The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Do you need more money? Check out the eligibility requirements for our $100K-$500K business loans.
All that’s needed to get started is your contact information (company name, your name, email and telephone) as well as the amount you’d like to borrow, and your monthly income.
While in the process and before settlement we will need confirmation of who you are, but not for starting:
After we start, for loans over $150,000 you will also require fundamental financial statements:
Let’s get started.
Adelaide unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply to get this Small Business Loan in under 10 minutes online or over the phone, receive a same day response and funds may be on your account within 24 hours. Traditional business loans are based on an annual interest rate as well as other fees and charges. We offer a company loan is an upfront priced loan therefore you’ll know ahead of time the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used to fulfill almost every company purpose including managing cash flows, company remodels and marketing, to purchase inventory or new equipment, to fund general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger amount of loan to help company growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate the flow of cash.
The Larger Business Loan has an Origination Fee, which is determined at 2.5 percent of the amount of the loan.
In order to be eligible for a loan that is this large the company needs to be in operation for at least 3 years and generate an annual revenue of $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A larger company loan is a great option for almost every business need, including company renovations, purchase of equipment or inventory, as general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is required to obtain funding above $150,000. It is usually by way of charge over assets and can include registering this with the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to pay back a loan that is generally in nature rather than specifying security over a particular asset. The person who is signing the ensure is personally liable if the business borrower is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests that are registered for personal property (including objects or assets). The PPSR gives preference over private property assigned depending on the date that a registration of a security interest.
A caveat is a legal document filed to provide notice of a legal claim to property.
If you’re seeking larger business loans that is greater than $250K we may be able to provide an initial pre-approval in order to smooth out the process. It is possible to apply for this without a credit check and within 6 hours of your initial application. The pre-approval is based upon an initial evaluation that involves the answer to a series of financial well-being questions. This is neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to a full credit assessment and any offer you may receive may be subject to different conditions.
You may be eligible for an business loan if you;
The application process is quick and easy. Complete the online form within a couple minutes, and an experienced business expert in lending will call you to assist you.
To apply for up to $100,000 you’ll need ID details (valid Driver’s Licence) as well as an active NZBN/IRD, and at least six months of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Details for application including credit consent twelve month bank accounts, the IRD statements as well as the two most recent years’ financial statements, plus interim financials from the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we typically provide an answer in just one hour, provided you submit your request during standard company time and allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statements we can offer the decision in just 1 business day.
If you are applying for a Larger Business Loan ($100K up to $500,000) we may be in a position to provide you with pre-approval conditional to your application within 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the circumstances of each application. Certain agreements have been approved within less than 24 hours.
The quickest method is to ensure you apply during normal business hours and let us use the advanced bank verification system to check your bank’s information online. If you upload the copies of bank statements it may take a bit longer.
For the Small Business Loan ($5K and up) we can often provide a response in one hour – as long as you make your application during standard business time and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you opt to send us copies of your bank statements we can provide a decision within an business day.
For Larger Business Loans ($100K or more) we might be able to offer the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the specifics of each application. Certain offers have been approved within less than 24 hours.
The most effective method can be make sure you apply during normal business hours, and let us use the modern bank verification link to verify your bank account information online. If you decide to send us duplicates of your banking statement, it can take a bit longer.
We provide loans that range from $5,000 to $500,000. When you make an application for a specific amount we look at a variety of variables for determining the well-being of your business and the extent of payments your business will be able to support. The total amount of the loan will be determined by the particular circumstances of your company.
When you make an application for a specific amount we will consider a number of elements to determine your health of your business and the level of repayments that your company can support. The amount you receive from your loan will be determined by the specifics that are unique to your business.
If you decide to make an application for business loans with us business loans, we will assess the risk profile that you have for your business and offer you with a customised offer, including loan amount, term and interest rates. A business loan is an upfront-priced loan therefore you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates depend on several factors including the amount borrowed, what business assets the money will be used for and the sector the business is in, how long the business has been operating, what percentage of the business has sufficient cash flow to support the loan, as well as the overall well-being or financial standing of the business.
There are no hidden fees with our company loans. You’ll be aware of the amount you’ll be required to pay, and when, from the very first day. There’s no compounding and no additional fees (as long as you are able to make your payments in time).
We do not charge an Application Fee. You are able to get a cash loan no cost upfront or the obligation to take action.
The Origination Fee covers the costs associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You may choose to pay back the total amount of your loan in full at any time.
If you decide to take this route, please speak to our friendly business loan experts. They’ll provide you with repayment details and an early payout figure. The figure will be calculated as the total of the remaining principal amount plus any accrued interest as of the time of early payout and 1.5 percent of the remaining principal plus any outstanding fees.
To make sure that you don’t miss payments and to work your cash flow cycle we offer repayments that are either weekly or daily. They will be automatically deducted from your nominated business account.
Making sure that your information is secure, and making it clear the ways we gather data, process, exchange and ensure the security of your information is of huge importance and is a crucial element of our relationship with you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our dedication to security for our customers and security. We make use of an advanced bank verification system that allows you to immediately verify your bank account information online so we can offer a fast response.
Asset-based borrowing is when an business owner uses the assets they have to obtain the funds for a loan. The asset could be a personal asset like the family home, or an company asset such as a vehicle or piece or equipment.
The majority of lending institutions, not just the major banks, prefer to secure loans against an asset. If you are having difficulty paying back the loan, then the asset might be transferred to the lender. In essence, it is means of securing new funding taking advantage of the value of what you already have.
For loans up to $150K no asset security is required before you can access the money however, we do need an individual guarantee. As long as you follow your loan commitments (as detailed in your loan contract), asset security will never be required. For loans that exceed $150,000, typically, you will need personal guarantee and security is provided in the form of a charge over assets.
