The eligibility requirements for an unsecured business loan in Sydney of between $5K and $100K are pretty minimal.
Looking for more funding? Take a look at the guidelines for eligibility for our $100K-$500K business financing.
All that’s needed to begin is your contact details (the name of your company, your name, email and phone), how much you’d like to borrow and your monthly revenue.
Through the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
Once we’ve started, for loans over $150,000 you’ll need basic financial statements:
Let’s get started now.
Sydney unsecured loans offers amounts of between $5,000 and $100,000 with terms between 3 and 24 months and cash flow friendly repayments that are either daily or weekly.
You can apply to your Small Business Loan in under 10 minutes over the phone. You’ll get an instant response and the money could be available in just 24 hours. Traditional business loans are based on an annual rate of interest as well as other fees and charges. Our company loan is a cash-based loan so you will know in advance the total amount due, which includes any interest, fees or charges. This is then divided into a daily or weekly amount to be paid back.
The Small Business Loan can be used for nearly every company purpose including managing cash flows, business remodeling, marketing to purchase inventory, new equipment, to fund general working capital and much more. The loan cannot be used to fund personal expenses.
The Larger Business Loan is a larger size of loan that can be used to fund company growth opportunities. The loan ranges from $100,000 to $500,000 for a fixed period of for up to 36 months. Repayments are weekly or fortnightly, depending on your situation.
The Larger Business Loan has an Origination Fee which is calculated at 2.5 percent of the loan amount.
To qualify for a loan that is this large the business needs to have been operating for at least three years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18, own a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
A Business Loan of a larger size can be used for nearly every business need, including business renovations, to purchase equipment or inventory for general working capital and much more. The loan is not available to fund personal expenses.
Asset security is required to obtain funding above $150,000. This can be done in the form of a charge over assets, and could include the registration of this in the PPSR or registering a caveat.
A personal or director’s guarantee is a commitment to pay off a credit line that is general in nature rather than specifying the security of a specific asset. The person who signs the ensure is personally responsible if the company borrower is unable to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It contains security interests registered in respect of personal property (including objects or assets). The PPSR grants the priority of personal property granted according to the date the security interest has been registered.
Caveats are legal document lodged to provide an official notice of a claim against a property.
When you’re applying for a Larger Business Loan of $250K or more, we may offer an initial pre-approval that will help ease the process. It is possible to apply for this without credit checks and within 6 hours of the initial application. The pre-approval is based upon an initial assessment, which involves you answering some financial well-being questions. It is not an offer of credit or guarantee of financing. A conditional approval is subject an assessment of your creditworthiness and any offer you receive could be based on different conditions.
You are eligible to apply for an company loan if you
The process for applying is fast and simple. Simply complete the online form in few minutes and a dedicated business lending specialist will call you to help you.
To be eligible for up to $100,000, you’ll require proof of identity (valid Driver’s Licence) as well as a valid NZBN/IRD and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll need:
$100K – $250K: Application requirements, including credit approval, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details for application including credit consent twelve months bank statement, an IRD statements Last 2 years’ finalised financial statements, and interim financials for the current financial year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) we typically provide an answer within an hour, provided you make your application at standard business hours and you allow us to make use of the advanced bank verification system to instantly verify your bank details online. If you opt to submit copies of your bank statements , we will be able to provide the decision within just an company day.
For the Larger Business Loan ($100K or more) we may be in a position to provide you with pre-approval conditional to your application within six hours. After you’ve signed the pre-approval, turnaround times are approximately 2-3 days to receive final approval. However, this may be quicker depending on the particular 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 normal company hours, and permit us to use the advanced bank verification system to verify your bank information online. If you opt to upload the copies of bank statements , it will take a little longer.
For the Small Business Loan ($5K to $100K) we typically provide an answer within an hour – provided you apply at normal business times and permit us to make use of the advanced bank verification system to instantly verify your bank information online. If you choose to upload copies of your bank statements, we are able to offer the decision in as little as an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) We may be likely to provide the conditional pre-approval within 6 hours. Once you have signed the pre-approval document, you will need to wait approximately 2-3 days to receive final approval, however it could be faster based on the specifics of each application. Certain deals have been approved within the space of 24 hours.
The most efficient method is to make sure you apply during normal business hours. You can also permit us to use the advanced bank verification system to check your bank’s information online. If you decide to upload documents from your account accounts, it may take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you make an application for a specific amount we consider a variety of factors in order to assess the health of your company and the amount of repayments your business can support. The total amount of the loan will be determined by the specific circumstances the business.
When you make an application for a certain amount, we look at a range of elements to determine how much we can lend you such as health of your company and the level of payments your business is able to afford. The total amount of the loan will be determined by the particulars that are unique to your business.
When you request the business credit, we will assess the risk profile that you have for your company and provide you with a customised proposal that includes the loan amount, the terms and the interest rates. The company loan is an upfront-priced loan and you’ll know the exact amount you will have to pay, including interest rates, fees or charges.
Business loan interest rates differ based on various variables like the amount to be of money borrowed, the company assets the money will be used for as well as the field the business operates in, the long the business is in operation and what percentage of the company has sufficient cash flow to pay for the loan, and the overall well-being as well as creditworthiness business.
There aren’t any hidden charges for our business loans, and you’ll know exactly how much you’ll be required to pay and when, from day one. There’s no compounding interest and there are no additional charges (as as long as you pay your payments on time).
We don’t charge an application fee. You can make an application for loans without any upfront costs or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this fee if you proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of the loan.
You can decide to repay all of your loan in full at any time.
If you decide to take this route, please speak to our friendly business loan professionals. We will offer you with the details of your repayment as well as an early payout amount. This is calculated as the sum of the principal amount remaining and the accrued interest up to the time of early payment and 1.5 percent of the principal amount remaining plus any outstanding fees.
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.
Security of your data, and making it clear how we collect information, use it, and exchange it, as well as ensure the security of your information is crucial and an integral part of our relationship you.
Yes. We utilise industry-recognised encryption techniques to protect your sensitive, personal and financial data and our funders are ISO 27001 certified for our commitment to the security of our customers as well as their privacy. We utilise a sophisticated bank verification system to immediately verify your bank account information online. This allows us to offer quick responses.
Asset-based borrowing is when an business owner makes use of an asset that they own to get the loan. The asset may be a personal asset like the family home, or it could be a business asset such as a truck or piece of equipment.
The vast majority of lenders, even the major banks, prefer to secure loans against assets. If you are having difficulty paying back the loan, the asset could be transferred to the lender. In essence it is a way of securing new funding using the value of what you already have.
For loans that exceed $150,000, no asset security is required upfront to access the money However, we require a personal guarantee. require the personal guarantee. As long as you follow your loan obligations (as stipulated in the loan contract) Asset security is not needed. For loans of over $150,000 typically, you will need an individual ensure and security is provided in the form of an asset charge.
