The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Looking for more funding? Find out the guidelines for eligibility for our $100K-$500K business financing.
All you need to start is your contact details (the name of your company and your name, as well as email and phone) along with the amount you’d like to lend, and your monthly revenue.
While in the process and before settlement we will need confirmation of your identity however, not in order to begin:
After we start with loans of more than $150,000 you’ll need basic financial statements.
Let’s get started.
Adelaide unsecured loans offers the range of $5,000 to $100,000, with terms ranging from 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
It is possible to apply for the Small Business Loan in under 10 minutes over the phone, receive an answer within the same day and have the funds in your account in 24 hours. Traditional company loans reference an annual rate of interest together with additional fees and charges. We offer a business loan is a cash-based loan therefore you’ll be aware in advance of the total amount payable including the interest, fees and charges. Then, it is divided into weekly or daily amount to be paid back.
A Small Business Loan can be used for nearly every company need, such as control of cash flow company remodels and marketing, to purchase inventory or new equipment, or as general working capital and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger size of loan that can be used to fund business expansion opportunities. Loans are between $100,000 and $500,000 over a fixed term up to 36 months. Repayments are scheduled weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee that 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 have been operating for at least three years and have an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger company loan can be used for nearly every business reason, such as company renovations, to purchase equipment or inventory or as general working capital and much more. The loan cannot be used for personal reasons.
Asset security is needed to obtain funding above $150,000. This is by way of charge against assets, and could include the registration of this on the PPSR or filing as a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally based rather than stating the security of a specific asset. The person signing the ensure is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR gives prioritisation over property that is personal to be granted according to the date the registration of a security interest.
A caveat is a legal document lodged to offer notice of a legal claim to a property.
When you’re applying for the Larger Business Loan that exceeds $250,000 we may be able to provide a preliminary pre-approval to help make the process. We could be able to make this decision without a credit verification and within six hours of your initial application. The pre-approval process is based on a preliminary assessment which includes answering a couple of financial well-being checks. It’s not an offer or guarantee of finance. Acceptance without condition is subject to an exhaustive credit evaluation, and any offer that you are offered could be on different conditions.
You are eligible to apply for a business loan if you
The process for applying is fast and simple. Simply complete the online form in just a few minutes, and a dedicated business lending specialist will contact you to guide you through the process.
For a loan of up to $100,000 you’ll need the right identification documents (valid Driver’s Licence) and a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K – $250K: Information about the application including credit approval, 6-12 months of IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Information on the application including credit consent and 12 months of bank records, IRD statements, last 2 years finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K up to $100,000) we can often offer an answer in just one hour – as long as you submit your request at quality business timings and let us utilise the bank verification system link to instantly verify your bank’s information online. If you choose to upload copies of your banking statements we can offer an answer in just an company day.
For the Larger Business Loan ($100K or more) we may be likely to provide you with a conditional pre-approval within about 6 hours. After you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this could be shorter based on the particular circumstances of each application. Certain transactions have received approval in less than 24 hours.
The quickest way to apply can be ensure you apply during normal business hours, and let us use the advance bank verification to confirm your bank details online. If you upload duplicates of your banking statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer in just one hour – provided you submit your request in standard business times and allow us to utilise the advanced bank verification system link to instantly verify your bank details online. If you want to submit copies of your bank statements we can offer a decision in as little as 1 business day.
If you are applying for Larger Business Loans ($100K to $500K) we may be capable of offer the conditional pre-approval in about six hours. Once you’ve 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. Certain agreements have been approved in less than 24 hours.
The most effective method would be to make sure you apply during standard business hours, and permit us to use the modern bank verification link to instantly check your bank’s information online. If you opt to upload copies of your bank statement, it may take a bit longer.
We offer loans ranging from $5,000 to $500,000. When you make an application for a certain amount, we consider a variety of elements that determine the health for your company and the level of repayments that your business can afford. The amount you receive from your loan will be contingent on the particular circumstances for your company.
When you apply for a certain amount, we look at a range of elements to assess your well-being of your company and the extent of payments your company will be able to support. The total amount of the loan will be determined by the particular circumstances of your company.
If you decide to request business loans with us business loans, we will assess the risk assessment for your business and provide an individualised offer that includes the amount of the loan, the duration and interest rates. A company loan is an upfront cost loan and you’ll be aware in advance of the total amount to be paid, including any charges or interest.
The interest rates on business loans rates depend on several factors including the amount borrowed, the company assets the funds will be used for and the sector the business is in, how long the company has been running as well as how long the business has enough cash flow to support the loan, and overall well-being and creditworthiness of the business.
There aren’t any hidden costs with our company loans. You’ll know precisely how much you’ll need to pay and when, right from the day you sign up. There’s no compounding 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 make an application for loans without any upfront costs or commitment to apply.
The Origination Fee includes the expenses associated with the setting up and management of the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can decide to repay the total amount of your loan early at any time.
If you decide to do this please speak to our friendly business lending professionals. The specialists will provide you with repayment details as well as an early payout amount. This will be calculated as the sum of the principal remaining and accrued interest to the time of early payment, plus 1.5 percent of the principal amount remaining plus any outstanding fees.
To make sure you do not miss repayments and to fit in with your cash flow cycle we provide repayments either weekly or daily. These are automatically withdrawn from your designated company account.
Protecting your information, and being upfront about the ways we gather information, use it, and exchange it, as well as safeguard your data, is vital and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our commitment to protecting the security of clients and privacy. We use an advanced bank verification system link to immediately verify the bank account details online to provide rapid response.
The term "asset-based" refers to borrowing where the business owner uses an asset they own to secure the loan. The asset may be an individual asset, such as the family home, or an business asset such as a vehicle or piece of equipment.
The majority of lending institutions, including the major banks, prefer to secure loans against assets. If you are having difficulty paying back the loan, then your asset may be offered for sale by the lender. In essence it is the process of securing new financing by using the value of what you already own.
For loans that exceed $150,000, it is not necessary to secure assets prior to the loan’s access However, we require a personal guarantee. require the personal guarantee. As long as you follow the terms of your loan (as detailed in your loan contract) the security of assets will never be required. For loans over $150K generally there is a personal ensure and security is provided in the form of the charge of assets.
