The criteria for eligibility for an unsecured business loan in Adelaide of between $5K to $100K are quite minimal.
Do you need more money? Take a look at the conditions of eligibility for our $100K-$500K business financing.
All that’s needed for starting is your contact information (the name of your company and your name, as well as email, phone) along with the amount you’d like to borrow as well as your monthly income.
Through the process and before settlement we will need confirmation of your identity but not for starting:
After we start in the process, for loans of more than $150,000 you’ll need 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 and cash flow friendly repayments that are either per day or weekly.
Apply for this Small Business Loan in under 10 minutes via the internet or over the phone, receive a same day response and funds may be in your account in 24 hours. Traditional business loans are based on an annual rate of interest together with additional fees and charges. Our company loan is a cash-based loan and you’ll know in advance the total amount to be paid, including any interest, fees or charges. Then, it is broken down into either a daily or weekly repayment figure.
The Small Business Loan can be used for virtually any business use, including managing cash flows, company remodels and marketing, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal reasons.
The Larger Business Loan is a larger amount of loan to help business growth opportunities. Loans range between $100,000 and $500,000 for a fixed period of with a maximum of 36 months. Repayments are weekly or fortnightly depending on the flow of cash.
It is important to note that the Larger Business Loan has an Origination Fee, determined at 2.5 percent of the amount of the loan.
To qualify for a loan that is this large the company needs to have been in operation for at least 3 years and generate an annual revenue of $700K. You must be 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 of proving at minimum 12 months of business.
A Business Loan of a larger size can be used for almost any company need, including company remodeling, buying new equipment or inventory or as general working capital and so much more. The loan is not available for personal purposes.
Asset security is required for accessing funds over $150,000. It is usually by way of charge over assets, and could include registering this in the PPSR or making a caveat.
A personal or director’s ensure is a commitment to repay credit that is general in nature, rather than stating the security for a particular asset. The person who signs the ensure is personally liable if the business borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register operated by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including the assets or goods). The PPSR permits preference over private property granted in accordance with the date on which a security interest has been registered.
Caveats are legal document that is filed to provide notice of a legal claim to property.
When you’re applying for an enterprise loan that exceeds $250K we may be able to provide an initial pre-approval to ease the process. We may be able to apply for this without a credit check, and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering a few financial health checks. It’s neither an offer nor a guarantee of finance. Unconditional approval is subject to an assessment of your creditworthiness and any offer you might receive could be on different terms.
You are eligible to apply for a company loan if you
The application process is quick and easy. Just complete the online application within a couple minutes, and a dedicated business expert in lending will call you to guide you through the process.
To apply for up $100,000, you’ll need identification details (valid Driver’s Licence) and an active NZBN/IRD, and at least six months worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K-$500K: Information on the application including credit consent twelve months of bank records, IRD statement Last 2 years’ finalised financial statements, in addition to interim financial statements for the current year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K up to $100,000) we typically provide an answer within one hour, provided you submit your request at standard business timings and permit us to make use of the advanced bank verification system link to instantly verify your bank details online. If you decide to upload copies of your banking statements we can provide an answer in just 1 business day.
For the Larger Business Loan ($100K or more) we may be able to provide the conditional pre-approval within 6 hours. Once you have signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the specifics of each application. Certain deals have been approved in less than 24 hours.
The quickest method can be make sure you apply during standard company hours. You can also let us use the modern bank verification link to verify your bank information online. If you send us documents from your account statements it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically provide a response in one hour – provided you make your application in standard business hours and let us utilise the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your banking statements, we are able to provide the decision in just 1 business day.
For the Larger Business Loans ($100K and up) we might be likely to provide you with a conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take around 2-3 days for final approval, however this can be faster depending upon the circumstances for each application. Some transactions have received approval within less than 24 hours.
The most efficient method would be to ensure you apply during normal business hours, and permit us to use the advance bank verification link to instantly verify your bank account information online. If you choose to send us the copies of bank statement, it can take a bit longer.
We provide loans ranging from $5,000 to $500,000. If you apply for a specific amount we look at a variety of factors in order to assess the well-being of the business as well as the amount of payments your business can afford. The amount you receive from your loan will depend on the specifics the company.
When you submit an application for a specific amount we will consider a number of aspects to assess how much we can lend you such as health of your business as well as the amount of repayments your business can afford. The total amount of your loan will depend on the specific circumstances for your company.
If you decide to request business loans with us company credit, we will assess the risk profile of your business and provide you with a customised offer that includes the amount of the loan, the duration and the interest rates. The company loan is an upfront priced loan which means you be aware in advance of the total amount due, which includes any interest rates, fees or charges.
Interest rates for company loans rates depend on a variety of factors such as the amount that is borrowed, what company assets the money will be used for in addition to the industry that the business is in, how long the company has been in operation for, how long the business has enough cash flow to fund the loan, and the overall well-being and creditworthiness of the business.
There aren’t any hidden costs for our company loans. You’ll be aware of the amount you’ll need to pay and when, starting from the very first day. There’s not any compounding interest and there are no additional charges (as long as you make your payments in time).
We don’t charge an application fee. You are able to get a cash loan with no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated with establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can decide to repay the entire amount of the loan in full at any time.
If you are deciding to pursue this option, please talk to one of our helpful company loan specialists. They will provide you with repayment details along with an early payout estimate. It will be calculated using the total of the principal amount remaining plus any accrued interest as of the time of early payment, plus 1.5% of the remaining principal and any fees that remain unpaid.
To ensure that you don’t miss payment dates and to align with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from the nominated company account.
Protecting your information, and being transparent about the ways we gather the information we collect, use, share and protect your information, is vital and is a crucial part 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 qualified for our dedication to security for our customers and privacy. We employ a highly sophisticated bank verification system that allows you to immediately confirm your bank account information online so we can offer an immediate response.
An asset-based loan is when a business owner utilises an asset they own to get the funding. The asset can be an asset belonging to the personal, like the family home or an company asset like a truck or other piece of machinery.
The vast majority of lenders, even the major banks, prefer to make loans secured by 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 new funding using the worth of the asset you already have.
Up to $150K in loans it is not necessary to secure assets in advance to gain access to the funds, however we do require the personal guarantee. In the event that you fulfill the terms of your loan (as specified in your loan contract document) Asset security is not needed. For loans over $150,000 generally there is a personal guarantee and security is provided in the form of charges on assets.
