The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Need more funds? Check out the guidelines for eligibility for our $100K-$500K company loan.
All that’s required to begin is your contact information (company name, your name, email or phone number), how much you want to borrow, and your monthly income.
Through the process and before settlement we will need confirmation of who you are however, not in order to begin:
After we start with loans greater than $150,000 you will also need basic financial statements:
Let’s get started.
Adelaide unsecured loans offers amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow friendly repayments which can be made daily or weekly.
The application to your Small Business Loan in under 10 minutes by phone. You will receive an instant response and the money could be in your account within 24 hours. Traditional company loans have an interest rate per annum as well as other fees and charges. Our company loan is a cash-based loan which means you be aware in advance of the total amount due, which includes the interest, fees and charges. This is then broken down into a daily or weekly repayment figure.
The Small Business Loan can be used to fulfill almost any business need, such as the management of cash flow, company improvements, advertising, to purchase inventory or new equipment, for general working capital, and 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 expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. Repayments are either weekly or fortnightly to work with the flow of cash.
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5% of the loan amount.
To be eligible for a credit that is this large the company needs to have been operating for a minimum of 3 years and have an annual turnover of $700K. The applicant must also be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old or have a New Zealand company (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A large company loan can be used for nearly all company use, including company improvements, purchasing equipment or inventory, as general working capital, and much more. The loan cannot be used to fund personal expenses.
Asset security is needed to access funding over $150,000. This is in the form of a charge over assets and can be registered with the PPSR or registering a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature, rather than specifying security over a particular asset. The person who is signing the ensure is personally accountable if the business borrower is unable 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 registered in respect of personal property (including objects or assets). The PPSR gives priority over personal property to be assigned according to the date a registration of a security interest.
The caveat can be described as a formal document filed to offer an official notice of a claim against a property.
When you’re applying for a Larger Business Loan that is greater than $250,000 we may be able to provide a preliminary pre-approval to help make the process. We could be able to get this done without credit checks and within six hours of your initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial health checks. This is not an offer of credit or guarantee of finance. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you might receive could be on different conditions.
You are eligible to apply for an company loan if you:
The application process is simple and simple. Complete the online form in few minutes and an experienced business credit specialist will contact you to help you.
For a loan of 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 worth of bank statements.
In addition, for larger loan sizes, you’ll also need:
$100K to $250K: Application requirements, including credit consent, 6 – 12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K – $500K: Details of the application, including credit consent twelve months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials from the current financial year including Aged Payables, Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within an hour, provided you make your application in quality business times and you allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your banking statements , we will be able to offer the decision within just an business day.
If you are applying for a Larger Business Loan ($100K or more) we may be capable of offer you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval. However, this may be quicker depending on the specifics of each application. Certain agreements have been approved in 24 hours.
The quickest method can be make sure you apply during normal business hours. Also, allow us to use our advanced bank verification system link to confirm your bank details online. If you opt to send us the copies of bank statement, it may take a bit longer.
For the Small Business Loan ($5K to $100K) we usually offer an answer in just one hour – provided you apply during standard business hours and allow us to use the advanced bank verification system link to immediately verify your bank account information online. If you opt to upload copies of your bank statements we can offer a decision in just an business day.
For the Larger Business Loans ($100K to $500K) we might be able to provide you with a conditional pre-approval in about six hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this can be faster depending on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The most efficient method would be to make sure you apply during standard business hours and permit us to use the advanced bank verification system to confirm your bank details online. If you decide to send us copies of your bank statements it will take a little longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a certain amount, we consider a variety of aspects in order to assess how much we can lend you health for your business and the level of repayments that your company can afford. The total amount of the loan will be determined by the specifics for your company.
When you make an application for a certain amount, we look at a range of factors to determine the well-being of the business as well as the amount of the repayments your business will be able to support. The amount you receive from the loan will be determined by the particulars of your business.
If you decide to request our company financing, we will assess the risk assessment for your company and offer you with a customised offer including the loan amount, the terms and the interest rates. A business loan is an upfront-priced loan which means you know the exact amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money borrowed, the company assets the funds are used to purchase and the sector the company is in, how long the business has been running and what percentage of the business has sufficient cash flow to pay for the loan, and overall well-being or financial standing of the business.
There aren’t any hidden charges with our business loans. You’ll know exactly how much you’ll need to pay, and when, starting from the day you sign up. There’s not any compounding interest and no additional fees (as as long as you pay your payments in time).
We don’t charge an Application Fee. You are able to apply for a loan with no upfront cost or commitment to apply.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you proceed with the loan. The Origination Fee for us is 2.5 percentage of the amount of the loan.
You can choose to repay the entire amount of the loan at any point in time.
If you are deciding to pursue this option, please talk to one of our helpful company loans experts. We will provide you with repayment details as well as an early payout amount. It will be calculated using the sum of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5 percent of the principal balance plus any outstanding fees.
To ensure you do not miss payment dates and to align with your cash flow cycle we provide repayments either weekly or daily. They are automatically deducted from the nominated business account.
Protecting your information, and knowing how we collect data, process, exchange and secure your information, is vital and a vital element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We utilise a sophisticated bank verification system that allows you to immediately verify your bank account details online. This allows us to offer an immediate response.
Asset-based borrowing occurs when the company owner borrows from an asset they own to secure the funding. The asset may be an asset belonging to the personal, like the family home, or an business property like a truck as well as a piece of machine.
The vast majority of the lenders even the major banks, prefer to secure loans against assets. If you have trouble paying back the loan then your asset may be offered for sale by the lender. In essence it’s the process of securing new financing by taking advantage of the value of what you already own.
Up to $150,000 in loans there is no requirement for asset security in advance to gain access to the funds however, we do require an individual guarantee. As long as you follow the terms of your loan (as stated in your loan contract document) Asset security is not needed. If you take out loans in excess of $150K generally, you are able to get a personal guarantee and security that is in the form an asset charge.
