The criteria for eligibility for an unsecured business loan in Adelaide of between $5K and $100K are fairly minimal.
Need more funds? Find out the conditions of eligibility for our $100K to $500K company loans.
All that is needed to begin is your contact details (company name, your name, email, phone) and the amount you’d like to borrow, and your monthly revenue.
During the process and before settlement we’ll need confirmation of your identity, but not before we can begin:
Once we’ve started in the process, for loans over $150,000 you’ll also need basic financial statements.
Let’s get started.
Adelaide unsecured loans provides the range of $5,000 to $100,000. The terms range between 3 and 24 month and cash flow friendly repayments, which are either daily or weekly.
It is imaginable to apply for your Small Business Loan in under 10 minutes over the phone. You’ll get a same day response and the funds could be on your account within 24 hours. Traditional business loans are based on an annual interest rate together with additional fees and charges. This company loan is a cash-based loan so you will be aware in advance of the total amount payable including any fees, interest or charges. This is then broken down into either a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for nearly any business use, including control of cash flow business renovations, marketing, to purchase inventory or new equipment, as general working capital and so much more. The loan cannot be used for personal use.
The Larger Business Loan is a larger size loan to aid in business expansion opportunities. Loans range from $100,000 to $500,000 for a fixed period of up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
This Larger Business Loan has an Origination Fee, which is calculated at 2.5% of the loan amount.
In order to be eligible for a loan in this amount the business needs to have been in operation for at least 3 years with an annual turnover of $700,000. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, 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 nearly all business purpose including business improvements, purchasing inventory or new equipment as well as for general working capital and much more. The loan is not available for personal use.
Asset security is necessary to obtain funding above $150,000. This is as a result of an charge against assets, which could also include registering this with the PPSR or making a caveat.
A director’s or personal guarantee is a promise to repay credit that is generally in nature rather than defining the security of a specific asset. The person signing the guarantee is personally accountable if the company the borrower fails to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It records security interests that have been granted to individuals who own personal property (including items or assets). The PPSR allows the priority of personal property assigned according to the date 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 requesting the Larger Business Loan that exceeds $250,000 we may be able to provide a preliminary pre-approval to help make the process. It is possible to apply for this without credit checks and within six hours of your initial application. This pre-approval is based on an initial evaluation that involves you answering some financial health questions. This is in no way an offer, nor is it a guarantee of credit. A conditional approval is subject an exhaustive credit evaluation, and any offer that you receive could be subject to different conditions.
You are eligible to apply for an business loan if you;
The application process is fast and easy. Just fill out the online application within a couple minutes, and a dedicated company credit specialist will be in touch to assist you.
To apply for up to $100,000, you’ll require ID details (valid Driver’s License) 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 need:
$100K to $250K: Application requirements, including credit consent, 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, 12 month bank accounts, the IRD statements and the last two years’ finalised financial statements, as well as interim financials for the current financial year as well as Aged Payables and Receivables reports.
For an unsecured loan ($5K to $100K) we typically provide an answer in just one hour, provided you apply at standard company times and you allow us to utilise the bank verification system to instantly verify your bank details online. If you choose to upload copies of your bank statements we can provide an answer within 1 company day.
For the Larger Business Loan ($100K to $500K) we may be capable of offer you with conditional pre-approval in about six hours. After you’ve signed your pre-approval, turnaround times are around 2-3 days for final approval. However, this may be quicker depending on the particular circumstances of each application. Certain offers have been approved in just 24 hours.
The quickest method is to ensure you apply during normal company hours. You can also let us use the modern bank verification link to verify your bank account information online. If you send us the copies of bank statements it takes a bit longer.
For the Small Business Loan ($5K or more) we can often offer an answer within one hour – as long as you make your application in standard business timings and permit us to use the advanced bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statement, we’ll provide a decision in as little as the span of one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we might be likely to provide you with conditional pre-approval in about 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain agreements have been approved in less than 24 hours.
The most effective method for you to apply is ensure you apply during standard business hours. Also, permit us to use the advanced bank verification system to check your bank’s information online. If you send us duplicates of your banking accounts, it can take a bit longer.
We provide loan amounts between $5,000 and $500,000. If you apply for a specific amount we look at a variety of factors that determine how much we can lend you health for your company and the level of repayments your company will be able to support. The total amount of the loan will be determined by the specifics that are unique to your business.
When you submit an application for a specific amount we will consider a number of variables to assess the health that is your company as well as the amount of repayments your company can support. The total amount of your loan will depend on the particulars of your business.
When you request one of our company loan, we’ll assess the risk profile for your business and provide you with a customised offer that includes loan amount, term and interest rates. The company loan is an upfront cost loan so you will know the exact amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates differ based on various factors like the amount of money that is borrowed, what business assets the money will be used for, the industry the company is operating in, how long the company has been running, how long the company has enough cash flow to pay for the loan, and the general well-being as well as creditworthiness business.
There aren’t any hidden charges for our company loans, and you’ll know precisely how much you be required to pay, and when, starting from day one. There’s no compounding interest, and no additional fees (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can request a credit loan with no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. You are only charged this fee if you choose to proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of loan.
You can choose to repay the total amount of your loan at any point in time.
If you do decide to pursue this option, please call our helpful business lending specialists. They’ll provide you with details on repayment along with an early payout estimate. This will be calculated as the sum of the principal balance plus any accrued interest as of the time of early payment and 1.5 percent of the principal amount remaining and any fees that remain unpaid.
To make sure that you don’t miss payments and to work your cash flow schedule, we offer repayments that are either daily or weekly. These are automatically withdrawn from your nominated company account.
Making sure that your information is secure, and being clear about the ways we gather data, process, exchange and safeguard your data, is of huge importance and is a crucial aspect of our relationship with you.
Yes. We use industry recognised encryption protocols to safeguard your personal, sensitive financial information and our funders are ISO 27001 qualified for our commitment to security for our clients and security. We make use of an advanced bank verification system to immediately verify your bank account information online so we can provide rapid response.
Asset-based borrowing is when a business owner utilises assets they own to obtain the funds for a loan. The asset may be an individual asset, such as the family home or it could be a business property like a truck or piece or equipment.
The vast majority of the lenders including the major banks, prefer to guarantee loans against assets. If you are having difficulty paying back the loan, the asset might be offered for sale by the lender. In essence, it’s the process of securing new financing making use of the value of what you already have.
Up to $150K in loans no asset security is required before you are able to access the money, however we do need the personal guarantee. So long as you comply with the loan terms (as detailed in your loan contract document) the security of assets is not required. For loans that exceed $150K, generally, you can get an individual ensure and security that is in the form a charge over assets.
