The requirements for getting an unsecured business loan in Adelaide of between $5K to $100K are quite minimal.
Do you require more money? Check out the conditions of eligibility for our $100K to $500K business financing.
All that’s required to begin is your contact details (the name of your company, your name, email and phone) and the amount you want to borrow, and your monthly revenue.
In the course of the process and before settlement we will require confirmation of who you are, but not for starting:
After we start in the process, for loans greater than $150,000 you’ll also need fundamental financial statements:
Let’s get started.
Adelaide unsecured loans provides amounts of between $5,000 and $100,000. Terms range from 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
The application for the Small Business Loan in under 10 minutes over the phone. You’ll get an answer within the same day and the money could be in your account in 24 hours. Traditional business loans reference an annual interest rate along with other charges and fees. Our company loan is a loan that is priced upfront which means you know ahead of time the total amount payable including any fees, interest or charges. This is then broken down into either weekly or daily payment amount.
A Small Business Loan can be used for nearly any company use, including cash flow management, company remodels and marketing for purchasing inventory or new equipment, as general working capital and much more. The loan is not available for personal use.
The Larger Business Loan is a larger size loan to aid in company expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly depending on your cash flow.
It is crucial to note that the Larger Business Loan has an Origination Fee that is calculated at 2.5 percent of the loan amount.
To be eligible for a loan of this size the business 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) over 18 years and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at minimum 12 months of continuous trading.
A larger company loan can be used for almost every company purpose including business improvements, purchasing equipment or inventory, as general working capital and much more. The loan is not available to fund personal expenses.
Asset security is needed to obtain funding above $150,000. This is by taking a charge on assets, and could include registration in the PPSR or making a caveat.
A personal or director’s guarantee is a commitment to repay credit that is generally in nature rather than defining the security for a particular asset. The person signing the guarantee is personally liable in the event that the company creditor is unable to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It lists security interests that are registered in respect of personal property (including goods or assets). The PPSR gives the priority of personal property assigned in accordance with the date on which a security interest was registered.
Caveats are legal document that is filed to offer notice of a legal claim to a property.
If you’re requesting larger business loans of $250K or more we can offer an initial pre-approval to make the process. It is possible to make this decision without a credit check, and within 6 hours of the initial application. The pre-approval is based upon a preliminary assessment which includes the answer to a series of financial health checks. It is not an offer or guarantee of funds. Acceptance without condition is subject to an extensive credit evaluation and any offer you receive could be subject to different terms.
You may be eligible for a company loan if you;
The process for applying is fast and simple. Complete the online form within a few minutes and an experienced company credit specialist will be in touch to guide you.
To apply for up to $100,000 you’ll require the right identification documents (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 also need:
$100K – $250K: Application details including credit consent, 6 – 12 months of bank statements, IRD statement (if credit is over $150K).
$250K – $500K: Information on the application including credit consent and 12 months of bank statements, IRD statements, last 2 years finalised financial statements, as well as interim financials for the current financial year such as age-related payables and aged Receivables reports.
For an unsecured loan ($5K or more) we can often offer an answer within an hour if you make your application during standard company times and you allow us to utilise the bank verification system to instantly verify your bank details online. If you decide to submit copies of your bank statements , we are able to provide an answer within just the span of one company day.
For the Larger Business Loan ($100K and up) we might be able to offer you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval form, it will take approximately 2-3 days to receive final approval, however it could be faster based on the particular circumstances of each application. Some transactions have received approval within just 24 hours.
The fastest way is to ensure you apply during normal company hours and allow us to use the advanced bank verification system link to instantly verify your bank account information online. If you decide to send us copies of your bank statement, it can take a bit longer.
For the Small Business Loan ($5K or more) we typically offer a response in one hour, provided you make your application within standard business times and permit us to use the advanced bank verification system link to immediately verify your bank account information online. If you decide to upload copies of your bank statement, we’ll provide the decision within an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be in a position to offer you with conditional pre-approval within 6 hours. Once you have signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however it could be faster based on the particular circumstances of each application. Certain deals have been approved in 24 hours.
The fastest way can be ensure you apply during standard business hours. Also, allow us to use our sophisticated bank verification to verify your bank information online. If you opt to send us duplicates of your banking statement, it may take a bit longer.
We provide loan amounts between $5,000 to $500,000. When you make an application for a particular amount, we consider a variety of elements in order to assess how much we can lend you health of your business and the amount of repayments that your business can support. The total amount of your loan will be contingent on the specific circumstances the company.
If you apply for a certain amount, we look at a range of elements to determine your health of the company and the level of payments your business can afford. The total amount of your loan will be determined by the particular circumstances for your business.
When you apply for our business loans, we’ll assess the risk assessment of your company and provide an individualised offer, including the amount of loan, the term and interest rates. This business loan is an upfront priced loan so you will be aware of the total amount payable including any interest rates, fees or charges.
Business loan interest rates vary due to factors like the amount of money that is borrowed, what company assets the money will be used for and the sector the company operates in, the long the company has been in operation and whether the business has enough cash flow to pay for the loan, and also the general well-being or creditworthiness of the business.
There are no hidden costs with our business loans. You’ll know exactly how much you’ll need to pay and when, starting from day one. There’s not any compounding interest and no extra fees (as long as you are able to make your payments punctually).
We don’t charge an application fee. You are able to apply for a loan with absolutely no upfront cost and no obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. It is only charged for this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
You can choose to repay the entire amount of your loan in full at any time.
If you do decide to take this route, please speak to our friendly company credit professionals. We will offer you with the details of your repayment and an early payment figure. This is calculated as the sum of the remaining principal amount plus any accrued interest as of the time of the early payout and 1.5 percent of the principal remaining and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we provide repayments either weekly or daily. These are automatically deducted from your designated business account.
Making sure that your information is secure, and making it clear how we collect, use, exchange and ensure the security of your information is vital and an integral element of our relationship with you.
Yes. We utilise industry-recognised encryption standards to protect your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to protecting the security of customers and privacy. We use an advanced bank verification system that allows you to instantly confirm your bank account information online. This allows us to provide rapid response.
Asset-based borrowing occurs when the business owner uses an asset that they own to get the funding. The asset can be an asset belonging to the personal, like the family home, or an business asset like a truck or other piece of machinery.
The majority of the lenders even the major banks, prefer to make loans secured by an asset. If you’re having trouble paying back the loan then your asset may be taken over by the lender. In essence, it’s the process of securing new financing taking advantage of the value of what you already have.
Up to $150K in loans it is not necessary to secure assets prior to the loan’s access, however we do require an individual guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract) Asset security will never be needed. If you take out loans in excess of $150,000 typically, you will need the option of a personal ensure and security in the form of the charge of assets.
