The eligibility requirements for an unsecured business loan in Adelaide of between $5K and $100K are pretty minimal.
Need more funds? Find out the guidelines for eligibility for our $100K-$500K business loan.
All you need for starting is your contact details (company name and your name, as well as email and telephone), how much you want to borrow, as well as your monthly income.
Through the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
Once we’ve started with loans greater than $150,000 you’ll also require the following financial statements:
Let’s get started.
Adelaide unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
You can apply to this Small Business Loan in under 10 minutes on the phone. You’ll receive a same day response and have the funds on your account within 24 hours. Traditional company loans reference an annual rate of interest along with other charges and fees. Our business loan is an upfront priced loan so you will know in advance the total amount payable including any fees, interest or charges. This is then broken down into a daily or weekly amount to be paid back.
The Small Business Loan can be used for virtually every business reason, such as the management of cash flow, company remodels and marketing, to purchase inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly to work with your situation.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the amount of the loan.
To be eligible for a loan that is this large the business needs to be trading for at least 3 years with an annual turnover of at least $700,000. Your company must belong to a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A large business loan can be used for almost any business purpose including company renovations, purchase of inventory or new equipment or as general working capital and so much more. The loan is not available to fund personal expenses.
Asset security is needed to access funding over $150,000. This can be done by taking a charge against assets, which could also be registered in the PPSR or registering a caveat.
A director’s or personal guarantee is a promise to repay a loan which is generally in nature rather than stating the security for a particular asset. The person signing the guarantee is personally responsible if the business the borrower fails to pay back the debt.
The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including the assets or goods). The PPSR gives priority over personal property to be granted according to the date the registration of a security interest.
An affidavit is an official document lodged to offer the public notice of a legal claim to property.
If you’re requesting a Larger Business Loan of more than $250,000 we may be able to provide a preliminary pre-approval to help ease the process. We could be able to apply for this without a credit check, and within six hours of your initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health checks. It is not an offer of credit or guarantee of finance. A conditional approval is subject an extensive credit evaluation and any offer that you might receive could be subject to different conditions.
You are eligible to apply for a company loan if you:
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and a dedicated company lending specialist will contact you to assist you.
For a loan of up to $100,000, you’ll require the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD as well as at least six months of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Details of the application, including credit consent and 12 months of bank statements, IRD statements, last 2 years finalised financial statements, and interim financials from the current financial year, Aged Payables and Aged Receivables summary.
For an unsecured loan ($5K up to $100,000) we typically provide a response in one hour, provided you apply within quality company time and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your banking statements , we will be able to offer the decision in as little as 1 business day.
For Larger Business Loans ($100K or more) we might be in a position to provide the conditional pre-approval in around six hours. After you’ve signed your pre-approval form, it will take around 2-3 days for final approval. However, this can be quicker based on the circumstances of each application. Certain transactions have received approval within less than 24 hours.
The most effective method for you to apply is make sure you apply during standard company hours. You can also permit us to use the advanced bank verification system link to verify your bank account information online. If you choose to send us documents from your account statement, it can take a bit longer.
For the Small Business Loan ($5K up to $100,000) we can often offer a response in one hour if you apply during standard business hours and let us make use of the advanced bank verification system link to immediately verify your bank account information online. If you want to send us copies of your bank statements, we’ll be able to provide the decision in as little as one business day.
For Larger Business Loans ($100K up to $500,000) We may be able to provide you with a conditional pre-approval within about six hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be faster depending on the circumstances of each application. Some agreements have been approved in 24 hours.
The most effective method for you to apply is ensure you apply during standard business hours. You can also allow us to use the advance bank verification to verify your bank information online. If you opt to send us the copies of bank statements, it can take a bit longer.
We offer the loan amount between $5,000 to $500,000. When you make an application for a specific amount we look at a variety of elements that determine what is the well-being that is your company and the level of payments your business can support. The total amount of your loan will be contingent on the specifics for your company.
If you apply for a certain amount, we will consider a number of variables to assess the well-being for your business as well as the amount of repayments your business is able to afford. The total amount of your loan will depend on the specifics of your company.
When you make an application for our business financing, we will assess the risk profile of your company and offer you with a tailored offer that includes the amount of loan, the term and interest rates. A business loan is an upfront priced loan and you’ll know the exact amount you will have to pay, including interest rates, fees or charges.
The interest rates on company loans rates depend on several factors such as the amount that is of money borrowed, the company assets the funds will be used for and the sector the business is operating in, how long the business has been operating, in the event that the business has sufficient cash flow to pay for the loan, as well as the overall well-being and creditworthiness of the company.
There aren’t any hidden charges for our company loans, and you’ll know precisely what you need to pay, and when, from day one. There’s no compounding interest, and no additional fees (as as you make your payments punctually).
We don’t charge an Application Fee. You can make an application for loans absolutely no upfront cost and no obligation to proceed.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you choose to proceed with the loan. Our Origination Fee is 2.5% of the loan amount.
You can decide to repay all of your loan in full at any time.
If you choose to pursue this option, please speak to our friendly company loans experts. The specialists will provide you with details on repayment and an early payout figure. This is calculated as the total of the principal amount remaining and the accrued interest up to the time of early payment, plus 1.5 percent of the principal remaining and any outstanding fees.
To ensure you do not miss payments and to work with your cash flow cycle we provide repayments either weekly or daily. They will be automatically deducted from your designated company account.
Protecting your information, and making it clear the ways we gather the information we collect, use, share and safeguard your data, is of paramount importance and is an essential part of our relationship with you.
Yes. We utilise industry-recognised encryption protocols to safeguard your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to the security of our clients as well as their privacy. We employ an exceptionally sophisticated banking verification system to instantly verify the bank account details online, allowing us to offer a fast response.
Asset-based borrowing occurs when an business owner utilises an asset that they own to obtain the funds for a loan. The asset could be an individual asset, such as the family home or an company asset such as a truck or other piece of machinery.
The majority of lenders, even the banks with the biggest size, prefer to guarantee loans against assets. If you’re having trouble paying back the loan, then your assets could be sold by the lender. In essence it’s an opportunity to secure new financing taking advantage of the value of what you already have.
For loans that exceed $150,000, no asset security is required prior to the loan’s access However, we do need the personal guarantee. So long as you comply with your loan commitments (as stated in your loan contract document) the security of assets is not needed. If you take out loans in excess of $150K generally there is personal guarantee and security in the form of charges on assets.
