The requirements for getting an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Looking for more funding? Check out the eligibility requirements for our $100K to $500K business loans.
All that is needed for starting is your contact details (company name and your name, as well as email or phone number) along with the amount you want to borrow, and your monthly income.
While in the process and before settlement we’ll require confirmation of who you are, but not for starting:
In addition, once we have started in the process, for loans that exceed $150,000, you’ll also require basic financial statements.
Let’s get started.
Adelaide unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months. They also offer cash flow-friendly repayments that are either per day or weekly.
You can apply to your Small Business Loan in under 10 minutes over the phone, receive an immediate response, and the funds could be in your account in 24 hours. Traditional company loans refer to an annual interest rate together with additional fees and charges. Our business loan is a loan that is priced upfront and you’ll be aware of the total amount payable including the interest, fees and charges. This is then divided into weekly or daily payment amount.
It is a Small Business Loan can be used for almost every company need, such as managing cash flows, company renovations, marketing for purchasing inventory or new equipment, for general working capital and so much more. The loan is not available to fund personal expenses.
The Larger Business Loan is a larger loan size to support business growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term up to 36 months. Repayments are scheduled weekly or fortnightly depending on you cashflow.
This Larger Business Loan has an Origination Fee which is calculated at 2.5 percentage of the loan amount.
To qualify for a loan of this size, your company needs to be operating for a minimum of 3 years and generate an annual revenue of $700K. 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 to demonstrate at the least 12 months of operating.
A larger company loan can be used for nearly every business purpose including business remodeling, buying equipment or inventory or as general working capital and so much more. The loan cannot be used to fund personal expenses.
Asset security is necessary to obtain funding above $150,000. This is by way of charge against assets, and may include registering this in the PPSR or the registration of a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is general in nature, rather than stipulating security over an asset. The person who is signing the guarantee is personally liable if the business borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests which are registered with respect to personal property (including goods or assets). The PPSR grants the priority of personal property granted according to the date a security interest was registered.
A caveat is a legal document lodged to offer an official notice of a claim to a property.
If you’re applying for an enterprise loan of more than $250K it is possible to offer an initial pre-approval to simplify the process. It is possible to make this decision without a credit check and within 6 hours of your initial application. This pre-approval is made based on an initial evaluation that involves you answering some financial health checks. It’s neither an offer nor a guarantee of financing. Unconditional approval is subject to an extensive credit evaluation and any offer that you might receive could be based on different conditions.
You may apply for a company loan if you:
The application process is quick and simple. Just complete the online application within a few minutes and an experienced company credit specialist will call you to assist you.
For a loan of up to $100,000 you’ll require identification details (valid Driver’s License) as well as an active NZBN/IRD, and at least 6 months 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 IRD statements, bank statements (if the loan is greater than $150K).
$250K to $500K: Details for application including credit consent and 12 months of bank records, IRD statement Last 2 years’ finalised financial statements, as well as interim current financial year financials as well as Aged Payables and Receivables Summary.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within one hour, provided you submit your request during standard business timings and allow us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your banking statement, we’ll offer an answer in just one business day.
For Larger Business Loans ($100K or more) we could be in a position to offer the conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take about 2-3 days for final approval, however this can be quicker based on the particular circumstances of each application. Some offers have been approved within 24 hours.
The quickest way to apply for you to apply is ensure you apply during standard company hours and let us use the modern bank verification to instantly verify your bank account information online. If you decide to send us documents from your account statement, it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) We can usually offer a response in one hour, provided you submit your request in normal business time and allow us to use the advanced bank verification system to instantly verify your bank’s information online. If you decide to submit copies of your bank statements, we are able to provide an answer in just the span of one business day.
If you are applying for Larger Business Loans ($100K or more) we might be able to provide you with pre-approval conditional to your application in around six hours. Once you have signed the pre-approval form, it will take between 2 and 3 days for the final approval, however this may be quicker depending on the particular circumstances of each application. Certain deals have been approved in just 24 hours.
The fastest way would be to ensure you apply during standard business hours. Also, allow us to use the modern bank verification link to check your bank’s information online. If you decide to send us copies of your bank statements it can take a bit longer.
We offer loans ranging from $5,000 and $500,000. If you apply for a certain amount, we consider a variety of aspects in order to assess the well-being of the business as well as the amount of repayments that your business will be able to support. The amount you receive from the loan will be determined by the particular circumstances that are unique to your business.
When you submit an application for a set amount, we consider a variety of factors to determine the well-being that is your company and the amount of payments your business can afford. The amount you receive from your loan will be determined by the particular circumstances for your business.
When you apply for the company financing, we’ll assess the risk assessment that you have for your business and provide you with a customised offer including the amount of loan, the term and the interest rates. This company loan is an upfront priced loan so you will be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
The interest rates on business loans rates vary due to factors including the amount of money borrowed, the business assets the funds will be used for, the industry the company is in, how long the company has been in operation for, whether the company has enough cash flow to pay for the loan, as well as the general well-being or financial standing of the company.
There aren’t any hidden costs with our company loans. You’ll be aware of the amount you’ll be required to pay and when, from day one. There’s no compounding interest, and the loan comes with no additional fees (as as you make your payments in time).
We don’t charge an Application Fee. You can apply for a loan with no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5 percent of the loan amount.
You can repay all of your loan in full at any time.
If you do decide to do this please talk to one of our helpful business credit specialists. They’ll provide you with details for repayment as well as an early payout amount. It will be calculated using the total of the remaining principal amount and any accrued interest at the time of early payment, plus 1.5 percent of the principal remaining and any outstanding fees.
In order to help you avoid missing payments and to work your cash flow cycle we provide payments that are either daily or weekly. They will be automatically deducted from the nominated company account.
Protecting your information, and being upfront about the ways we gather data, process, exchange and protect your information, is of paramount importance and an integral aspect of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our customers and privacy. We employ an exceptionally sophisticated banking verification system to immediately verify the bank account details online, allowing us to offer a fast response.
The term "asset-based" refers to borrowing where the business owner borrows from an asset they own to make the funds for a loan. The asset can be either an individual asset, such as the family home, or an company asset such as a truck or piece of equipment.
The majority of lenders, including the banks with the biggest size, prefer to guarantee loans against an asset. If you are having difficulty paying back the loan, the asset might be transferred to the lender. In essence it’s an opportunity to secure new financing taking advantage of the value of what you already have.
For loans of up to $150,000, the requirement for asset security is not required in advance to gain access to the funds, however we do need a personal guarantee. As long as you follow the loan terms (as detailed in your loan contract document), asset security is not needed. If you take out loans in excess of $150,000 generally there is an individual guarantee and security in the form an asset charge.
