The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Find out the eligibility requirements for our $100K-$500K company credit.
All that’s required to get started is your contact details (company name, your name, email and telephone) and the amount you’d like to borrow, and your monthly income.
During the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
Once we’ve started with loans of more than $150,000 you will also require the following financial statements:
Let’s get started.
Adelaide unsecured loans offers the range of $5,000 to $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments, which are either daily or weekly.
Apply to get the Small Business Loan in under 10 minutes on the phone. You’ll receive an answer within the same day and funds may be in your account within 24 hours. Traditional company loans refer to an interest rate per annum as well as other fees and charges. Our business loan is a cash-based loan and you’ll be aware of the total amount due, which includes the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
A Small Business Loan can be used for virtually any company need, such as control of cash flow business remodels and marketing to purchase inventory or new equipment, as general working capital and so much more. The loan is not available for personal use.
The Larger Business Loan is a larger size of loan that can be used to fund business growth opportunities. Loans range from $100,000 to $500,000 for a fixed period of with a maximum of 36 months. Repayments are scheduled weekly or fortnightly to work with you cashflow.
It is crucial to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large, your business needs to be operating for a minimum of 3 years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of business.
A Business Loan of a larger size can be used to fund almost any company need, including business improvements, purchasing inventory or new equipment, as general working capital and so much more. The loan is not available for personal purposes.
Asset security is necessary to access funding over $150,000. It is usually in the form of a charge on assets, and could include registering this with the PPSR or filing a caveat.
A director’s or personal guarantee is a guarantee to pay back a loan that is general in nature, rather than defining the security of a specific asset. The person who signs the guarantee is personally liable if the company lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register run by the New Zealand Government. It records security interests that have been that are registered for personal property (including items or assets). The PPSR gives priority over personal property to be granted in accordance with the date on which a security interest was registered.
A caveat is a legal document that is filed to provide an official notice of a claim against a property.
When you’re applying for the Larger Business Loan that is greater than $250K it is possible to offer an initial pre-approval that will help simplify the process. It is possible to do this without a credit check, and within 6 hours of your initial application. The pre-approval is based upon a preliminary assessment which includes you answering some financial well-being questions. This is not an offer or guarantee of financing. Unconditional approval is subject to an assessment of your creditworthiness and any offer that you might receive could be based on different conditions.
You may be eligible for a business loan if you:
The application process is fast and simple. Just complete the online application within a few minutes and an experienced business credit specialist will call you to guide you through the process.
To be eligible for up to $100,000, you’ll need proof of identity (valid Driver’s License) along with a valid NZBN/IRD and at least six months worth of bank statements.
For larger loan sizes, you’ll need:
$100K to $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K to $500K: Details of the application, including credit consent as well as 12 months of bank statements, IRD statements Last 2 years’ finalised financial statements, plus interim financials for the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K and up) we usually provide an answer in just one hour – as long as you submit your request during standard business hours and permit us to utilise the bank verification system to instantly verify your bank information online. If you decide to submit copies of your bank statements we can offer a decision in as little as an company day.
For the Larger Business Loan ($100K to $500K) we might be able to offer you with pre-approval conditional to your application within 6 hours. Once you’ve 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 transactions have received approval within the space of 24 hours.
The most effective method for you to apply is ensure you apply during standard company hours. You can also allow us to use our advanced bank verification system to instantly confirm your bank details online. If you send us duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically offer a response in one hour – provided you make your application in normal business hours and let us make use of the advanced bank verification system to instantly verify your bank’s information online. If you opt to submit copies of your bank statements, we are able to offer an answer in just 1 business day.
For the Larger Business Loans ($100K and up) we might be able to provide you with a conditional pre-approval in around six hours. Once you’ve signed the pre-approval document, you will need to wait about 2-3 days for final approval. However, this can be faster depending on the particular circumstances of each application. Certain transactions have received approval within 24 hours.
The quickest method can be make sure you apply during normal business hours. Also, permit us to use the advanced bank verification system link to confirm your bank details online. If you opt to send us the copies of bank statements, it may take a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a certain amount, we look at a variety of aspects to determine how much we can lend you health of your business and the level of payments your company can afford. The total amount of the loan will be determined by the particular circumstances the business.
If you apply for a set amount, we take into consideration a variety of elements to assess the health for your company as well as the amount of repayments your business will be able to support. The total amount of your loan will depend on the specifics for your business.
When you request business loans with us business loans, we’ll assess the risk assessment that you have for your company and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. This company loan is a loan that is priced upfront therefore you will know in advance the total amount payable including any interest rates, fees or charges.
The interest rates on business loans rates depend on several factors such as the amount that is borrowed, what business assets the money are used to purchase as well as the field the company is operating in, how long the company is in operation as well as whether the business has enough cash flow to pay for the loan, and the general well-being or financial standing of the company.
There are no hidden fees with our business loans. You’ll know exactly how much you need to pay and when, starting from day one. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments punctually).
We don’t charge an application fee. You can apply for a loan with with no upfront cost or any obligation to sign up.
The Origination Fee includes the expenses associated with the setting up and management of the loan. This is only a fee if you decide to take 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 decide to pursue this option, please talk to one of our helpful business lending professionals. The experts will offer you with repayment details along with an early payout estimate. This is calculated as the sum of the principal remaining and accrued interest to the date of early payout plus 1.5% of the principal balance and any outstanding fees.
To ensure that you don’t miss repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. They are automatically deducted from your business account.
Security of your data, and knowing the ways we gather information, use it, and exchange it, as well as protect your information, is vital and an integral aspect of our relationship with you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of customers and security. We use an advanced bank verification system to instantly verify your bank account details online. This allows us to offer quick responses.
Asset-based borrowing occurs when the company owner borrows from an asset they own to obtain the loan. The asset can be an asset belonging to the personal, like the family home, or an business asset such as a vehicle or other piece of machinery.
The vast majority of the lenders even the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan, then the asset might be taken over by the lender. In essence, it’s a way of securing new funding using the value of what you already own.
For loans that exceed $150,000, there is no requirement for asset security prior to the loan’s access however, we require a personal guarantee. need the personal guarantee. So long as you comply with the loan terms (as stated in your loan contract document) the security of assets will never be required. For loans over $150,000 generally there is the option of a personal guarantee and security in the form a charge over assets.
