The eligibility requirements for an unsecured business loan in Sydney of between $5K to $100K are quite minimal.
Need more funds? Check out the guidelines for eligibility for our $100K to $500K business loan.
All that’s needed to start is your contact details (the name of your company, your name, email and phone) along with the amount you’d like to borrow and your monthly income.
Through the process and before settlement we’ll require confirmation of who you are however, not in order to begin:
In addition, once we have started when it comes to loans of more than $150,000 you will also need basic financial statements.
Let’s get started.
Sydney unsecured loans provides amounts between $5,000 and $100,000, with terms ranging from 3 and 24 months, cash flow friendly repayments that are either per day or weekly.
Apply for your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and funds may be in your account within 24 hours. Traditional business loans reference an interest rate per annum together with additional fees and charges. Our business loan is a pre-paid loan which means you know in advance the total amount payable including any interest, fees or charges. This is then broken down into weekly or daily payment amount.
A Small Business Loan can be used for nearly any business reason, such as managing cash flows, business improvements, advertising, to purchase inventory or 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 amount of loan to help company expansion opportunities. Loans range between $100,000 and $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on you cashflow.
This Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
In order to be eligible for a loan of this size the company needs to have been in operation for at least 3 years and generate an annual revenue of $700,000. The applicant must also be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand company (with a valid NZBN/IRD) and be able demonstrate at the least 12 months of operating.
A larger company loan can be used for nearly any company purpose including business renovations, purchase of new equipment or inventory for general working capital and so much more. The loan cannot be used for personal reasons.
Asset security is needed for accessing funds over $150,000. This is by way of charge over assets, and may include registration on the PPSR or filing a caveat.
A personal or director’s ensure is a guarantee to repay credit that is generally in nature rather than stating security over an asset. The person signing the guarantee is personally responsible if the business lender is not able to re-pay the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests registered in respect of personal property (including the assets or goods). The PPSR permits the priority of personal property granted depending on the date that a registration of a security interest.
An affidavit is an official document that is filed to provide an official notice of a claim to a property.
When you’re applying for larger business loans that exceeds $250K, we may offer a preliminary pre-approval to help smooth out 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 is based upon an initial assessment, which involves you answering some financial well-being checks. It’s not an offer or guarantee of funds. Unconditional approval is subject to an extensive credit evaluation and any offer you may receive may be subject to different conditions.
You may be eligible for a business loan if you:
The application process is quick and easy. Just complete the online application in just a few minutes, and an experienced company lending specialist will contact you to help you.
To be eligible for up to $100,000 you’ll need identification details (valid Driver’s License) along with an active NZBN/IRD, and at least six months of bank statements.
Otherwise, for larger loan sizes, you’ll require:
$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 records, IRD statements as well as the two most recent years’ financial statements, and interim financials from the current financial year as well as Aged Payables and Receivables summaries.
For an unsecured loan ($5K up to $100,000) We can usually provide an answer in just one hour if you make your application within standard company hours and allow us to utilise the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your banking statement, we’ll offer the decision in just the span of one business day.
For the Larger Business Loan ($100K to $500K) we may be in a position to offer you with a conditional pre-approval within six hours. After you’ve signed your pre-approval form, it will take about 2-3 days for final approval. However, this could be shorter based on the particular circumstances of each application. Some offers have been approved within the space of 24 hours.
The most efficient method would be to make sure you apply during standard business hours and allow us to use the modern bank verification link to instantly verify your bank account information online. If you send us duplicates of your banking statements it may take a bit longer.
For the Small Business Loan ($5K and up) we usually provide an answer within one hour if you apply during standard business time and permit us to utilise the advanced bank verification system link to immediately verify your bank account information online. If you want to submit copies of your bank statements, we are able to provide the decision in just one business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we may be in a position to provide you with pre-approval conditional to your application in about six hours. After you’ve signed the pre-approval, turnaround times are around 2-3 days for final approval, however it could be faster based upon the circumstances for each application. Some offers have been approved within 24 hours.
The fastest way can be make sure you apply during normal business hours, and permit us to use the modern bank verification to check your bank’s information online. If you decide to send us the copies of bank statements, it can take a bit longer.
We provide loan amounts between $5,000 and $500,000. When you submit an application for a particular amount, we will consider a number of elements in order to assess how much we can lend you well-being of your company and the amount of repayments your company can support. The total amount of your loan will be contingent on the specific circumstances for your business.
When you make an application for a set amount, we will consider a number of variables to assess how much we can lend you such as well-being of the business and the amount of payments your company is able to afford. The total amount of your loan will be contingent on the specifics for your company.
If you decide to apply for the business financing, we’ll assess the risk profile for your business and provide you with a customised proposal that includes the amount of the loan, the duration and interest rates. A company loan is an upfront priced loan so you will know in advance the total amount you will have to pay, including charges, interest rates or fees.
Business loan interest rates depend on several factors including the amount borrowed, the business assets the funds will be used for and the sector the business operates in, the long the business has been running for, what percentage of the business has enough cash flow to fund the loan, as well as the general well-being or creditworthiness of the business.
There aren’t any hidden costs with our business loans, and you’ll know precisely what it is that you need to pay and when, starting from the first day. There’s no compounding interest and the loan comes with no additional fees (as long as you make your payments on time).
We don’t charge an application fee. You are able to request a credit loan absolutely no upfront cost and no any obligation to sign up.
The Origination Fee includes the expenses associated with establishing and managing the loan. It is only charged for this fee if you proceed with the loan. The Origination Fee for us is 2.5% of the amount of loan.
You may choose to pay back all of your loan at any point in time.
If you decide to pursue this option, please contact our helpful business lending specialists. They will offer you with details for repayment and an early payment figure. The figure will be calculated as the sum of the principal balance and accrued interest to the time of early payment, plus 1.5% of the remaining principal and any outstanding fees.
In order to help you avoid missing repayments and to fit in your cash flow schedule, we offer repayments that are either weekly or daily. These are automatically withdrawn from your company account.
Making sure that your information is secure, and being upfront about how we collect the information we collect, use, share and ensure the security of your information is crucial and a vital element of our relationship with you.
Yes. We use industry recognised encryption techniques to protect your sensitive, personal financial information and our funders are ISO 27001 certified for our commitment to security for our clients and privacy. We use an advanced banking verification system to immediately verify your bank account details online, allowing us to offer an immediate response.
An asset-based loan is when the business owner borrows from an asset they own to get the funding. The asset can be either an asset belonging to the personal, like the family home or it could be a company asset such as a vehicle or other piece of machinery.
The vast majority of lenders, even the big banks, tend to secure loans against an asset. If you have trouble paying back the loan, your assets could be transferred to the lender. In essence, it’s a way of securing new financing using the worth of the asset you already have.
Up to $150,000 in loans the requirement for asset security is not required upfront to access the money however, we do require a personal guarantee. If you adhere to the loan terms (as detailed in your loan contract) the security of assets is not needed. For loans that exceed $150,000, generally, there is a personal ensure and security that is in the form charges on assets.
