The eligibility requirements for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K business loans.
All that is needed to begin is your contact details (company name, your name, email and telephone), how much you’d like to borrow, as well as your monthly income.
While in the process and before settlement we will require confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans that exceed $150,000, you’ll also require basic financial statements.
Let’s get started.
Adelaide unsecured loans provides the range of $5,000 to $100,000, with terms ranging from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
The application for your Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an instant response and the funds could be in your account within 24 hours. Traditional business loans have an interest rate per annum together with additional fees and charges. This business loan is an upfront priced loan so you will know in advance the amount you will have to pay, including any fees, interest or charges. Then, it is broken down into a daily or weekly installment amount.
It is a Small Business Loan can be used for almost every company need, such as managing cash flows, business renovations, marketing to purchase inventory or new equipment, for general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are weekly or fortnightly to work with your cash flow.
A Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
In order to be eligible for a loan of this size, your business needs to be in operation for at least 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger business loan can be used to fund almost every company purpose including company remodeling, buying equipment or inventory or as general working capital and much more. The loan is not available for personal use.
Asset security is required for funding of more than $150,000. It is usually by taking a charge against assets, and could include the registration of this on the PPSR or the registration of a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is general in nature rather than defining security over an asset. The person signing the guarantee is personally liable if the business creditor is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document that is filed to provide the public notice of a legal claim to a property.
When you’re applying for an enterprise loan of $250,000 or more we may be able to provide an initial pre-approval to ease the process. We might 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 some financial health checks. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you receive could have different conditions.
You are eligible to apply for a company loan if you;
The application process is fast and simple. Simply complete the online form within a few minutes and an experienced business credit specialist will be in touch to help you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) and a valid NZBN/IRD as well as at least six months of bank statements.
In addition, for larger loan sizes, you’ll require:
$100K-$250K: Application details including credit consent, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details for application including credit consent twelve month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables summary.
For an unsecured loan ($5K or more) we usually provide an answer within an hour – as long as you make your application during quality company timings and let us utilise the bank verification system link to instantly verify your bank information online. If you choose to submit copies of your bank statement, we’ll offer a decision within just one business day.
For Larger Business Loans ($100K to $500K) we might be able to offer you with pre-approval conditional to your application in around 6 hours. Once you have signed the pre-approval form, it will take about 2-3 days for final approval, however this may be quicker depending on the particular circumstances of each application. Certain transactions have received approval in less than 24 hours.
The quickest method is to ensure you apply during normal company hours. You can also let us use the advanced bank verification system to check your bank’s information online. If you opt to upload duplicates of your banking statements , it takes a bit longer.
For the Small Business Loan ($5K and up) we typically offer an answer within one hour if you apply during standard business hours and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements, we will be able to offer a decision within one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be likely to provide you with conditional pre-approval in around six hours. Once you’ve signed your pre-approval document, you will require to wait about 2-3 days for final approval. However, this may be quicker depending upon the circumstances for each application. Some offers have been approved within just 24 hours.
The fastest method would be to make sure you apply during normal business hours. You can also allow us to use the advanced bank verification system link to check your bank’s information online. If you decide to upload duplicates of your banking statements it may take a bit longer.
We provide loans that range from $5,000 to $500,000. If you apply for a particular amount, we will consider a number of variables for determining your well-being for your business and the level of repayments that your company will be able to support. The total amount of your loan will depend on the specifics that are unique to your business.
When you apply for a set amount, we will consider a number of factors to assess the well-being of the company and the level of repayments your business can support. The amount you receive from your loan will be contingent on the particulars that are unique to your business.
When you apply for the company loans, we will assess the risk profile of your company and provide you with a customised offer, including the amount of loan, the term and interest rates. It is a company loan is an upfront cost loan and you’ll know the exact amount due, which includes any interest rates, fees or charges.
The interest rates on business loans rates vary due to factors including the amount borrowed, what company assets the funds are used to purchase in addition to the industry that the company is in, how long the business has been running, how long the company has enough cash flow to support the loan, and overall well-being as well as creditworthiness company.
There aren’t any hidden charges with our business loans, and you’ll be aware of the amount you’ll be required to pay, and when, starting from the day you sign up. There’s no compounding and no extra fees (as long as you are able to make your payments on time).
We don’t charge an application fee. You are able to apply for a loan no cost upfront or commitment to apply.
The Origination Fee includes the expenses associated with establishing and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of the loan.
You may choose to pay back the entire amount of the loan early at any time.
If you do decide to pursue this option, please talk to one of our helpful company loans professionals. We will provide you with details for repayment along with an early payout estimate. It will be calculated using the total of the principal amount remaining and any accrued interest at the time of the early payout and 1.5% of the principal remaining plus any outstanding fees.
In order to help you avoid missing payments and to work your cash flow cycle we offer repayments that are either daily or weekly. These are automatically withdrawn from your company account.
The security of your personal information, as well as knowing the ways we gather the information we collect, use, share and ensure the security of your information is of paramount importance and a vital part of our relationship you.
Yes. We employ industry-recognised encryption standards to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to the security of our clients as well as their security. We use an advanced banking verification system to instantly verify your bank account information online. This allows us to offer quick responses.
Asset-based borrowing is when an business owner borrows from an asset they own to get the funding. The asset can be a personal asset like the family home, or it could be a company asset like a truck or piece of equipment.
The majority of the lenders not just the banks with the biggest size, prefer to secure loans against an asset. If you are having difficulty paying back the loan, then your asset may be offered for sale by the lender. In essence it’s the process of securing additional financing making use of the value of what you already have.
For loans of up to $150K, no asset security is required upfront to access the money, however we do need a personal guarantee. So long as you comply with your loan obligations (as specified in your loan contract) the security of assets will never be needed. For loans of over $150K generally, you can get a personal ensure and security is provided in the form of an asset charge.
