss due dates and also to be in line with your cash flow routine, we offer repayments either daily or weekly. These are automatically withdrawn from your nominated business account.
The security of your personal information, as well as being transparent about the ways we gather data, process, exchange and secure your information, is of huge importance and an integral aspect of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your personal, sensitive as well as financial data. Our funders are ISO 27001 qualified for our dedication to security for our customers and privacy. We make use of an advanced bank verification system link to instantly verify the bank account details online so we can offer an immediate response.
The term "asset-based" refers to borrowing where a company owner uses the assets they have to get the funds for a loan. The asset could be an asset belonging to the personal, like the family home, or a company property like a truck or piece or equipment.
The vast majority of lenders, including the major banks, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, the asset might be sold by the lender. In essence, it’s a way of securing new financing by taking advantage of the value of what you already have.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds but we do require an individual guarantee. In the event that you fulfill your loan commitments (as specified in your loan contract document) and you are able to meet your obligations, asset security is not required. For loans of over $150K generally, you are able to get a personal guarantee and security is provided in the form of the charge of assets.
