The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Need more funds? Review the conditions of eligibility for our $100K to $500K company credit.
All that is needed to start is your contact information (company name, your name, email and phone) and the amount you’d like to lend, and your monthly earnings.
Through the process and before settlement we will require confirmation of your identity but not to get started:
After we start in the process, for loans of more than $150,000 you will also need the following financial statements:
Let’s get started now.
Adelaide unsecured loans offers 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 to the Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get an instant response and have the funds on your account within 24 hours. Traditional business loans reference an interest rate per annum along with other charges and fees. This business loan is a cash-based loan therefore you’ll know ahead of time the total amount to be paid, including any interest, fees or charges. Then, it is broken down into either weekly or daily repayment figure.
The Small Business Loan can be used for virtually every company need, such as managing cash flows, business remodeling, marketing to purchase inventory, new equipment, for general working capital, and much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans are between $100,000 and $500,000 over a fixed term for up to 36 months. Repayments are either weekly or fortnightly depending on you cashflow.
A Larger Business Loan has an Origination Fee that is determined at 2.5 percentage of the amount of the loan.
To be eligible for a credit of this size the company needs to have been operating for a minimum of 3 years and have an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) with a minimum age of 18 years old as well as own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at least 12 months of trading.
A larger business loan can be used for almost every company reason, such as company improvements, purchasing inventory or new equipment for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is necessary for funding of more than $150,000. This can be done by way of charge against assets, and may include registering this on the PPSR or filing a caveat.
A personal or director’s guarantee is a guarantee to repay credit that is general in nature, rather than stating security over an asset. The person who signs the guarantee is personally liable in the event that the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online register that is 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 gives priority over personal property to be granted in accordance with the date on which a security interest was registered.
An affidavit is an official form of document to offer notice of a legal claim to property.
If you’re seeking a Larger Business Loan of more than $250K we may be able to provide an initial pre-approval to smooth out the process. We may be able to apply for this without a credit check, and within 6 hours of your initial application. The pre-approval process is based on an initial evaluation that involves answering a couple of financial well-being questions. It’s in no way an offer, nor is it a guarantee of credit. Unconditional approval is subject to an extensive credit evaluation and any offer you are offered could have different conditions.
You may apply for an company loan if you;
The application process is quick and easy. Just fill out the online application within a couple minutes, and an experienced business lending specialist will call you to assist you.
To apply for up $100,000, you’ll need the right identification documents (valid Driver’s Licence) along with a valid NZBN/IRD and at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll require:
$100K-$250K: Information about the application including credit consent, 6 – 12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Application details including credit consent as well as 12 months of bank statements, IRD statement as well as the two most recent years’ financial statements, plus interim financial statements for the current year including Aged Payables, Aged Receivables Summary.
For an unsecured loan ($5K or more) we usually offer an answer within one hour – as long as you make your application during standard company time and permit us to utilise the advanced bank verification system to instantly verify your bank details online. If you opt to upload copies of your bank statement, we’ll provide the decision in just one business day.
For the Larger Business Loan ($100K up to $500,000) we may be able to provide the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however it could be faster based upon the circumstances for each application. Some agreements have been approved within 24 hours.
The quickest method can be make sure you apply during standard company hours. You can also allow us to use our advance bank verification to instantly confirm your bank details online. If you opt to upload copies of your bank statements it takes a bit longer.
For the Small Business Loan ($5K or more) we can often provide a response in one hour – provided you apply at normal business hours and allow us to use the bank verification system link to instantly verify your bank information online. If you decide to submit copies of your bank statements we can offer a decision in just 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be able to provide you with conditional pre-approval within about six hours. Once you’ve signed the pre-approval, the turnaround time is approximately 2-3 days to receive final approval, however this may be quicker depending on the circumstances of each application. Certain deals have been approved within the space of 24 hours.
The fastest method can be make sure you apply during standard business hours. Also, let us use the sophisticated bank verification to instantly verify your bank information online. If you decide to upload duplicates of your banking statements, it may take a bit longer.
We provide loans ranging from $5,000 and $500,000. If you apply for a particular amount, we will consider a number of elements that determine the health that is your company and the amount of payments your company is able to afford. The total amount of your loan will depend on the particular circumstances for your company.
When you make an application for a particular amount, we take into consideration a variety of variables to assess the well-being of your business and the extent of payments your company can support. The amount you receive from your loan will be determined by the particular circumstances the business.
If you decide to apply for one of our business loan, we’ll assess the risk profile for your business and offer you with a customised proposal that includes the amount of loan, the term and interest rates. A company loan is a loan that is priced upfront which means you know in advance the total amount due, which includes any costs, fees, or interest rates.
Business loan interest rates differ based on various factors such as the amount that is borrowed, the business assets the funds are used to purchase as well as the field the company is operating in, how long the company has been in operation for, in the event that the business has sufficient cash flow to pay for the loan, and overall well-being as well as creditworthiness business.
There are no hidden costs for our company loans, and you’ll know precisely how much it is that you need to pay and when, right from the day you sign up. There’s no compounding interest, and the loan comes with no additional fees (as long as you make your payments punctually).
We don’t charge an Application Fee. You are able to make an application for loans with with no upfront cost or any obligation to sign up.
The Origination Fee covers the expenses involved with setting up and managing the loan. The only way to pay this fee if you decide to take the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can choose to repay the entire amount of the advance loan at any time.
If you are deciding to take this route, please speak to our friendly business credit specialists. They’ll provide you with details on repayment and an early payout figure. It will be calculated using the total of the remaining principal amount and accrued interest to the time of the early payout and 1.5% of the principal amount remaining 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 company account.
Making sure that your information is secure, and being upfront about the ways we gather information, use it, and exchange it, as well as protect your information, is crucial and an integral part of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your personal, sensitive financial and other data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We make use of an advanced banking verification system to immediately confirm your bank account information online so we can provide an immediate response.
The term "asset-based" refers to borrowing where the company owner uses assets they own to make the loan. The asset could be an asset belonging to the personal, like the family home, or an company asset such as a vehicle or other piece of machinery.
The vast majority of lenders, not just the banks with the biggest size, prefer to secure loans against assets. If you have trouble paying back the loan, then the asset could be taken over by the lender. In essence it’s a way of securing new funding using the worth of the asset you already own.
For loans that exceed $150K, no asset security is required in advance to gain access to the funds, however we require a personal guarantee. need a personal guarantee. As long as you follow your loan obligations (as stipulated in your loan contract document) Asset security will never be required. For loans of over $150,000 generally, you are able to get the option of a personal guarantee and security in the form a charge over assets.
