The criteria for eligibility for an unsecured business loan in Adelaide of between $5K to $100K are quite minimal.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K company financing.
All you need to start is your contact details (company name, your name, email address or phone number) along with the amount you’d like to borrow, as well as your monthly income.
While in the process and before settlement we will require confirmation of your identity but not before we can begin:
After we start, for loans greater than $150,000 you’ll also need basic financial statements.
Let’s get started.
Adelaide unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments which can be made daily or weekly.
The application to the Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and funds may be in your account in 24 hours. Traditional business loans have an annual rate of interest plus other fees and charges. Our company loan is a pre-paid loan which means you be aware in advance of the total amount payable including any interest, fees or charges. Then, it is broken down into either weekly or daily payment amount.
A Small Business Loan can be used for nearly any company purpose including cash flow management, business remodels and marketing, to purchase inventory or new equipment, to fund 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 business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of for up to 36 months. Repayments are either weekly or fortnightly, depending on the flow of cash.
A Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the loan amount.
In order to be eligible for a loan that is this large, your company needs to be trading for at least 3 years, and have an annual income of at least $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years as well as own a New Zealand business (with a valid NZBN/IRD) and be able of proving at the least 12 months of operating.
A large company loan can be used for nearly any company reason, such as company remodeling, buying inventory or new equipment for general working capital and much more. The loan is not available for personal reasons.
Asset security is required to obtain funding above $150,000. It is usually by taking a charge on assets and can include registering this with the PPSR or the registration of a caveat.
A personal or director’s ensure is a promise to pay off a credit line that is general in nature, rather than stipulating security over an asset. The person who is signing the guarantee is personally accountable if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register that is operated by the New Zealand Government. It contains security interests granted to individuals who own personal property (including objects or assets). The PPSR gives priority over personal property to be granted according to the date a security interest that is registered.
The caveat can be described as a formal document lodged to offer the legal claim to property.
If you’re requesting larger business loans of more than $250K it’s possible to offer an initial pre-approval that will help ease the process. It is possible to do 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 questions. It’s in no way an offer, nor is it a guarantee of financing. Unconditional approval is subject to a full credit assessment and any offer that you receive could have different terms.
You can apply for an business loan if you;
The application process is quick and simple. Just fill out the online application in just a few minutes, and an experienced company credit specialist will be in touch to guide you.
To apply for up $100,000, you’ll need ID details (valid Driver’s Licence) as well as a valid NZBN/IRD and at least six months worth of bank statements.
In addition, for larger loan sizes, you’ll also require:
$100K-$250K: Information about the 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, 12 months bank statement, an IRD statement and the last two years’ finalised financial statements, and interim financials for the current financial year such as age-related payables and aged Receivables Summary.
For an unsecured loan ($5K to $100K) we can often offer an answer in just one hour – as long as you apply during standard company hours and you allow us to utilise the bank verification system to instantly verify your bank details online. If you want to send us copies of your bank statements , we will be able to provide the decision in as little as the span of one business day.
For the Larger Business Loan ($100K and up) we may be able to offer you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval. However, this may be quicker depending upon the circumstances for each application. Certain offers have been approved in less than 24 hours.
The quickest method can be ensure you apply during standard company hours. Also, allow us to use the advance bank verification link to instantly confirm your bank details online. If you choose to upload documents from your account statements it takes a bit longer.
For the Small Business Loan ($5K and up) we typically provide an answer within an hour – as long as you make your application at normal business time and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements, we’ll be able to offer a decision within the span of one business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be able to offer you with a conditional pre-approval within about six hours. Once you have signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based on the circumstances of each application. Certain offers have been approved in just 24 hours.
The most effective method for you to apply is ensure you apply during standard business hours and allow us to use the advanced bank verification system to instantly verify your bank account information online. If you decide to upload the copies of bank accounts, it can take a bit longer.
We offer loans that range from $5,000 and $500,000. If you apply for a specific amount we take into consideration a range of factors to determine your health that is your business and the extent of repayments your company can afford. The total amount of the loan will be determined by the specific circumstances of your business.
When you submit an application for a specific amount we consider a variety of variables to determine the health that is your business and the amount of payments your company can afford. The amount you receive from your loan will be contingent on the particulars that are unique to your business.
When you request the business loans, we will assess the risk profile the company and offer you with a customised offer, including the amount of the loan, the duration and interest rates. It is a business loan is an upfront cost loan and you’ll be aware in advance of the total amount payable including any charges, interest rates or fees.
The interest rates on business loans rates depend on several factors like the amount of money of money borrowed, the business assets the money are used to purchase and the sector the business operates in, the long the company has been running for, in the event that the business has sufficient cash flow to cover the loan, and also the general well-being or financial standing of the company.
There aren’t any hidden costs for our business loans. You’ll know precisely how much you’ll need to pay, and when, right from the first day. There’s not any compounding interest and there are no additional charges (as long as you are able to make your payments in time).
We do not charge an Application Fee. You can request a credit loan with absolutely no upfront cost and no commitment to apply.
The Origination Fee covers the expenses involved with establishing and managing the loan. It is only charged for this fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percent of the amount of the loan.
You can repay the total amount of your loan early at any time.
If you choose to take this route, please speak to our friendly company credit experts. We will provide you with the details of your repayment and an early payout figure. This is calculated as the sum of the principal balance and accrued interest to the time of the early payout, plus 1.5 percent of the principal remaining and any outstanding fees.
To help you avoid missing due dates and also to be in line your cash flow cycle we offer repayments either daily or weekly. They are automatically deducted from the nominated business account.
Making sure that your information is secure, and making it clear how we collect, use, exchange and secure your information, is of huge importance and a vital part of our relationship you.
Yes. We make use of industry-standard encryption techniques to protect your personal, sensitive and financial data and our funders are ISO 27001 certified for our dedication to security for our customers and security. We employ a highly sophisticated bank verification system to instantly verify your bank account information online so we can provide quick responses.
The term "asset-based" refers to borrowing where an business owner uses assets they own to make the funding. The asset could be an asset belonging to the personal, like the family home, or it could be a company asset such as a truck or piece or equipment.
The majority of lending institutions, even the major banks, prefer to secure loans against assets. If you have trouble paying back the loan then your assets could be sold by the lender. In essence it’s a way of securing additional financing making use of the value of what you already own.
Up to $150,000 in loans no asset security is required upfront to access the money However, we do need a personal guarantee. As long as you follow your loan obligations (as detailed in your loan contract document), asset security will never be needed. For loans that exceed $150K, typically, you will need the option of a personal guarantee and security that is in the form an asset charge.
