The criteria for eligibility for an unsecured business loan in Adelaide of between $5K to $100K are quite minimal.
Need more funds? Review the guidelines for eligibility for our $100K to $500K company loan.
All you need to begin is your contact information (company name, your name, email and phone) along with the amount you’d like to borrow, and your monthly revenue.
While in the process and before settlement we’ll need confirmation of your identity but not to get started:
Once we’ve started when it comes to loans of more than $150,000 you’ll need basic financial statements:
Let’s get started.
Adelaide unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
You can apply for your Small Business Loan in under 10 minutes on the internet or on the phone. You’ll receive an answer within the same day and have the funds in your account in 24 hours. Traditional business loans reference an interest rate per annum along with other charges and fees. Our business loan is a cash-based loan and you’ll know in advance the total amount due, which includes any fees, charges or charges. This is then divided into weekly or daily repayment figure.
The Small Business Loan can be used for virtually every business need, such as the management of cash flow, business improvements, advertising to purchase inventory, new equipment, as general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support company expansion opportunities. Loans are between $100,000 and $500,000 with a term fixed for up to 36 months. The repayments are made weekly or fortnightly to work with your situation.
This Larger Business Loan has an Origination Fee which is determined at 2.5 percent of the amount of the loan.
To be eligible for a loan in this amount, your company needs to be in operation for at least 3 years and generate an annual revenue of $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of business.
A Larger Business Loan can be used for nearly every company use, including company renovations, to purchase inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is needed to access funding over $150,000. This is in the form of a charge on assets, and may include registering this in the PPSR or making a caveat.
A personal or director’s ensure is a promise to pay back a loan that is generally based rather than stipulating the security of a specific asset. The person signing the guarantee is personally accountable if the business the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests that are registered for personal property (including objects or assets). The PPSR gives preference over private property assigned in accordance with the date on which a security interest that is registered.
A caveat is a legal document filed to provide the public notice of a legal claim to property.
If you’re requesting the Larger Business Loan that is greater than $250K we can offer an initial pre-approval in order to make the process. We may be able to apply for this without a credit check and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves the answer to a series of financial well-being questions. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you receive could be subject to different conditions.
You are eligible to apply for a business loan if you
The process for applying is fast and easy. Simply complete the online form within a few minutes and an experienced business credit specialist will contact you to assist you.
For a loan of up to $100,000 you’ll need proof of identity (valid Driver’s License) as well as a valid NZBN/IRD and at least 6 months of bank statements.
For larger loan sizes, you’ll also need:
$100K-$250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if you have a loan of more than $150K).
$250K to $500K: Application details including credit consent as well as 12 months of bank records, IRD statements, last 2 years finalised financial statements, as well as interim financial statements for the current year, Aged Payables and Aged Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer in just one hour – as long as you submit your request in standard business timings and you allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can provide an answer within an company day.
For the Larger Business Loan ($100K and up) we could be in a position to provide you with conditional pre-approval within six hours. After you’ve signed your pre-approval, the turnaround time is about 2-3 days for final approval. However, this may be quicker depending on the specifics of each application. Certain offers have been approved in the space of 24 hours.
The quickest way to apply can be ensure you apply during normal business hours. Also, allow us to use the modern bank verification link to confirm your bank details online. If you decide to upload documents from your account statements , it takes a bit longer.
For the Small Business Loan ($5K to $100K) We can usually provide an answer in just one hour – as long as you apply during normal business times and you allow us to make use of the advanced bank verification system link to instantly verify your bank information online. If you want to upload copies of your bank statements we can provide the decision in as little as 1 business day.
For Larger Business Loans ($100K to $500K) we could be able to provide the conditional pre-approval within six hours. Once you have signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this may be quicker depending on the circumstances of each application. Certain agreements have been approved in just 24 hours.
The quickest method would be to ensure you apply during standard business hours and let us use the advance bank verification to check your bank’s information online. If you opt to send us documents from your account statements, it will take a little longer.
We offer the loan amount between $5,000 and $500,000. If you apply for a specific amount we will consider a number of factors in order to assess what is the well-being for your business and the extent of repayments your company will be able to support. The total amount of your loan will be contingent on the particular circumstances for your business.
When you submit an application for a particular amount, we look at a range of factors to assess how much we can lend you such as health for your company and the extent of repayments that your company can support. The amount you receive from your loan will be contingent on the particular circumstances of your company.
When you apply for our company credit, we will assess the risk profile for your business and offer you with a customised offer including loan amount, term and the interest rates. A business loan is an upfront priced loan therefore you will be aware in advance of the total amount payable including any charges, interest rates or fees.
Interest rates for company loans rates vary due to variables like the amount to be borrowed, the business assets the funds are used to purchase as well as the field the company operates in, how long the business has been running and what percentage of the company has sufficient cash flow to support the loan, and general well-being or financial standing of the business.
There are no hidden fees for our company loans. You’ll know precisely how much it is that you be required to pay, and when, from the very first day. There’s no compounding interest and there are no additional charges (as long as you make your payments on time).
We do not charge an Application Fee. You can apply for a loan with no cost upfront or commitment to apply.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this cost if you take out the loan. Our Origination Fee is 2.5% of the amount of the loan.
You can decide to repay the entire amount of the loan at any point in time.
If you decide to do this please talk to one of our helpful business credit professionals. We will provide you with the details of your repayment and an early payment figure. This will be calculated as the sum of the principal amount remaining plus any accrued interest as of the time of early payout and 1.5 percent of the principal balance and any fees that remain unpaid.
To help you avoid missing repayments and to fit in with your cash flow routine, we offer repayments either weekly or daily. These are automatically deducted from your designated business account.
The security of your personal information, as well as knowing the ways we gather data, process, exchange and secure your information, is vital and a vital element of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our dedication to security for our customers and security. We employ an exceptionally sophisticated bank verification system that allows you to instantly verify your bank account information online to offer quick responses.
An asset-based loan is when an business owner borrows from assets they own to obtain the funding. The asset can be a personal asset like the family home or a company property like a truck or piece or equipment.
The majority of lenders, including the largest banks, are inclined to secure loans against an asset. If you have trouble paying back the loan, the asset might be offered for sale by the lender. In essence, it is a way of securing new financing taking advantage of the value of what you already own.
For loans of up to $150K, no asset security is required before you are able to access the money however, we do need the personal guarantee. If you adhere to your loan commitments (as stated in your loan contract document) the security of assets is not needed. For loans that exceed $150,000, generally there is an individual guarantee and security that is in the form the charge of assets.
