The eligibility requirements for an unsecured business loan in Sydney of between $5K and $100K are fairly minimal.
Looking for more funding? Take a look at the conditions of eligibility for our $100K to $500K business credit.
All that’s needed to start is your contact details (company name, your name, email, phone) as well as the amount you’d like to borrow and your monthly income.
During the process and before settlement we’ll need confirmation of who you are but not before we can begin:
In addition, once we have started in the process, for loans greater than $150,000 you will also require basic financial statements.
Let’s get started.
Sydney unsecured loans offers amounts of between $5,000 and $100,000. The terms range between 3 and 24 months, cash flow-friendly repayments, which are either daily or weekly.
You can apply to get your Small Business Loan in under 10 minutes via the internet or over the phone. You’ll get a same day response and have the funds on your account within 24 hours. Traditional company loans have an annual interest rate along with other charges and fees. This business loan is a loan that is priced upfront therefore you’ll be aware of the total amount to be paid, including the interest, fees and charges. This is then divided into a daily or weekly payment amount.
A Small Business Loan can be used for almost every business need, such as control of cash flow business improvements, advertising, to purchase inventory or new equipment, to fund general working capital and so much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger size loan to aid in company growth opportunities. Loans range between $100,000 and $500,000 with a fixed-term with a maximum of 36 months. Repayments are scheduled weekly or fortnightly, depending on your situation.
It is important to note that the Larger Business Loan has an Origination Fee which is calculated at 2.5% of the loan amount.
To qualify for a loan that is this large the business needs to have been in operation for at least 3 years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) at least 18 years old or have a New Zealand business (with a valid NZBN/IRD) and be able of proving at least 12 months of trading.
A larger company loan is a great option for almost any business purpose including business remodeling, buying inventory or new equipment for general working capital, and much more. The loan cannot be used for personal reasons.
Asset security is necessary to access funding over $150,000. This is by way of charge on assets, and could be registered through the PPSR or the registration of as a caveat.
A personal or director’s guarantee is a promise to repay credit that is general in nature, rather than specifying security over a particular asset. The person signing the guarantee is personally responsible if the business lender is not able to repay the debt.
The Personal Property Securities Register (PPSR) is an online, central register run by the New Zealand Government. It contains security interests registered in respect of personal property (including items or assets). The PPSR allows priority over personal property to be assigned in accordance with the date on which a security interest that is registered.
Caveats are legal document lodged to offer the legal claim to a property.
If you’re applying for a Larger Business Loan of more than $250K, we may offer an initial pre-approval in order to make the process. It is possible to apply for this without a credit verification and within six hours of your initial application. This pre-approval is made based on an initial evaluation that involves answering a couple of financial health checks. It’s neither an offer nor a guarantee of funds. Acceptance without condition is subject to an assessment of your creditworthiness and any offer that you may receive may be based on different conditions.
You are eligible to apply for an company loan if you:
The process for applying is fast and simple. Just complete the online application within a few minutes and a dedicated company lending specialist will be in touch to assist you.
To apply for up $100,000, you’ll require proof of identity (valid Driver’s Licence) along with an active NZBN/IRD, and at least six months worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also need:
$100K – $250K: Details of application, including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K-$500K: Details of the application, including credit consent as well as 12 month bank accounts, the IRD statement and the last two years’ finalised financial statements, plus interim current financial year financials including Aged Payables, Aged Receivables summaries.
For an unsecured loan ($5K or more) We can usually provide an answer in just one hour, provided you make your application within quality business time and let us utilise the advanced bank verification system to instantly verify your bank’s information online. If you choose to upload copies of your bank statements , we’ll be able to offer the decision in just 1 business day.
For the Larger Business Loan ($100K to $500K) we may be likely to offer you with conditional pre-approval within 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this may be quicker depending on the specifics of each application. Certain agreements have been approved in less than 24 hours.
The quickest way to apply for you to apply is make sure you apply during standard business hours and let us use the advanced bank verification system link to instantly verify your bank account information online. If you send us documents from your account statements , it will take a little longer.
For the Small Business Loan ($5K and up) we usually offer an answer within an hour, provided you make your application during standard business timings and allow us to make use of the advanced bank verification system link 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 an business day.
If you are applying for Larger Business Loans ($100K up to $500,000) we could be able to provide the conditional pre-approval in around 6 hours. Once you have signed the pre-approval, turnaround times are about 2-3 days for final approval. However, this could be shorter based on the circumstances of each application. Certain offers have been approved in the space of 24 hours.
The fastest way is to make sure you apply during standard business hours. Also, allow us to use our advance bank verification to instantly verify your bank information online. If you upload duplicates of your banking statements it can take a bit longer.
We provide loans ranging from $5,000 and $500,000. When you make an application for a certain amount we consider a variety of aspects that determine the well-being of your business and the extent of the repayments your business is able to afford. The total amount of the loan will be determined by the particular circumstances that are unique to your business.
When you apply for a particular amount, we take into consideration a variety of variables to determine the health that is your business as well as the amount of repayments your business can support. The amount you receive from your loan will be contingent on the specifics the company.
If you decide to request our business credit, we’ll assess the risk assessment of your company and provide you with a customised offer including the loan amount, the terms and the interest rates. This company loan is an upfront priced loan and you’ll know in advance the total amount due, which includes any charges, interest rates or fees.
Interest rates for business loans rates vary due to factors such as the amount that is that is borrowed, what company assets the money are used to purchase in addition to the industry that the company is operating in, how long the business has been running, whether the company has sufficient cash flow to pay for the loan, and also the general health and creditworthiness of the business.
There aren’t any hidden costs with our company loans, and you’ll know precisely what you’ll need to pay, and at what time, from the first day. There’s no compounding and the loan comes with no additional fees (as as long as you pay your payments on time).
We do not charge an Application Fee. You can get a cash loan without any upfront costs or the obligation to take action.
The Origination Fee covers the costs associated with the setting up and management of the loan. This is only a cost if you take out the loan. The Origination Fee for us is 2.5 percentage of the loan amount.
You can decide to repay the entire amount of your loan early at any time.
If you do decide to do this please call our helpful business lending specialists. The specialists will provide you with repayment details along with an early payout estimate. It will be calculated using the sum of the principal remaining plus any accrued interest as of the time of the early payout, plus 1.5 percent of the principal balance and any outstanding fees.
To make sure you do not miss repayments and to fit in with your cash flow cycle we provide payments that are either daily or weekly. They are automatically deducted from your nominated company account.
The security of your personal information, as well as knowing the ways we gather, use, exchange and protect your information, is crucial and a vital element of our relationship with you.
Yes. We make use of industry-standard encryption standards to secure your personal, sensitive as well as financial data. Our funders are ISO 27001 certified for our commitment to protecting the security of clients and security. We utilise a sophisticated bank verification system that allows you to immediately confirm your bank account information online. This allows us to offer quick responses.
The term "asset-based" refers to borrowing where a company owner utilises an asset that they own to make the funds for a loan. The asset may be an asset belonging to the personal, like the family home or an company asset such as a truck or other piece of machinery.
The majority of lenders, not just the big banks, tend to guarantee loans against an asset. If you’re having trouble paying back the loan then the asset could be offered for sale by the lender. In essence it is the process of securing additional financing taking advantage of the value of what you already have.
For loans up to $150,000 the requirement for asset security is not required upfront to access the money, however we do need an individual guarantee. So long as you comply with the terms of your loan (as stipulated in your loan contract document) Asset security will never be required. For loans over $150,000 generally, you can get personal guarantee and security is provided in the form of an asset charge.
