The eligibility requirements for an unsecured business loan in Adelaide of between $5K and $100K are pretty minimal.
Are you looking for additional funding? Take a look at the conditions of eligibility for our $100K to $500K business financing.
All that is needed to begin is your contact information (the name of your company and your name, as well as email, phone), how much you’d like to borrow, and your monthly income.
Through the process and before settlement we’ll need confirmation of your identity however, not in order to begin:
Once we’ve started with loans greater than $150,000 you’ll need basic financial statements:
Let’s get started.
Adelaide unsecured loans offers amounts between $5,000 and $100,000 with terms between 3 and 24 month and cash flow-friendly repayments, which are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes via the internet or on the phone. You’ll receive an answer within the same day and funds may be on your account within 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. Our business loan is an upfront priced loan so you will be aware of the amount you will have to pay, including any interest, fees or charges. This is then divided into weekly or daily payment amount.
The Small Business Loan can be used for virtually every business purpose including managing cash flows, business remodels and marketing to purchase inventory, new equipment, as general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger amount of loan to help business expansion opportunities. The loan ranges from $100,000 to $500,000 with a fixed-term up to 36 months. The repayments are made weekly or fortnightly to work with the flow of cash.
This Larger Business Loan has an Origination Fee, calculated at 2.5% of the loan amount.
In order to be eligible for a loan of this size the company needs to be operating for a minimum of 3 years with an annual turnover of at least $700,000. You must be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A Business Loan of a larger size can be used for nearly all business purpose including company renovations, to purchase inventory or new equipment, as general working capital, and much more. The loan cannot be used for personal purposes.
Asset security is needed for accessing funds over $150,000. It’s as a result of an charge over assets, which could also include registration on the PPSR or registering as a caveat.
A director’s or personal guarantee is a commitment to repay a loan which is general in nature, rather than stating security over an asset. The person who is signing the guarantee is personally responsible if the company the borrower fails to make the repayment.
The Personal Property Securities Register (PPSR) is an online, central register operated by the New Zealand Government. It reflects security interests which are registered with respect to personal property (including objects or assets). The PPSR grants priority over personal property to be granted depending on the date that a security interest was registered.
Caveats are legal document lodged to offer the public notice of a legal claim on a property.
When you’re applying for the Larger Business Loan that is greater than $250,000, we may offer an initial pre-approval that will help ease the process. We could be able to apply for this without a credit check and within six hours of your initial application. The pre-approval process is based on an initial assessment, which involves you answering a few financial health questions. It’s neither an offer nor a guarantee of financing. The approval of a conditional loan is subject to an assessment of your creditworthiness and any offer you might receive could be on different conditions.
You can apply for a business loan if you:
The application process is fast and simple. Complete the online form within a few minutes and an experienced company lending specialist will contact you to guide you through the process.
To be eligible for up to $100,000 you’ll need ID details (valid Driver’s Licence) along with an NZBN/IRD that is valid and at least 6 months of bank statements.
If you’re looking for loans with larger sizes, you’ll need:
$100K – $250K: Details of application, including credit consent, 6 – 12 months of IRD statements, bank statements (if loan above $150K).
$250K – $500K: Application details including credit consent, 12 months bank statement, an IRD statements, last 2 years finalised financial statements, as well as interim current financial year financials such as age-related payables and aged Receivables summary.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer within an hour – as long as you submit your request within standard business times and you allow us to make use of the advanced bank verification system link to instantly verify your bank’s information online. If you decide to send us copies of your bank statements we can offer the decision within one company day.
For the Larger Business Loan ($100K up to $500,000) we might be capable of offer you with a conditional pre-approval within 6 hours. Once you have signed the pre-approval, the turnaround time is about 2-3 days for final approval, however it could be faster based on the circumstances of each application. Some offers have been approved within less than 24 hours.
The quickest method would be to make sure you apply during standard business hours and allow us to use the modern bank verification to instantly check your bank’s information online. If you upload copies of your bank statements it may take a bit longer.
For the Small Business Loan ($5K up to $100,000) we typically provide an answer within one hour – as long as you make your application within normal business hours and allow us to use the bank verification system link to instantly verify your bank information online. If you decide to send us copies of your bank statements, we are able to offer an answer in as little as 1 business day.
For the Larger Business Loans ($100K or more) we might be capable of provide you with conditional pre-approval within 6 hours. Once you have signed the pre-approval, turnaround times are between 2 and 3 days for the final approval, however this may be quicker depending on the circumstances of each application. Some agreements have been approved within just 24 hours.
The fastest way for you to apply is make sure you apply during standard business hours. Also, permit us to use the advanced bank verification system link to verify your bank account information online. If you choose to send us the copies of bank statements, it can take a bit longer.
We provide loan amounts between $5,000 to $500,000. If you apply for a specific amount we look at a variety of aspects in order to assess how much we can lend you health that is your business and the level of repayments your company can support. The amount you receive from your loan will be contingent on the particular circumstances of your business.
When you make an application for a specific amount we will consider a number of variables to determine how much we can lend you such as well-being that is your business and the extent of the repayments your business is able to afford. The total amount of your loan will be contingent on the specific circumstances for your company.
If you decide to request one of our company financing, we’ll assess the risk profile for your company and offer an individualised proposal that includes the loan amount, the terms and the interest rates. This business loan is an upfront cost loan which means you be aware in advance of the total amount you will have to pay, including charges, interest rates or fees.
Interest rates for business loans rates differ based on various factors like the amount of money that is borrowed, what business assets the money are used to purchase in addition to the industry that the business is in, how long the business is in operation as well as what percentage of the business has enough cash flow to pay for the loan, and the overall well-being or financial standing of the business.
There are no hidden fees with our company loans. You’ll be aware of the amount it is that you be required to pay and when, from the day you sign up. There’s no compounding interest and there are no additional charges (as as you make your payments on time).
We don’t charge an Application Fee. You can apply for a loan with with no upfront cost or any obligation to sign up.
The Origination Fee is the cost associated with the setting up and management of the loan. You are only charged this fee if you proceed with the loan. The Origination Fee for us is 2.5 percent of the amount of the loan.
You can choose to repay the entire amount of your loan early at any time.
If you are deciding to do this please talk to one of our helpful company loan specialists. We will provide you with details on repayment and an early payment figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the time of early payout and 1.5% of the principal balance and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments either weekly or daily. These are automatically withdrawn from the nominated business account.
The security of your personal information, as well as making it clear the ways we gather data, process, exchange and safeguard your data, is of huge importance and a vital aspect of our relationship with you.
Yes. We employ industry-recognised encryption techniques to protect your personal, sensitive financial information and our funders are ISO 27001 certified for our commitment to security for our customers and security. We make use of an advanced bank verification system that allows you to instantly confirm your bank account information online. This allows us to provide a fast response.
An asset-based loan is when a business owner uses an asset they own to secure a loan. The asset may be an asset belonging to the personal, like the family home or it could be a business asset like a truck or piece or equipment.
The vast majority of lending institutions, not just the banks with the biggest size, prefer to guarantee loans against assets. If you’re struggling to pay back the loan, your assets could be sold by the lender. In essence it’s an opportunity to secure new financing using the worth of the asset you already have.
For loans up to $150,000 no asset security is required in advance to gain access to the funds However, we do require an individual guarantee. If you adhere to the loan terms (as stated in your loan contract) Asset security will never be required. If you take out loans in excess of $150K generally, there is a personal ensure and security in the form charges on assets.
