The criteria for eligibility for an unsecured business loan in Perth of between $5K and $100K are fairly minimal.
Need more funds? Take a look at the guidelines for eligibility for our $100K to $500K business loan.
All that’s required to begin is your contact information (the name of your company, your name, email, phone), how much you’d like to lend, and your monthly revenue.
During the process and before settlement we will require confirmation of who you are but not before we can begin:
Once we’ve started, for loans of more than $150,000 you will also need basic financial statements.
Let’s get started now.
Perth unsecured loans offers amounts between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow-friendly repayments that are either daily or weekly.
Apply for this Small Business Loan in under 10 minutes on the internet or over the phone. You’ll get an answer within the same day and the funds could be in your account within 24 hours. Traditional business loans are based on an interest rate per annum as well as other fees and charges. This company loan is a pre-paid loan so you will know in advance the total amount payable including any interest, fees or charges. This is then broken down into either weekly or daily payment amount.
It is a Small Business Loan can be used for nearly any company purpose including the management of cash flow, company remodels and marketing to purchase inventory or new equipment, or as general working capital and so much more. The loan is not available 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 that can last up to 36 months. Repayments are either weekly or fortnightly to work with your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
To be eligible for a credit of this size the company needs to have been in operation for at least 3 years and have an annual turnover of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) over 18 years or have a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at minimum 12 months of continuous trading.
A Business Loan of a larger size can be used to fund almost any business need, including company renovations, to purchase equipment or inventory for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is necessary for accessing funds over $150,000. This can be done in the form of a charge on assets and can include registering this through the PPSR or making a caveat.
A director’s or personal guarantee is a commitment to pay off a credit line that is generally in nature rather than specifying the security of a specific asset. The person who signs the guarantee is personally liable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It contains security interests registered in respect of personal property (including the assets or goods). The PPSR grants priority over personal property to be assigned in accordance with the date on which a registration of a security interest.
A caveat is a legal document lodged to offer the public notice of a legal claim against a property.
If you’re applying for a Larger Business Loan that is greater than $250,000 we may be able to provide an initial pre-approval in order to ease the process. We might be able to apply for this without credit checks and within 6 hours of the initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial well-being questions. This is neither an offer nor a guarantee of finance. The approval of a conditional loan is subject to an exhaustive credit evaluation, and any offer you might receive could have different conditions.
You may be eligible for an business loan if you
The application process is fast and simple. Just complete the online application within a couple minutes, and an experienced company loan specialist will contact you to assist you.
To apply for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least six months of bank statements.
For larger loan sizes, you’ll also require:
$100K to $250K: Information about the application including credit consent, 6 – 12 months of IRD statements, bank statements (if credit is over $150K).
$250K-$500K: Information on the application including credit consent twelve month bank accounts, the IRD statements and the last two years’ finalised financial statements, plus interim financial statements for the current year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K or more) we typically offer a response in one hour, provided you apply in standard business timings and allow us to utilise the bank verification system to instantly verify your bank details online. If you opt to submit copies of your bank statements we can offer the decision within one company day.
For Larger Business Loans ($100K up to $500,000) we may be likely to provide you with a conditional pre-approval within six hours. After you’ve signed the pre-approval document, you will require to wait approximately 2-3 days to receive final approval. However, this could be shorter based on the specifics of each application. Certain deals have been approved in 24 hours.
The quickest method for you to apply is make sure you apply during normal company hours and permit us to use the advanced bank verification system to verify your bank account information online. If you choose to upload duplicates of your banking statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically provide a response in one hour, provided you apply within normal business times and permit us to use the advanced bank verification system link to instantly verify your bank information online. If you opt to submit copies of your bank statements, we’ll be able to provide a decision within 1 business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be capable of provide you with conditional pre-approval in around six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval. However, this may be quicker depending on the circumstances of each application. Certain deals have been approved within less than 24 hours.
The fastest way can be ensure you apply during normal business hours. You can also let us use the sophisticated bank verification to instantly confirm your bank details online. If you opt to send us the copies of bank statement, it will take a little longer.
We offer the loan amount between $5,000 to $500,000. When you submit an application for a certain amount we look at a variety of factors for determining how much we can lend you well-being that is your company and the amount of payments your company can afford. The amount you receive from your loan will be contingent on the specific circumstances that are unique to your business.
When you apply for a particular amount, we take into consideration a variety of aspects to assess the health of the business and the extent of repayments that your business can support. The total amount of your loan will depend on the specific circumstances of your business.
If you decide to apply for the company financing, we will assess the risk assessment the business and offer you with a tailored offer that includes the amount of loan, the term and interest rates. It is a company loan is an upfront cost loan which means you be aware of the total amount to be paid, including any interest rates, fees or charges.
The interest rates on business loans rates depend on several factors such as the amount that is borrowed, what company assets the money will be used for and the sector the business is operating in, how long the business has been in operation as well as in the event that the business has sufficient cash flow to support the loan, and general health or financial standing of the business.
There are no hidden fees for our business loans. You’ll be aware of the amount you’ll need to pay, and when, right from day one. There’s no compounding interest, and no extra fees (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can apply for a loan with no cost upfront or obligation to proceed.
The Origination Fee is the cost associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can choose to repay all of your loan at any point in time.
If you do decide to pursue this option, please speak to our friendly company loan specialists. We will offer you with details for repayment along with an early payout estimate. This is calculated as the total of the principal balance and accrued interest to the time of the early payout plus 1.5% of the principal remaining and any fees that remain unpaid.
To help you avoid missing repayments and to fit in with your cash flow cycle we offer repayments either daily or weekly. They will be automatically deducted from your business account.
Making sure that your information is secure, and being transparent about how we collect data, process, exchange and secure your information, is crucial and an integral part of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and privacy. We utilise a sophisticated bank verification system link to immediately confirm your bank account information online. This allows us to offer rapid response.
The term "asset-based" refers to borrowing where a business owner makes use of an asset that they own to obtain the funding. The asset can be an individual property, such as the family home or a business asset such as a vehicle or other piece of machinery.
The majority of lending institutions, including the banks with the biggest size, prefer to make loans secured by assets. If you’re having trouble paying back the loan then your asset may be transferred to the lender. In essence it is the process of securing additional financing making use of the value of what you already own.
For loans that exceed $150,000, the requirement for asset security is not required before you can access the money but we do require the personal guarantee. If you adhere to the loan terms (as detailed in your loan contract document) Asset security is not required. For loans over $150,000 generally, there is an individual guarantee and security in the form a charge over assets.
