The eligibility requirements for an unsecured business loan in Perth of between $5K and $100K are fairly minimal.
Do you need more money? Take a look at the eligibility requirements for our $100K-$500K company loan.
All that’s required to start is your contact information (company name, your name, email address and phone) and the amount you want to borrow, and your monthly income.
During the process and before settlement we’ll need confirmation of your identity, but not to get started:
In addition, once we have started, for loans greater than $150,000 you will also need the following financial statements:
Let’s get started.
Perth unsecured loans provides amounts between $5,000 and $100,000. Terms range from 3 and 24 month and cash flow-friendly repayments which can be made daily or weekly.
The application to get your Small Business Loan in under 10 minutes online or over the phone, receive an answer within the same day and the money could be in your account within 24 hours. Traditional company loans have an annual rate of interest plus other fees and charges. This company loan is a pre-paid loan so you will be aware in advance of the total amount due, which includes any fees, charges or charges. Then, it is divided into weekly or daily amount to be paid back.
The Small Business Loan can be used to fulfill almost every company use, including cash flow management, business improvements, advertising, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range from $100,000 to $500,000 with a term fixed for up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
It is important to note that the Larger Business Loan has an Origination Fee which is determined at 2.5 percentage of the amount of the loan.
To be eligible for a loan that is this large the company needs to have been operating for a minimum of 3 years and have an annual turnover of at least $700,000. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old and have a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at minimum 12 months of continuous trading.
A large company loan can be used to fund almost all business use, including business improvements, purchasing new equipment or inventory for general working capital, and much more. The loan cannot be used for personal use.
Asset security is needed for accessing funds over $150,000. It’s in the form of a charge over assets, and may be registered in the PPSR or registering a caveat.
A personal or director’s guarantee is a promise to pay back a loan that is general in nature rather than defining security over an asset. The person who is signing the guarantee is personally accountable if the business the borrower fails to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online central register run by the New Zealand Government. It reflects security interests granted to individuals who own personal property (including goods or assets). The PPSR permits prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
The caveat can be described as a formal document that is filed to provide the public notice of a legal claim against a property.
If you’re applying for larger company loans that exceeds $250,000, we may offer a preliminary pre-approval to help smooth out the process. We might be able to make this decision without a credit check, and within 6 hours of the initial application. This pre-approval is made based on a preliminary assessment which includes the answer to a series of financial health checks. It is not an offer of credit or guarantee of finance. Unconditional approval is subject to an exhaustive credit evaluation, and any offer you are offered could be subject to different conditions.
You may apply for a business loan if you;
The process for applying is fast and simple. Simply complete the online form within a few minutes and an experienced business loan specialist will contact you to help you.
To apply for up $100,000, you’ll need identification details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months’ worth of bank statements.
Otherwise, for larger loan sizes, you’ll also require:
$100K to $250K: Details of application, including credit approval, 6-12 months of IRD statements, bank statements (if you have a loan of more than $150K).
$250K-$500K: Details for application including credit consent and 12 months bank statement, an IRD statement Last 2 years’ finalised financial statements, plus interim financials for the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually offer a response in one hour – as long as you make your application during quality company timings and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statements , we’ll be able to provide an answer in just the span of one company day.
For Larger Business Loans ($100K up to $500,000) we may be capable of provide you with a conditional pre-approval in around 6 hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval. However, it could be faster based on the circumstances of each application. Certain agreements have been approved within less than 24 hours.
The quickest method would be to ensure you apply during normal company hours. Also, let us use the modern bank verification to confirm your bank details online. If you opt to upload documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K or more) we typically offer an answer within an hour – as long as you apply at standard business hours and you allow us to use the advanced bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements we can offer a decision in just an business day.
If you are applying for Larger Business Loans ($100K to $500K) We may be capable of provide you with a conditional pre-approval in around six hours. After you’ve signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval. However, this could be shorter based on the particular circumstances of each application. Some deals have been approved in the space of 24 hours.
The quickest method would be to ensure you apply during normal business hours. You can also let us use the advance bank verification to confirm your bank details online. If you decide to upload the copies of bank statements, it takes a bit longer.
We provide the loan amount between $5,000 to $500,000. When you submit an application for a certain amount, we take into consideration a range of variables to determine your well-being of your company and the extent of payments your company is able to afford. The total amount of your loan will depend on the specifics that are unique to your company.
When you make an application for a particular amount, we look at a range of aspects to assess your health of your company and the amount of repayments that your company can afford. The total amount of your loan will depend on the specifics the business.
When you request the company financing, we’ll assess the risk assessment of your business and provide an individualised proposal that includes the loan amount, the terms and interest rates. The company loan is an upfront priced loan which means you be aware in advance of the total amount you will have to pay, including charges or interest.
Interest rates for company loans rates vary due to factors including the amount borrowed, what company assets the money are used to purchase in addition to the industry that the company operates in, the long the company has been running and in the event that the business has sufficient cash flow to pay for the loan, and general health or creditworthiness of the business.
There are no hidden costs for our company loans. You’ll know precisely what it is that you be required to pay and at what time, from the first day. There’s no compounding and there are no additional charges (as as long as you pay your payments on time).
We do not charge an Application Fee. You can make an application for loans with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the expenses involved with the setting up and management of the loan. It is only charged for this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You may choose to pay back the total amount of your loan at any point in time.
If you do decide to take this route, please talk to one of our helpful company loan specialists. The experts will provide you with the details of your repayment and an early payment figure. This is calculated as the sum of the principal remaining and accrued interest to the time of early payment plus 1.5% of the principal amount remaining and any fees that remain unpaid.
To make sure that you don’t miss due dates and also to be in line your cash flow cycle we offer repayments either weekly or daily. They are automatically deducted from your nominated company account.
Security of your data, and being clear about how we collect data, process, exchange and secure your information, is of paramount importance and a vital part of our relationship with you.
Yes. We make use of industry-standard encryption protocols to safeguard your sensitive, personal as well as financial data. Our funders are ISO 27001 certified for our commitment to customer security and privacy. We utilise a sophisticated banking verification system to immediately verify your bank account details online, allowing us to provide rapid response.
The term "asset-based" refers to borrowing where a business owner uses an asset that they own to make the loan. The asset can be either an individual asset, such as the family home or an business asset such as a vehicle or other piece of machinery.
The majority of the lenders including the major banks, prefer to secure loans against an asset. If you’re struggling to pay back the loan, then your assets could be offered for sale by the lender. In essence, it is a way of securing new financing by making use of the value of what you already own.
Up to $150K in loans there is no requirement for asset security before you can access the money but we do require an individual guarantee. As long as you follow the terms of your loan (as stipulated in your loan contract document), asset security will never be needed. For loans over $150,000 generally, there is personal guarantee and security in the form of an asset charge.
